City pawnshop offers low-interest loans

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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. 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.