Increase in number of pawnshops in Singapore

Increase in number of pawnshops in Singapore

    POSTED: 21 Oct 2013 20:32
 
There has been an increase in the number of pawnshops that have been set up in Singapore. The number of pawnshops has increased from 114 in 2008 to 191 in 2012. 

SINGAPORE: There has been an increase in the number of pawnshops that have been set up in Singapore.

Over the past five years, the number of pawnshops has increased from 114 in 2008 to 191 in 2012.

As of October 1 this year, there are 201 pawnshops in Singapore.

Minister for Law K Shanmugam gave these figures in a written reply to a question in Parliament from MP for Marine Parade GRC Seah Kian Peng.

Mr Shanmugam added that overall, the amount of pawnbroking loans constitutes around 3 per cent of the amount of consumer loans issued by banks and finance companies.

He said the total amount of pawnbroking loans granted this year, as at August 31, is about S$3.7 billion.

He said such loans include loans that are refinanced using the same collateral.

Typically, around 95 per cent of pledges are redeemed by pawners.

- CNA/ms


- wong chee tat :)