Pattaya’s city-run pawnshop is helping cash-strapped parents pay school fees for the coming term with 20 million baht in low-interest loans.
Rather than have people turn to loan sharks, the city has topped off coffers at the Pattaya Pawnshop on Soi 6 with a 20 million baht reserve fund. Suchart Chutipongsapisit, manager Pattaya’s pawnshop, says that while most people bring in gold and electronics to sell, others are taking out short-term loans starting at just half a percent interest.
With schools reopening after the break, Pattaya’s pawnshop is busy processing loan applications for parents wanting to send their children to school.
Loans run four months – although a one-month extension is available – and max out at 100,000 baht. Interest rates are 0.5 percent for loans of up to 5,000 baht, 1 percent per month for up to 30,000 baht and 1.25 percent monthly up to 100,000 baht. Penalties for late payment apply.
Pattaya Pawnshop is open weekdays from 8 a.m. to 4 p.m. Contact 038-420-822 for more information.
