Bedok Pawnshop in Singapore

Bedok Pawnshop in Singapore is located within Bedok Central, at 416 Bedok North Ave 2.

Established in 2002, the outlet, just a five-minute walk from the Bedok bus interchange and Bedok MRT station, is a trusted pawnshop for customers from all walks of life.

At its core, the modern pawnshop provides cash flow for the working capital of customers’ businesses or basic short-term needs, providing cash offers and valuations for customers’ timepieces, branded jewelry, diamond jewelry, gold jewelry, and antique jewelry.

Bedok Pawnshop in Singapore.

Bedok Pawnshop in Singapore
Block 416 Bedok North Ave 2, #01-31
Singapore 460416
Opening Hours: Monday-Friday 8:30am-7pm, Saturday 8:30am-5pm, Sunday 10am-5pm
bedokpawnshop.com

How Pawning Works at Bedok Pawnshop and in Singapore?

In times of financial need, the age-old practice of pawning can be a reliable solution, providing a quick infusion of cash in exchange for valuable items.

At Bedok Pawnshop, they simplify the pawning process into 3 straightforward steps: Pawning, Redemption, and Renewal. Let’s explore the intricacies of each step and the additional services we offer to make your experience seamless.

1. Pawning: A Swift 3-Step Process

Pawning at Bedok Pawnshop is as easy as 1-2-3. Bring your valuable items to the store, receive quick cash as collateral, and complete the simple paperwork.

The maximum initial pawn period in Singapore is 6 months, with an interest rate of 1.5% per month based on the pawned value. For amounts exceeding S$200, a purchase receipt or guarantor is required, and customers must be 16 years old and above.

2. Redemption: Understanding Your Payback

Upon redemption, you pay back the loan along with accrued interest. For instance, if you received a cash loan of S$100 and redeemed it after 6 months, the interest payable would be S$9 (calculated as 1.5% x 6 months x S$100), resulting in a total payment of S$109.

The flexibility of the system means you only pay for the period you hold the loan; redeeming your article earlier results in lower interest payments.

3. Renewal: Extending the Lifespan of Your Pawns

At Bedok Pawnshop, they understand the sentimental value of your pawned items. Their team proactively reminds you to collect your valuables before expiry through phone calls and mails.

If circumstances prevent you from retrieving your items, you can easily renew your pawn tickets upon expiry by paying the required interest amount, extending the period by another six months.

Additional Services to Enhance Your Experience

Installment Plan: Bedok Pawnshop offers a unique installment plan, allowing you to pay back your loan in parts. After 2 months, if you have excess cash and wish to reduce your loan, a new pawn ticket will be issued with the updated loan amount, valid for the next 6 months.

Re-Valuation of Pawn Ticket: Need more cash? The shop can revalue your pledged items based on market conditions and prevailing gold prices, potentially offering you a higher value.

Unredeemed Pawned Items: In the rare case where customers do not redeem or renew their valuables after 6 months, the shop follows the Registry Pawnbroker Act, sending a reminder letter and allowing a 30-day grace period before the item is forfeited.

Lost Pawn Ticket Replacement: Lost your pawn ticket? No problem. Visit the store with your identity card, and for a processing fee of $10, they’ll provide you with a replacement ticket.