Company Information
CVM Pawnshop and Money Changer Corp., commonly known as CVM Pawnshop, is one of the country’s leading gadget pawnshops established by Carmelita Vicencio Manlapaz on January 16, 2005, in Rosario, Pasig, City. As someone who experienced the benefits of pawning services first-hand, Carmelita promised to extend help to Filipinos who are likewise in need of instant cash through her own pawnshop.
The pawn shop’s primary goal is to reach the expectations of its clients and offer quality financial assistance without compromising the convenience of its services. Thus, CVM Pawnshop remains true to its purpose as a one-stop-shop that demonstrates widely accessible financial service and customer support through its Masarap Kausap customer service.
Over the years, CVM Pawnshop has added other financial services such as cash remittance, bills payment, foreign currency exchange, and the infamous pawning service that once helped the Manlapaz family achieve their business dreams.
CVM Pawnshop commits to performing its mission as a reliable, secured, and client-centered avenue for financial freedom. One of the key milestones the pawnshop has accomplished was when its second branch was built at the New Taytay Public Market in Rizal, shortly after the first branch was launched into its full operation.
CVM Pawnshop already has over 100 branches actively providing financial support nationwide. It has catered to approximately 600,000 satisfied customers who mostly claim that transactions done in the pawn shop are legitimate and convenient.
It has branches across different regions in the country, including Cavite, Rizal, and the National Capital Region. Its operating hours may vary depending on the location of the branch, but most of them regularly open every Monday to Saturday from 8:00 AM to 6:00 PM.
For inquiries and concerns about the services of CVM Pawnshop, you can send an email at [email protected] or call them through their landline (02) 8706 5326. You can also inquire via phone at (0943) 142 4125 or their official Facebook page at www.facebook.com/cvmpawnshops.
Products and Services Offered
Pawning
As one of the simplest ways to get quick cash loans, pawning has always been one of the practical options for financial assistance for many consumers because it’s pretty straightforward. You only need to deposit personal or valuable items as collateral in exchange for instant cash.
Depending on your preference and location, you can pawn items in two ways: Online Sangla or a traditional branch visit. It’s as easy as depositing your item through a courier online or visiting any nearby branch to hand the item you want to pawn and claim your cash upon agreeing to the appraised value.
Service Features
Loan Amount: depending on the appraisal value or rate of the item
Required Document: 1 Valid ID
Acceptable Collateral:
- Jewelry
- more than 3,000 brands and models of gadgets that shall have at least 80% power battery upon deposit
Interest Rates:
- Jewelry: 3.5% (subject to change depending on the branch)
- Cellphone: 10%
- Gadgets: 15%
- Smart TV: 15%
You can redeem the loan proceeds from Online Pawning through the following payment methods:
- GCash
- Paymaya
- Coins.ph
Important Notice: Failure to repay the loan on time in this kind of service will automatically give the right to the pawnbroker to sell the pawned items.
Bills Payment
It’s more convenient to settle bills online, but not everyone is digitally savvy or has access to e-wallets or online banking. CVM Pawnshop recognizes this gap among the unbanked and underbanked, especially Filipinos who don’t know how to use mobile devices to process their loans online. You can simply pay your bills on time through a branch visit.
Some of the billing partners that the pawn shop allows customers to pay for are as follows:
- Meralco
- Manila Water
- Globe
- SKYcable
- Cebu Pacific
- Philippine Airlines
Money Exchange
CVM Pawnshop accepts up to 21 foreign currencies for its Money Exchange service, including the US Dollar, Japanese Yen, Euros, etc. Its service provides a reliable foreign cash exchange that anyone can enjoy by simply visiting any of its branches.
The following currencies are currently available at the CVM branches:
- US Dollar
- Japanese Yen
- Australian Dollar
- Bahrain Dinar
- Brunei Dollar
- Canadian Dollar
- Chinese Yuan Renminbii
- Euro
- Great Britain Pounds
- Hong Kong Dollar
- Korean Won
- Kuwait Dinar
- Malaysian Ringgit
- New Zealand Dollar
- Qatar Riyal
- Saudi Arabia Riyal
- Singaporean Dollar
- Swiss Franc
- Taiwan Dollar
- Thailand Baht
- UAE Dirhams
Cash Remittance
Another highly-suggested financial service that Filipinos consider is cash transfer or money remittance. You can send or receive cash through CVM’s accredited remittance partners worldwide.
If you wish to either send or receive cash from anyone, you just have to ensure that the information provided matches the record of the remittance transaction.
Pros
- Provides simple service transactions.
- Offers online pawning service.
- Requires only a valid ID to proceed with the pawning or remittance transactions.
- Highly accessible through the many branches nationwide.
Cons
- You pay convenience fees for Online Pawning, such as shipping fees, disbursement fees, and advance interest.
- There’s a service charge when pawning jewelry.
- In pawning Cellphones and Gadgets, you have a 10-day grace period after the due date and a late payment charge of 1% daily.
- Interest rates on cellphones, Smart TVs, and other gadgets range from 10% to 15%
- Interest rates vary per branch.
Why Choose CVM Pawnshop?
Online Pawning Service
Unlike other typical pawn shops, CVM Pawnshop provides a simple and easy pawning service through its online pawning. All you need to do is visit the website and register to access the service. A CVM Pawnshop personnel will pick up the items, and you will pay for the convenience fees.
Minimum Requirements
CVM Pawnshop only requires basic documents to present during transactions. For example, you only show at least one valid ID to verify your identity for cash remittances and pawning. If you want to use the foreign currency exchange, simply bring the bills you wish to exchange for the Philippine peso.
Fast Cash Disbursement
CVM Pawnshop values convenience and fast transactions the most to provide its customers with a high-quality service. Quick fund disbursement is another plus factor that is a plus point. If you use the Online Pawning service, CVM will send funds to your preferred e-wallet if you wish to claim them immediately.
Flexible Loan Term
The good thing about CVM Pawnshop is that it offers flexible loan terms where you are given 30 days to repay your loan and redeem the pawned item. If you do these within that period, you still have a grace period to renew or redeem the pawned item.
If your pawned item is jewelry, you have a 3-month extension with 2% of the principal loan amount charged as past-due interest for every succeeding month. For gadgets, you have a 10-day grace period to redeem your item with only 1% of the principal loan amount charged.
How to Sign Up
There are two ways to pawn items and avail of the CVM Pawnshop services: online and branch visits.
The following are the steps for pawning items via branch visit.
In-Person Pawning
Visit the nearest CVM Pawnshop and bring the item you wish to pawn.
Deposit the item to the branch personnel for the appraisal. If it is a reasonable price, fill out the form and sign the pawning agreement.
Claim your cash and keep your pawn ticket as it will serve as proof to renew or redeem your pawned item later on.
Online Sangla
Visit the official website of CVM Pawnshop and select “Sangla Estimator.”
Wait for a phone call from the CVM Pawnshop Ambassador to know the appraisal value and when is the pick-up schedule for your item.
Once settled, receive your cash through your preferred e-wallet.
Frequently asked questions
How much can I borrow from CVM Pawnshop?
Can I use my student ID in CVM Pawnshop?
What fees do I need to pay upon my Online Sangla transaction?
Where can I claim my net proceeds for an Online Sangla transaction?
Can I still redeem my pawned item if I have a lost ticket?
Can I ask someone else to redeem my pawned item?
Conclusion
Access to immediate funds is available through pawning items. The documentation and requirements are fewer, and the process is relatively straightforward. With responsible borrowing and pawning, quick cash from a pawnshop is viable for the short term. Keep in mind that the interest rates are higher than banks and lending companies. Ensure you redeem your items before its due to avoid penalties and other charges.
Aunt Piggyy
Share this article:
