August 24, 2018

Trust a reliable pawnshop for your immediate needs

Pawning has been a reliable means to meet our immediate need for cash.  

A friend asked me for advice when they need additional money for paying tuition fees and other needs for their children . . . . bank loan or "sanglaan ?"

I remember our times of working hard for our family, our children during their elementary and high school, there were many times we need to solve financial needs to pay the tuition fees.  (Thankful to our relatives who helped,  but not that we always asked them.)  Sometimes,  we thought of bank loans but we did not try. 

Our top options was to pawn our jewelry and gadgets. We brought our wedding rings,  because those were gold that can be accepted at the pawnshops. Times also we pawned our cellphones.  

We did asked to appraise our rings to two or three pawnshops first, different pawnshops have different appraisal values. We chose to pawn to the one with higher appraisal. 

As those long story end,  we were so thankful for those pawnshops that helped us to make our children graduated from elementary and high school.

Pawning is the easiest way than securing a bank loan. Pawning transaction is fast and easy. They will appraise the item and sealed it in a pouch,  and you will sign it , for security and proves that it's yours. You will also sign the contract, you'll have a copy.  Then you'll take home the money you need. The transaction will only take less than ten minutes. 

Here are more to share for more on pawning. 

What is a pawn shop? And how they appraise the jewelry?  How do they know how much they can give you to replace these things you pawn? 

A pawn shop (known in Filipino term "sanglaan", also called a pawnshop or pawnbroker) is a shop or business who loans money to people who bring in valuable items which they leave with the pawnbroker. Examples of items that a person may leave are jewellery, gold, watches, cameras, musical instruments, televisions or computers.

How the appraisal works? 

Recently,  I am one of the few lucky to be invited by Cebuana Lhuillier on a short workshop on how appraisal works. 

It was a very interesting and educational short discussion about gold and jewelry appraisal.

Cebuana Lhuillier’s expertise is  because of continuous study,  continuous honing of skills. Their staff are trained and certified. 

There are standard procedures in pawning shop. 

Pawnshops use appraising tools to check the quality and percentage of gold.

Loupe lens  The loupe lens allows the pawnbroker to inspect the details of the item and they can see the markings ,  the tiniest letters or characters inside the item,  most jewelries have markings.

Black stones - Pawn shops uses black stone to test gold's purity (10K, 14K, 16K, 18K, 21K, or 24 Carat gold). The gold remains almost the same or turns avocado color when tested in a black stone dropped with solution. The gold remains intact even its weigh after the test.

They also use Cigarette ash for more testings. 

Weighing scale with calibrator - They check the estimated value of your item using the appraisal calculator.

There are different colors of gold.  The most common gold colors are yellow, white, and rose. 22K - 24K are deep rich yellow gold , 14K gold are light yellowish, 9K  are gold brownish. White gold are 18 or 14 carat. 

Cebuana Lhuillier takes prime consideration when it comes to putting the right value on the jewelries they receive. Cebuana Lhuillier puts premium value on what’s valuable for its clients

Indeed,  Cebuana Lhuillier has higher appraisal rates and gives bigger take home pay compared to other pawnshops. 

Cebuana Lhuillier leads the pawning industry by offering safety and the highest appraisal rate in the industry in its more than 2,200 branches nationwide. Accepting an array of items, from jewelry to gadgets, as collaterals, the company’s core business has evolved with the needs of its clients.

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