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Pawn shop loans increase 81%

CommentariesCurrent Affairs
By The Online Citizen
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By Leong Sze Hian –

Record pawn shop loans

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?

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