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Pawnshops Now Allowed to Open As People Need Fast Cash During CB Period
Shawn AmbroseApril 16, 2020
With bubble tea stores open in Singapore and WWE matches going on as per usual in America, the term “essential business” seems to be a subjective one.
Singaporeans need food and groceries, of course, but do they really need bubble tea?
Reader: How dare you ask such a question?
Ok, I apologise. While it’s debatable if Singaporeans need bubble tea, there’s one thing that many desperately need during this trying time: money.
Image: Giphy
Many have lost their jobs or taken pay cuts due to the Covid-19 outbreak, and may struggle to pay their bills.
Thankfully, one service that offers fast cash has opened up again, to the relief of many hard-hit residents.
Pawnshops Now Allowed to Open As People Need Fast Cash During CB Period
As you know, as part of the numerous measures in place during this circuit breaker period, non-essential workplaces must close.
Though it was initially deemed non-essential, some pawnshops in Singapore received permission from the authorities to resume business last Saturday (11 April).
The authorities changed their minds after customers raised concerns that they would not have access to urgent financial help during this period.
“With all this hardship, many people or families may need some financial assistance. (Pawnshops) are the right place to fulfil their desires and needs”, said Mr Ivan Ho, president of the Singapore Pawnbrokers’ Association.
And you don’t want people resorting to loan sharks, of course, because they’d end up with $800 of food they didn’t even order.
Two-thirds of the pawnshops that are part of the association have reopened, while the rest remained closed because they did not have the manpower to continue operations or anticipated that they wouldn’t get many customers.
That’s why some, like ValueMax, have reopened with shortened operating hours.
Pawnshop owners can’t simply open their stores, however. They must apply for an exemption before they can restart operations.
Interest Waiver
There’s even more good news for those who are in financial distress.
Pawnbrokers that are members of the association will waive the one-month interest of up to 1 per cent on pledges pawned on or before 6 April upon their redemption or renewal, if the pawn period exceeds a month.
And if you have a pawn ticket that’s expiring on or before May 4, it will be automatically granted a month’s extension from their expiry.
Image: Giphy
Redemption or renewal of these pledges will also be given a one-month interest waiver.
An Essential Business?
Are pawnshops essential, though?
Some believe that they are during the coronavirus outbreak because it gives those in financial need a helping hand.
But others feel that reopening such stores would just encourage more residents to leave their homes, even though the “Government is already giving Singaporeans money to cope with the situation”, as one self-employed worker said.
And going out means more people will be in contact with each other.
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Either way, if the authorities have allowed them to open, they probably believe that the pros outweigh the cons.
With people spending more time at home binging mindless Netflix shows while gorging on instant noodles, electricity and grocery bills are bound to shoot up.
And if you’ve lost your job or taken a massive pay cut, it’s going to be hard to make ends meet.
These pawnshops might just hand a few residents a lifeline during this tough period.
Shawn AmbroseApril 16, 2020
With bubble tea stores open in Singapore and WWE matches going on as per usual in America, the term “essential business” seems to be a subjective one.
Singaporeans need food and groceries, of course, but do they really need bubble tea?
Reader: How dare you ask such a question?
Ok, I apologise. While it’s debatable if Singaporeans need bubble tea, there’s one thing that many desperately need during this trying time: money.
Many have lost their jobs or taken pay cuts due to the Covid-19 outbreak, and may struggle to pay their bills.
Thankfully, one service that offers fast cash has opened up again, to the relief of many hard-hit residents.
Pawnshops Now Allowed to Open As People Need Fast Cash During CB Period
As you know, as part of the numerous measures in place during this circuit breaker period, non-essential workplaces must close.
Though it was initially deemed non-essential, some pawnshops in Singapore received permission from the authorities to resume business last Saturday (11 April).
The authorities changed their minds after customers raised concerns that they would not have access to urgent financial help during this period.
“With all this hardship, many people or families may need some financial assistance. (Pawnshops) are the right place to fulfil their desires and needs”, said Mr Ivan Ho, president of the Singapore Pawnbrokers’ Association.
And you don’t want people resorting to loan sharks, of course, because they’d end up with $800 of food they didn’t even order.
Two-thirds of the pawnshops that are part of the association have reopened, while the rest remained closed because they did not have the manpower to continue operations or anticipated that they wouldn’t get many customers.
That’s why some, like ValueMax, have reopened with shortened operating hours.
Pawnshop owners can’t simply open their stores, however. They must apply for an exemption before they can restart operations.
Interest Waiver
There’s even more good news for those who are in financial distress.
Pawnbrokers that are members of the association will waive the one-month interest of up to 1 per cent on pledges pawned on or before 6 April upon their redemption or renewal, if the pawn period exceeds a month.
And if you have a pawn ticket that’s expiring on or before May 4, it will be automatically granted a month’s extension from their expiry.
Redemption or renewal of these pledges will also be given a one-month interest waiver.
An Essential Business?
Are pawnshops essential, though?
Some believe that they are during the coronavirus outbreak because it gives those in financial need a helping hand.
But others feel that reopening such stores would just encourage more residents to leave their homes, even though the “Government is already giving Singaporeans money to cope with the situation”, as one self-employed worker said.
And going out means more people will be in contact with each other.
Advertisements
Either way, if the authorities have allowed them to open, they probably believe that the pros outweigh the cons.
With people spending more time at home binging mindless Netflix shows while gorging on instant noodles, electricity and grocery bills are bound to shoot up.
And if you’ve lost your job or taken a massive pay cut, it’s going to be hard to make ends meet.
These pawnshops might just hand a few residents a lifeline during this tough period.
