Parents are hocking their gold and other valuables to pay for school as the new term begins.
Among the commonly pawned items are gold, watches, tools, agricultural equipment and other miscellaneous possessions.
A private pawn shop operator in Pattaya said use of pawn services from January to April was up 20% over the same period last year. One factor for the increased borrowing is due to the reopening of the country and the need for people to reopen their businesses.
Nichada Janklun, manager of the Pattaya public pawn shop on Soi 6, said that shop is ready to dispense 80 million baht for pawned items as parent hock gold and other valuables to pay for uniforms and school supplies.
Interest rates are 0.25% a month for loans up to 5,000 baht and 0.75% a month for more than 5,000 baht. Pawn tickets last four months with a 60-day grace period. Each person can pawn up to 500,000 baht in goods.
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