Number of pawn shops in Singapore increasing
POSTED: 02 Nov 2013 16:30
The number of pawn shops in Singapore has grown about 70 per cent to almost 200 in 2012. This is compared to 114 pawn shops in 2008.
SINGAPORE: The number of pawn shops in Singapore has grown about 70 per cent to almost 200 in 2012. This is compared to 114 pawn shops in 2008.
Credit Counselling Singapore said the demand for pawn shops may have increased as the interest rates they offer are lower compared to legal money lenders. It added that pawn shops are modernising the way they operate, and provide an option for lower and middle-income families.
Member of Parliament Seah Kian Peng expressed concern over the increase in number of pawn shops, especially in prominent areas such as town centres and MRT stations.
He said: "It would signify that unfortunately, there are quite a number of us, quite a number of Singaporeans or families who could do better with financial management, financial planning and financial literacy."
- CNA/ac
- wong chee tat :)
Showing posts with label pawnshop. Show all posts
Showing posts with label pawnshop. Show all posts
Sunday, November 3, 2013
Wednesday, October 23, 2013
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 :)
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 :)
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