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Travis

Tell me about Pawn Shops in Cebu

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Travis

Do Pawn Shops exist there?

Are they anything like the ones in the states?

Do you have any pictures of them.

 

 

 

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Enuff
2 minutes ago, Travis said:

Do Pawn Shops exist there?

Are they anything like the ones in the states?

Do you have any pictures of them.

 

 

 

yes, pawn shops exhist 

Google and Facebook can be very good search engines, and some even have pictures.

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Travis

Well I live in Montana. I had wifi with Google in that thar outhouse but my horse stepped on it. 

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Woolf

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Lee

Here is some information on one of what I believe may be one of the largest pawn shop chain on how they run their business

https://www.cebuanalhuillier.com/pawning/

The interesting thing that the above pawn shop is able to send money to any of their other pawn shops, so transfers of money within the Philippines becomes easy when you visit one of their locations, they even have a money transfer service in Cebu Ayala mall upstairs.

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Alfred E. Neuman

Almost all pawnshops here only accept gold 14 karats and up. Very few will take non jewelry items. Big chunk of their earnings come from remittances.

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smokey

Pawn shops here i would think are so regluated only a local would dare open one 

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Banacon

Travis, Missoula has pawn shops. You don't have to go all the way to the Philippines to find one..:)

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delancey

Edit: deleted long reply thread is now too off topic (imo)

Edited by delancey

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oztony

Can be a dangerous occupation for a foreigner,  in the PI , debts can be cancelled here for as little as a 100 bucks. ...

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Travis
33 minutes ago, Banacon said:

Travis, Missoula has pawn shops. You don't have to go all the way to the Philippines to find one..:)

I have pawn shops I dont have to go anywhere. 

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shadow
6 hours ago, Travis said:

Do Pawn Shops exist there?

Are they anything like the ones in the states?

Do you have any pictures of them.

 

 

 

Pawn shops are everywhere, and huge business, but they are not like any I have seen in the US. They usually do not have second hand stores in the pawnshops here, as they do in the US.

Mostly, they pawn jewelry, and it's assessed by the weight of the precious metals, not actual value. There are exceptions.

Edited by shadow

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Enuff

if a pawnshop in cebu gave p100 for a p600 coffee maker, they would likely have over 1000 coffee makers within a week.

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RogerDat

Not to be nosy, but why are you interested in pawn shops, most come here for the girs / diving and such.

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Travis
Just now, RogerDat said:

Not to be nosy, but why are you interested in pawn shops, most come here for the girs / diving and such.

I own a couple of pawn shops and I like to check them out when I am in different places. 

 

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RogerDat

I bought 2 45's in our pawn shop in Virginia, and the ones here are a bust. No tools, guns, or whatever, just junk jewelry.

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A_Simple_Man
13 minutes ago, Travis said:

I own a couple of pawn shops and I like to check them out when I am in different places. 

If you were to try something like a US style pawn shop here (thinking of Pawn Stars TV show) it would likely take off, but it would not be what the locals call a pawn shop.  The local pawn shops seem to make most of their money sending and receiving money transfers with a small amount of money loaned on items that they never seem to sell.

If you were to open something like "Travis Buy and Sell" and let it be known that you would "buy an item with the option to buy it back within 30 days"  then you would have a pawn shop, but it would not appear to be one so the big guns may just leave you alone (Big guns referring to the L'Huillier family who seem to own the vast majority of pawn shops, and Palawan Pawn Shops who own the rest).

Good luck with it.

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smokey

We have a resident who its said has a few pawn shops i dont know but his truck has some type of pnp class of thing on it

Edited by smokey

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newtocebu

Pawn shops in the Philippines thrive on the 'two week millionaire' business 

They come in by the plane full, fall in love by day one, promise marriage and buy ring by day two

Get back on the plane home, never to be heard from again

Ring pawned 

Rinse and repeat 

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Alfred E. Neuman

I told a friend I wanted to open a pawnshop, so she suggested I stay for one day in her own branch and observe. Theirs is gold=75% of raw value, diamond=5% of market value, 5% interest a month, hold for 6 months and alert owner when due for posession, plus the owner will ask for 3 more months extension. Too long to make profit.

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Busted Dick

I was in the UK mining industry in the late 70's/early 80's; we were on strike in '83; my marriage broke up so I tried to sell my 9ct gold ring; was told that it's almost worthless because the gold content is so low.  Many years later, after travelling much of the world and occasionally buying proper jewellery, I realise that is true; us Brits are being shafted as far as gold jewellery is concerned.

That said, many many many years ago I pawned some jewellery in UK (not silly UK 9ct stuff) ; bought it back out and then pawned it again. And again.  Downward spiral but eventually I managed to get myself out of it.  Not a good way to live but sometimes, if you are close to the bottom, and have a plan to get yourself out of the mess you are in (which I did) it's an option.  

If I were in a position to own a pawn shop, either here or elsewhere, if properly run I am sure it would be a very lucrative business.  Just don't touch UK fake gold!

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Travis

Thanks everyone.. We charge 20% here in the states. 

 

One thought is that a filipino doesn't have much to pawn. Most are too broke to have a dewalt 20 volt drill and a 60 inch tv to pawn.

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Enuff
22 minutes ago, Travis said:

Thanks everyone.. We charge 20% here in the states. 

 

One thought is that a filipino doesn't have much to pawn. Most are too broke to have a dewalt 20 volt drill and a 60 inch tv to pawn.

one member had a "pawn" type business but focused on cars, trucks and motorcycles. he also had storage units. it was for sale I believe last year. said he did very well but very time consuming. 

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Travis
Just now, Enuff said:

one member had a "pawn" type business but focused on cars, trucks and motorcycles. he also had storage units. it was for sale I believe last year. said he did very well but very time consuming. 

And who might that be?  : )

 

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Jim Sibbick
14 hours ago, Alfred E. Neuman said:

 diamond=5% of market value, 5% interest a month,

That explains something.

About 20 years ago now, my ex wife bought a diamond bracelet in a pawn shop in Cebu City, for the piso equivalent of about aud $1000. Back in Australia, we had it valued at aud $7,000

If they only gave the original owner 5%, the pawn shop did well out of the deal too!

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