Palawan Pawnshop Review

Company Information

Palawan Pawnshop is one of the Philippines’ leading and most reliable pawnshops. Its first branch was established by spouses Bobby and Angelita Castro in Puerto Princesa City, Palawan, on August 17, 1985.

Initially, the pawnshop was built in the hope to provide just pawnbroking services in the country. However, with the primary goal to provide quality financial services for Filipinos, Palawan Pawnshop owners have decided to expand its services by introducing different financial programs that customers can avail nationwide.

In 2003, Palawan Pawnshop launched its first Palawan Express Pera Padala (PEPP) service in Puerto Princesa and Cuyo, Palawan. Since then, it has encouraged potential customers to remit cash in domestic places to help individuals send money instantly.

As a multi-purpose financial service, Palawan Pawnshop became the country’s largest, fastest, and most affordable domestic money remittance center, with more than 3,300 branches across different cities, municipalities, or even far-flung areas. On top of its wide reach, the  pawnshop also ensures transparency for extra fees, and low to no additional charges will be required upon service transactions.

Over time, they provided more than 6,500 authorized agents available both online and personal, should their customers have inquiries or concerns to raise involving their service/s.

The trusted pawnshop also recognizes the benefits of technology. Thus, it aims to develop, adapt, and maximize the use of advanced technology in its services through its mobile app and website platform. 

Palawan Pawnshop’s offices are spread across Manila, Cebu, and Panay cities. However, its headquarter is located at Palawan Pawnshop Building, 170 Rizal Avenue, Brgy. Masikap Puerto Princesa City and can be reached at (048) 434-8377.

Other questions and/or requests may be delivered through their customer service hotline at 0917-301-3868 for Globe users, 0932-850-8613 for Sun users, or 0998-962-1869 for Smart users. The pawnshop can also accommodate your concerns by sending them a text message at 0917-838-6024 for Globe users or 0919-061-5654 for Smart users.

Products and Services Offered

Palawan Pawnshop offers not just pawnbroking services but also other financial services such as money remittance, foreign currency exchange, bill payment, insurance products, and POS Withdrawal.  

Palawan Express Pera Padala

Sending instant money is now easier with the emergence of various e-wallets and express cash providers across the country. This includes Palawan Express Pera Padala, which is meant to help customers transfer money in the fastest possible way with only one valid ID as proof of your identity to facilitate the transaction. This service is also offered with a low service charge. Depending on the amount of cash you would wish to send, the rate will be added accordingly.

Service Features

Amount to Send: ₱100 up to ₱50,000

Maximum No. of Daily Transactions: up to 2 times

Rates or Extra Charges: as low as ₱2.00

Required Document to Send / Receive Money

One (1) Valid Government-issued ID

Pawning

Aside from money transfers, a lot of Filipinos resort to an alternative way to gain instant money and that includes pawning. The customer has to present the jewelry or any items in gold. In return, the customer will be able to receive cash based on the appraisal value of the pawned item. Palawan Pawnshop offers this kind of pawning service with four (4) different interest packages you can choose from. 

Service Features

• Package 1
  • Advance Interest Rate: 1%
  • Interest Rates:
    • 1% for 1 to 11 days
    • 2% for 12 to 22 days
    • 3% for 23 to 33 days
• Package 2
  • Advance Interest Rate: None
  • Interest Rate: 3.5% per month

• Package 3
  • Advance Interest Rate: 1-month advance interest
  • Interest Rate: 2.5% per month

• Package 4
  • Advance Interest Rate: 2-month advance interest
  • Interest Rate: 2% per month
  • Repayment Period: 0 to 4 months, renewable

Purchase Foreign Banknotes

This is a service offered to allow customers purchase foreign banknotes with a low down payment required per transaction. If you wish to go abroad and use foreign money for your travel or whatever purpose you have in mind, you can easily buy any available foreign currency in Palawan Pawnshop through a physical appearance and a few simple steps. 

Service Features

Rates or Extra Charges: ₱1,000 for downpayment

Requirements

• Completely filled-out Palawan Pawnshop reservation form
• Completely filled-out Application to Purchase (ATP) form
• Two (2) primary valid Government-issued IDs
• Authorization letter (for representatives and transactions amounting to ₱10,000 and below)

In case the transaction amount exceeds ₱100,000, supporting documents will be required such as, but not limited to, the following:

• Two (2) primary valid Government-issued IDs
• Enhanced Due Diligence (EDD)

Foreign Money Exchange

Customers who have foreign currency in hand and wishes to convert it to Philippine Peso, they may do so through Palawan Pawnshop and take advantage of updated money changer rates available at their branches. 

Requirements

• Completely filled out Money Changer (MC) ticket
• Completely filled out Customer Information Sheet (CIS) (for new customers)
• Authorization letter (for representatives and transactions amounting to ₱10,000 and below)

For transactions amounting to ₱100,000 and above, supporting documents will be required such as, but not limited to, the following:

• Two (2) primary valid Government-issued IDs
• Enhanced Due Diligence (EDD)

E-Loading

Palawan Pawnshop E-Loading enables customers to avail prepaid credits for different purposes such as mobile, cable television, internet, and online game subscriptions.

Available E-Loads:

• Mobile Prepaid E-Loads 
• PayMaya
• Coins.ph
• Game pins
• Utility pins

ProtekTODO Insurance

This insurance is commonly known as personal accident insurance offered for Filipinos who encounter unexpected and unfavorable situations. It entails eleven (11) different packages that customers can choose from depending on their needs and capability to pay their contribution.

Available Insurance Packages or Policies

Suki Cardholders are entitled to a 5% discount on the insurance policy. Upon renewal, the policyholder can avail 10% discount.

Point-of-Sale (POS) Withdrawal

The POS Withdrawal service allows Suki customers to access their funds through a cash card. Customers only need to insert their cards in POS terminals found in selected Palawan branches nationwide. Customers may withdraw and also check their account balances using this service.

Padala to Bank Account

This service is similar to Palawan Express Pera Padala, which lets customers deposit money to a bank account. However, this service only supports banks that are available on the list for money transfers. A maximum of ₱50,000 is allowed to be transferred per remittance transaction.

Bills Payment

Just like other e-wallets, Palawan Pawnshop also offers a service intended to help customers pay their bills on time without queuing at vendor branches. Customers may pay their utility bills, such as but not limited to, water, electricity, and academic bills, provided that the utility billers and schools or universities are listed in Palawan’s list of billers.

Why Choose Palawan Pawnshop?

Quick and Simple Application Process

One of the primary things customers would like to experience is fast and easy financial services transactions. Fortunately, Palawan Pawnshop makes everything a hassle-free process by allowing their customers to avail any of their services through simple steps.

Multiple Services That Cater to the Need of Their Customers

Not only could Palawan Pawnshop provide quick loan options for its customers through pawning, but it also provides an avenue for customers to pay bills, send money, transfer cash to a bank account, gets insured, or simply purchase e-loads for whatever purpose there may be. It is beneficial for a lot of Filipinos who need such services, especially since they are accessible in many branches nationwide. 

Suki Card

For financial service consumers, loyalty rewards are important because they may help them earn discounts that they can enjoy for their future transactions. Palawan Pawnshop is among the financial service providers that provide this kind of benefit through the Suki Card. This card is a lifetime loyalty cash card that is exclusively given to its customers who have been consistently availing of their services.

Some of the benefits that customers may experience using a Suki card are discounts on interest and remittance fees, discounts on  ProteKTODO Insurance, rebates on remittances received both domestic and international, and 10% off on jewelry display. You can also earn points to avail of other exclusive promos and a Suki ID lifetime card.

How to Sign Up

There are various ways to avail of a Palawan Pawnshop program, depending on your preferred method and service. It could either be through personal appearance or online transactions. 

For the purposes of this example, Palawan Express Pera Padala will be used, and below are the steps to avail of the service through the two (2) methods of transaction:

Via Personal Transaction

Via Online Transaction

Conclusion

Even before the emergence of e-wallets in this digital age, remittance centers have already been the go-to financial service provider for consumers. In unexpected situations where you need to transfer funds or top up your prepaid number to take an important call, these remittance centers always have something affordable to offer. 

Palawan Pawnshop is among these reliable and popular centers that help individuals get cash in an instant with fewer requirements and a simple process to complete all the transactions needed.