By Leong Sze Hian -
According to the Department of Statistics’ Monthly Digest of Statistics Singapore June 2012, pawn shop loans increased by its greatest margin ever in history.
338,600 pledges in just 1 month
Pledges at pawnshops increased from 2.98 in 2010 to 3.5 million in 2011, and was 338,600 in the month of March 2012 alone.
81% increase in loans
The amount of loans given out increased from $2.7 to $4.9 billion and $622 million, respectively.
This means that the amount of loans from pawn shops increased by a whopping 81 per cent in 2011.
$622 m loans in just 1 month
At the current all-time record high of $622 million in just one month, the total in a year may hit seven billion.
So, why is it that so many people pawn their items for so much more loans from pawn shops?