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| faq's |
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| 1. |
What are the criteria to pledge at Soon Yi pawnshop? |
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Anyone
above 16 who has valuables to pledge
in exchange for cash, can visit Soon
Yi Pawnshop Pte Ltd to solve their financial
needs. |
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| 2. |
What are the items accepted by Soon Yi pawnshop? |
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We accept
all used gold, certified diamonds, branded
jewellery and luxury watches. |
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| 3. |
What are the procedures at Soon Yi pawnshop? |
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Bring
along your valuables and visit us at
our stores and we will provide you with
our highest cash valuation. Upon your
acceptance of our valuation, we would
require your identity card for the pawnbroking
procedures and if the pledged amount
of your valuables exceed $200, and original
purchase receipt or a Guarantor for
your pledge is required by law. Thereafter,
our staffs will hand over to you the
cash instantly with a pledge ticket.
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| 4. |
What is the interest rate charged by Soon Yi pawnshop? |
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We offer a monthly interest rate of
1.5% (whole or part thereof). Assuming
the cash loan given to you is $100,
when you redeem it 6 months later, the
interest payable will be $9 base on
the calculation below:
6 months x 1.5% = 0.09 x $100=$9
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| 5. |
How different is Soon Yi pawnshop compared to bank loan? |
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Anyone above 16 who has personal valuables can come to Soon Yi pawnshop.
There is no minimum income requirement or application form.
You can redeem your valuables anytime before the expiry date of your pledged ticket; and
It is renewable after 6 months by paying the outstanding interest.
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| 6. |
Is there a Installment Plan? |
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Yes . Soon Yi Pawnshop offers a installment plan for your pledged items .You can pay back your loan in installments. If after 4 months into your pledge, you have excess cash and would like to pay back a portion of your loan, you can do so. A new pawn ticket will be issued to you with the new loan amount reflected, and this pawn ticket will then be valid for the next 6 months
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| 7. |
Are my valuables pledged to Soon Yi pawnshop kept in a safe place? |
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We have a reliable 24-hour monitoring security system in our pawnshops for the safekeeping of your valuables as well as strong safes so as to ensure our customers that their precious items are safely-kept.
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| 8. |
How long is the pledge period? |
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The maximum pledge period is 6 months from the date of your pledging. However, you may choose to renew your pledge ticket or redeem your pledged items anytime during the 6 months period.
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| 9. |
What if the ticket expiry after 6 month? |
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In
the case of customer expired tickets,our
staffs will try our very best to contact
them via phone calls/reminder letter
before the auction date of the pledged
ticket as we believe that those items
might be sentimental values to our customers.
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| 10. |
What happens if any of our customers can't redeem or forget to renew their pledge ticket after the 6-month period? |
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The Registry Pawnbroker Act requires the pawnbrokers to place the unredeemed pledges on auction and any excess cash from the auction will be returned to the customer.
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| 11. |
What happens if my unredeemed pledged article is auctioned off at a price higher than the cash loan given to me? |
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The cash surplus will be given back to the pawners accordingly
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| 12. |
How do I know if my item was auctioned off at a surplus? |
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If
you are entitled to a surplus, we will
write to inform you of it within 10
days from the auction date. You can
claim your surplus directly from us
anytime within 4 months from the date
of the auction with the surplus letter,
original Identity card and pawn ticket. |
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| 13. |
What should I do if I lose my pledge ticket? |
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If
you lose your pledge ticket, you can
visit our shop with your original identity
card to get a Lost Ticket Declaration
form. Thereafter, you are required to
submit the Lost Ticket Declaration personally
at Commissioner for Oaths or a Notary
Public for endorsement before you return
to our pawnshop to renew or redeem your
items. |
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