of pawning and borrowing...

[scroobal]

Pawnshops were very important part of our heritage, our history and absolutely essential for the unbanked. Hawkers, traders and even established businessmen would go in during a rainy day, pledge his or her rolex watch, a ring or even a bag of tools to secure a small to get over the cash flow problem, get seed money to buy stock or buy school books and uniform for the kids at the start of the new year.

There was absolutely no shame in going into pawnshops so much so that pawnshops were not hidden a an alley but in a prominent place, near markets and busy thoroughfare. The pawnshop owners was also respected and would also often be a community leader.

Pawnshops were tightly regulated, underwent surprise inspections and had to follow strict rules to auction off unredeemed items.

All it took was a complaint from a housewife and their licence became very shaky.

In fact when new housing estates were being built, the govt had to persuade the association to open shops in the new estates and places were reserved for them. Their traditional customers could not go to banks without documentation. It was political but the pawnshop ended up being Ah long as the returns were higher. They ended funding many of the Ah Longs.

 

[butoh6050]

couldn't help but notice that these age old profession could still thrive in our time and age. me noticed the increasing prevalence of the pawn shops some 10 years back, noted the way they modernised their business model, taking in a wider range of products, it even spawned this concept of this particular store called "cash converter".

Can i borrow some money from you?

 

[johnny333]

The proliferation of these "licensed moneylenders" recently is astonishing.
It's almost as if borrowing from these people is being encouraged.
The government don't seem to realise that people who are borrowing for housing, cars, valid businesses are still going to banks and finance companies.
Or are they just trying to increase gdp?

In the past the PAP was known for it's long term policies. This has changed to a more reactive form. A good example is the opening the doors to foreigners.
They are making $$$ from all these foreigner that no one wanted to put the brakes on this until the loses in the GE. They obviously still want to continue with this policy & I suspect the only way to stop them is if more people vote for the opposition.

The gov't will only start curtailing the Ah Longs when they realise the people are having problems paying the PAP tax(es) & not because the people are suffering.

 

[zhihau]

It was political but the pawnshop ended up being Ah long as the returns were higher. They ended funding many of the Ah Longs.

omg

bro, old time pawnshops funding the ah longs?

 

[tonychat]

This is a great post, Zhi Hau.

One reason is the growing income gap, which creates many social pressures between the haves and the have nots. Another is the social climate fostered by the PAP which emphasizes growth at all cost, treating SG citizens as economic digits, encourages rampant materialism, overly focussing on material wealth, money as a status symbol, etc.

This part i agree... sinkies are not treated as human beings, they are just plain resources for them to play around to enrich themselves. only sinkies are stupid enough to allow that.

I've seen families who host wedding for their sons and daughters and cook up a lavish spread. But next day they will take the aluminium utensils and the big crockery to cash converter to change back in cash.

I've also seen people who spent night out pubbing with friends, painted the town red, took their gf to fanciful restaurants, the next day they took they laptop and computer stuff to cash converters to sell it for literally pennies on the dollar.

Is this socially healthy? Is this the right way for an individual to live his life? I think not.

In the past jewellery was a real status symbol. People will demand jewellery as bride's dowry, will wear expensive jewellery to grand events to show that they are wealthy. But when the tough times hit, they will take the jewellery to the pawn shop.

isn't that too outrageous? i dun believe that.

 

[zhihau]

In the past jewellery was a real status symbol.

hmm... price of gold has risen a lot, last me noted.

 

[zhihau]

The lenders will eventually be in trouble too.

bro,

what worries me is this: why are there so many folks in need of cash so desperately?

 

[zhihau]

Can i borrow some money from you?

how much would you need? what is the money used for? when do you intend to repay the loan if me lend it to you?

 

[jw5]

bro,

what worries me is this: why are there so many folks in need of cash so desperately?

Those who borrow from moneylenders or loansharks is mostly for gambling or gambling debts.
Hence, it may not be desperation but stupidity.

 

[zhihau]

Those who borrow from moneylenders or loansharks is mostly for gambling or gambling debts.

noted with grace, bro.

 

[GoldenDragon]

Those who borrow from moneylenders or loansharks is mostly for gambling or gambling debts.
Hence, it may not be desperation but stupidity.

Agree. Yet to come across someone taking loans from ah longs to pay medical bills, school fees etc. If take, it is because money meant for those purposes kena makan by bookies and/or casinos.

 

[GoldenDragon]

bro,

what worries me is this: why are there so many folks in need of cash so desperately?

Hang flowers? Just kidding. Should be to pay up on gambling losses.

 

[zhihau]

Should be to pay up on gambling losses.

bro,
me wondering: 2 years since the start of the operations of the 2 IRs, SGPools and illegal betting aside, are we looking at an increased number of ah long related incidents?

 

[GoldenDragon]

bro,
me wondering: 2 years since the start of the operations of the 2 IRs, SGPools and illegal betting aside, are we looking at an increased number of ah long related incidents?

I don't have any stats with me. But based on feedback from both the police and those on the ground, there is certainly an increase in ah long related matters. It's a vicious cycle. Many, when armed with available cash, will head to the casinos. 90% leave losing their monies. When they are home, it's internet betting for them (credit). They will lose all focus and go crazy with their bets hoping to recover their casino losses. There is only one outcome - ah longs on Mondays.

 

[zhihau]

There is only one outcome - ah longs on Mondays.

thanks bro. *sigh* at least we see less of the hanging of pig's head these days.

 

[myo539]

how much would you need? what is the money used for? when do you intend to repay the loan if me lend it to you?

hahaha, he is tempting you to become an Ah Long - an unlicensed money-lender. Penalty includes caning you know!

 

[Debonerman]

hahaha, he is tempting you to become an Ah Long - an unlicensed money-lender. Penalty includes caning you know!

I bet caning makes your cunt juice flow you little PAP cock sucking bitch you!

 

[myo539]

Hey Brother Scroobal, you seemed to know much about pawnshops. I notice that they usually advertise their gold price in front of their shop - often at a lower price than published rate.

Do you know whether we go in and buy those pawned items off the shelf?

 

[zhihau]

hahaha, he is tempting you to become an Ah Long - an unlicensed money-lender. Penalty includes caning you know!

this begs two questions

1: where no interest is charged, do money lending between friends and/or relatives constitute as an offence?

2: if interest is charged, do money lending between friends and/or relatives constitute as an offence?

 

[myo539]

Was wondering if the pawning and borrowing stems from gambling in the Casinoes.....Perhaps another 2 years, we will see this trend emerging.....

I think it's government strategy to provide a legal means or channel for those in genuine quick need of financial assistance to tide over their problem. Otherwise they can easily turn to Ah Longs who are usually lurking round every corner - long before casinos come into being in Singapore.

It's like Singapore Pools 4-D and toto - a legal means for people to buy hopes and try their luck, rather than underground chap ji kee. Singapore Pools in turn donate their earnings to charity and other social and community projects. This way more organised.