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PawnHero Review

There are known to be more than 18,500 pawnshops in the Philippines. Some pawnshops are more known than the rest, but not many exist solely to provide online pawning services. With some needs needing quick cash conversions, valuables used as collateral to obtain a loan are the easiest solution sometimes.

This is what makes PawnHero stand out in the sea of pawnshops – transactions can be done online, discreetly, and without the inconvenience of having to travel with the item, you wish to provide as collateral – since they also provide the service of coming to your home to take the thing from you.

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Written by: Piggyy

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Author

Loan Amount

Varies
3.9/5
3.9/5

Piggyy Rating

PawnHero
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Loan Amount: depends on the appraisal value of the item being pawned

Interest Rate:

3.50% per month for gold and jewelry 2.99% per month for designer bags, luxury watches, gadgets and other item

Loan Term

3 months

Est. APR

% 2.99-3.50

Loan Amount

Varies
What can be pawned
  • Gold and Jewelry
  • Designer Bags
  • Luxury Watches
  • Gadgets

Company Information

PawnHero is regulated by the BSP and prides itself on being the first online pawnshop in the Philippines that aims to provide a convenient and reliable financial service to all Filipinos who require a quick cash loan. A range of items can be pawned through PawnHero and not just jewelry. 

 

Those who wish to visit their main office to transact in their office may do so and simply visit PawnHero at 7F W Global Center, Bonifacio Global City, Taguig City.

They are open from Monday to Saturday, 9:00 AM to 7:00 PM, but for those who want to transact online, simply visit their website at pawnhero.ph.

 

For other concerns, or for customers who need assistance, they can be contacted through:

  • Their main hotline at 8828-CASH (2274)
  • Smart hotline at 0999 222 CASH
  • Globe hotline at 0917 872 CASH
  • Message them on Facebook (PawnHero Pawnshop)

 

Types of Loan&Services

PawnHero only provides pawnbroking service. The amount that a person receives depends on the appraisal value of the item being pawned. There are various luxury items that PawnHero accepts apart from traditional jewelry, precious metals, or gemstones. Here is the list of things that are accepted at PawnHero:

 

  • Jewelry, Designer Bags, Watches, Sunglasses
  • Laptops, Gaming Consoles, Cameras, Smartphones, Tablets, Televisions, Soundbars, and Speakers
  • Belts, Designer Shoes

 

Appraisal Value

The initial appraisal value of the item pawned might be different from the final appraisal value due to a lot of different factors. Mostly, it is because of the state of the item as described and the item’s actual state when received for appraisal.

 

PawnHero suggests that for the appraisal value to stay relatively the same, customers should ensure that the description of the item is as accurate as possible as they will be sent for physical inspection so that the process can be smooth fast. 

 

Interest Rate

PawnHero also offers one of the lowest interest rates in the market, which can go as low as 2.99%/month.

However, interest rates may vary depending on the item’s age, category, and condition when received. For example, items that fall under the category of electronics and gadgets may have higher interest rates because they depreciate faster than the other item categories. 

 

For Gold and Jewelry:

  1. The interest of 2.99% or ₱ 500.00, whichever is higher.
  2. A service charge of 1% of the principal loan shall not exceed ₱ 5.00.
  3. Documentary stamp tax of ₱ 40.00 for loan amount up to ₱ 5,000.00, additional ₱ 20.00 on each ₱ 5,000.00 or fractional part over ₱ 5,000.00

 

For Designer Bags, Luxury Watches, Gadgets, and Other Item Categories:

  1. The interest of 4.5% or ₱ 500.00, whichever is higher.
  2. A service charge of 1% of the principal loan shall not exceed ₱ 5.00.
  3. Documentary stamp tax of ₱ 40.00 for loan amount up to ₱ 5,000.00, additional ₱ 20.00 on each ₱ 5,000.00 or fractional part over ₱ 5,000.00.

 

They also offer flexible loan terms that can be renewed monthly without hidden fees. 

 

Once customers have fully decided to pawn their items for a quick cash loan, they may schedule a pickup of the object through their website. PawnHero’s certified in-house courier (Pawntrooper) will be at the specified address to collect the collateral. The loan approval will be done within 1 day from the time the collateral is collected and appraised. 

 

Once the loan is approved and the customer consents to the loan offer, the loan amount can be cashed out through bank transfer or any Instapay and PESONet partner banks and electronic money issuers. 

 

PawnHero’s Free Services

  • Pickup and return delivery of loan collateral within Metro Manila
  • Insurance coverage while in transit
  • Insurance coverage while in storage
  • Storage fee

 

Why Choose PawnHero

There are many good reasons why Filipinos should choose PawnHero, among others. For one thing, they take the confidentiality of transactions to a whole new level, and the other is that they make it convenient and easy for people to pawn their items at no additional fees. These are just a few of the reasons, here are the other reasons to choose them:

 

Reliable and Safe

You need not worry about transporting your items from one place to another. When you do not own a car and your items are bulky, that can be a challenge, especially when you carry the more expensive items. Having Pawntoopers come to your doorstep to collect the item for you guarantees that they are kept safe and that they are transported carefully. 

 

Discreet

Let’s face it: some people are just not comfortable walking into pawn shops carrying their items as collateral for a cash loan. The beauty that PawnHero offers is how discreet the transactions are. If you are not comfortable going to pawn shops, they can come to you, and you can hand over your items to be pawned to them without all eyes looking at you. 

 

Convenient

Convenience is a big deal for people who may not have the luxury of traveling from one place to another or could be dealing with an emergency at home and could not leave.

With just a smartphone or a laptop and an internet connection, people can schedule a pickup from PawnHero to proceed with a Cash Loan. And what is even better is that it does not just accept traditional jewelry as collateral. Other luxury items and even gadgets can also be pawned. That gives people many options and opportunities to avail of a quick cash loan. 

 

Low-Interest Rate

Any quick cash loan requirement typically involves high-interest rates on the loan amount. PawnHero’s fast cash loans are backed by collaterals which makes it have lower interest rates compared to the market. In addition it simply have a lower interest rate compared to other pawnshops.

 

This lower interest rate makes it possible for people to redeem their items on time or earlier. If they are not yet ready to redeem their pawned items, they can choose to renew or extend the loan period by only paying the interest due. And if the interest is minimal, it does not cripple the customers financially but instead helps them. 

 

Instant Cash Release

PawnHero recognizes the urgency that their customers face, and that is why they endeavor to release the cash loan to customers within 1 business day. This way, people who have emergencies can take care of their requirements right away and not wait for days to approve their loan applications. 

 

There is also no need to visit the pawnshop to collect the cash. Customers can have the loan released through the bank details they have provided the PawnHero team. This does not mean they cannot visit the shop to transact directly because they still have this option. 

 

Free Item Insurance Coverage

It provides customers a level of comfort knowing that the precious items that they have pawned are kept securely in storage and that they will get it back in the same condition that they gave it. In addition, when the items are also insured, customers know that should any events happen that are outside of their control, they will not completely lose the item’s value. 

 

Completely Online 

When customers can transact online, they are assured that their needs are received 24/7 and will be responded to immediately. They no longer have to wait for shops to open to start their application. There is no need for them to travel or even wait in line to be entertained. 

 

What is even more convenient is that they do not have to spend any money on transportation or meals because they can do their transactions from home. 

 

How to Sign Up

 

Getting a quick cash loan from PawnHero is so easy. Once you have decided which item(s) to pawn, you have the option to either visit their physical pawnshop or transact online. 

 

For online transactions, simply follow these steps:

1
pawnhero 1

Click the “Apply now” button below,  and then click on Pawn Now located on the upper right-hand side of the screen.

2
pawnhero 2

You can get a free instant appraisal by selecting the item you wish to pawn and the next set of steps. For each category, there will be subcategories that you need to choose from to identify the specific types of brands of the items.

3
pawnhero 3

Just provide your email ID to receive the initial loan offer from PawnHero.

Frequently asked questions

How to Redeem my Loan?

To avoid the inconvenience of having to pay late payment fees, be sure to be mindful of the maturity of your loan. It is always better to pay before the maturity date through these payment channels:

 

  • Over-the-Counter
  • Cash Payment
  • Online Bank Payment
  • 7-Eleven (7 Connect Service)
  • Coins.ph

 

Take note that service fees may apply.

What are the Requirements to Redeem an Item?

Before redeeming an item, make sure that the loan balance has been completely settled. Once this is done, two documents will be required:

 

  1. Original copy of the PawnHero ticket
  2. 2 valid IDs.
Hot to Renew my Loan?

When you have not yet come up with the money to redeem your item, there is no need to worry. You can renew your loan for another month. Simply pay the interest that is due through these payment channels:

 

  • Over-the-Counter
  • Cash Payment
  • Online Bank Payment
  • 7-Eleven (7 Connect Service)
  • Coins.ph

 

You can then log in to your PawnHero account online and apply for the renewal or extension of your loan. You may also simply call their customer service representative on their hotline numbers.

Are the Collateral Items Safe and Insured?

All the items entrusted with PawnHero are fully insured provided by Pioneer Insurance Corporation. Their warehouse is safe and has 24/7 security and advanced security protocols including CCTV cameras and emergency alarm systems. 

Conclusion

The presence of PawnHero in the market gives way for a better pawning experience for Filipinos who need immediate cash relief but do not have the means or time necessary to conduct transactions in the physical store. For others, it could be that the items they wish to pawn are bulky appliances or electronics. For this, it is always very convenient for the items to be picked up instead. While others, may simply prefer the discretion that PawnHero offers. Not many are comfortable pawning items and PawnHero recognizes this. 

 

Now that almost everyone has access to the internet, it only makes sense that people can also rely on the internet for their financial needs and take advantage of the convenience and efficiency it offers.

Piggyy

״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates

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