HOW PAWNING WORKS IN PAWNZON PARTNER’S PAWNSHOP
Bring pawned item(s) and identification document(s) to our pawnshops.
We evaluate the pawned item(s) and quote a price.
Pawn ticket is issued with cash on-the-spot.
- All Pawn Transaction are compliant to Pawnbrokers Act 1972. Terms & Conditions Apply.
- Customers must be aged above 18 years old.
- Pawn amount will be given based on current market rates of customer’s valuables.
- Customer’s information will be recorded and pawn ticket(s) will be issued.
- Each pawn ticket has a period of 6 months.
- All customers can select plan to repay interest (Flexi Interest) that best suits their needs.
- Interest will be charged based on loan amount and will be paid upon redeeming pawned item(s).
- If the pawn ticket is lost, please notify us as soon as possible to prevent unauthorized redemption of your items.
HOW RENEWAL OF PAWN TICKET WORKS IN PAWNZON PARTNER’S PAWNSHOP
Through Physical Store
Bring your pawn ticket(s) to any Pawnzon partner’s Pawnshop.
Options selected for renewal: Add/Reduce Amount OR Pay Interest only.
Pay for interest and ticket charges. Get new pawn ticket(s).
- Apart from the original pawn shop that is holding your pawned item, you can also choose to renew your pawn ticket at any of the Pawnzon Partner’s Pawnshop using our “IPT” (Inter Pawnshop Transfer) service.
- The new pawn ticket(s) will be issued for a further 6 months.
- We will always notify you via SMS, call, and mail before the pawned item is being scheduled for auctioning.
Through Online Platform
Save time, save effort, and save trees! Create an Account with Pawnlink , and you can view, manage and renew all your pawn tickets online on ONE single portal.
Log in to your Pawnlink Account
Select a specific pawn ticket, make your payment
Review your new pawn ticket in your Pawnlink account.
HOW REDEMPTION WORKS IN PAWNZON PARTNER’S PAWNSHOP
5-minute Redemption! Easy Peasy!
Bring your pawn ticket(s) to the ORIGINAL pawnshop that hold your pawned item(s).
Identity verification process.
Pay redemption amount and collect pawned item(s).
- Customers are required to pay redemption amount which includes pawn amount and interest charges.
- Redemption needs to be done within 6 months from ticket issued date.
INTEREST CALCULATION: FLEXI INTEREST*
In event of a new pawn transaction, the sole owner of the ticket has the right to select one of the flexi interest plans. Comprises of:
- Interest by month (fixed at 1.5% rate per month)
- Interest by day (not exceeding 2% rate per month)
Interest By Month
|Total Pawn Amount||Interest Charged (RM) (Fixed at 1.5% per month)|
|1 day||2 day||15 day||30 day|
Interest By Day**
|Total Pawn Amount||Interest Charged (RM) (≤ 2% per month)|
|1 day||2 day||3 day||15 day|
**Daily interest is calculated as current month of date.
Terms and condition applied.
- No minimum repayment periods. The maximum repayment period for pawning is six (6) months from the transaction date, with the possibility of extension subject to approval.
- Mximum Annual Percentage Rate (APR), which includes interest rate plus fees and other costs for a year is 24%.
- A representative example of the total cost of the loan, including all applicable fees is: A loan of RM 1,000.00 with a monthly interest rate of 1.5% for three months will result in RM45.00 in interest charges. Therefore, the total amount needed to redeem the pledged item is RM 1,045.00.
- We DO NOT provide loans which require repayment in full in 60 days or less from the date the loan is issued.