Licensed pawn shop.
Tel: 082 – 348229 Fax: 082 – 331022 Twitter: twitter.com/pajakgadaiwangi
Business Hours: Mon - Sat 8am - 5.30pm; Sunday and Public Holiday Closed.
FAQ (Frequently Asked Questions):
1. What services does Pajak Gadai Wangi provide?
- Pajak Gadai Wangi is a licensed pawnshop.
- We provide cash loans. The interest for our loans is 2% per month.
- Customers store their gold or jewellery with us as security for the duration of the loan and redeem their items when the loan is repaid.
2. What does “pawn” mean?
- “Pawn” means depositing your valuables with a pawnbroker as security to obtain a loan.
- Unlike selling your valuables outright, a pawn gives you the option of reclaiming your items.
- Pawning is simple: You bring us gold or jewellery, we loan you cash, you pay us back plus a small fee, you get your goods back.
- If you want the option of keeping your goods, then a pawn is the answer.
3. How does our loan work?
- Most transactions at Pajak Gadai Wangi require only a few minutes.
- We appraise your gold and jewellery based on market prices of the day.
- Once an agreement is reached, the customer will receive a pawn ticket and cash instantly.
- The loan duration is 6 months.
- Customers can redeem their pawned items anytime within 6 months.
- The loan duration can be extended for another 6 months by paying any interest due.
4. What can I pawn?
- You can get a cash loan at Pajak Gadai Wangi using gold, platinum, silver, jewellery and diamonds as collateral.
- We accept gold of various grades of fineness, white gold, gold watches, gold bars, gold coins/dinars etc. Gold items which are damaged are also accepted.
- All gold jewellery: rings, bracelets, chains, necklaces, pendants, bangles, earrings, hollow gold jewellery and gold jewellery with stones etc.
- If you are unsure if we will accept your items, please contact us.
5. How much can I get?
- Our appraisal is based on the value of the items that a customer wishes to pawn.
- We aim to give you the highest loan amount for your valuables.
6. Who can pawn?
- All customers must be 18 years of age and above and possess a valid identification document such as Mykad or passport.
- You must be the legal owner of the items that you wish to pawn.
7. How is interest calculated?
- Interest is 2% of the loaned amount per month. E.g. A customer who borrows RM100 pays only RM2 in interest a month.
- Customers only pay interest for the duration of their loan. Eg. A customer who is loaned RM100 and redeems his item within 3 months pays only a total of RM6 in interest (RM2 x 3 months).
8. What is the duration of the loan?
- The loan duration is for 6 months or earlier.
- Customers can redeem their items anytime within the 6-month loan term.
- Loans are renewable and can be extended for another 6 months.
9. Do I have to make any monthly payments for my loan?
- Monthly interest payments are not necessary.
- Customers only need to pay any interest due when redeeming their pawned items or at the end of the 6-month loan term.
10. Can I make payments by instalments?
- Customers have the flexibility to make payments in any amount.
11. How do I know if my loan is about to expire?
- The expiry date of a loan is six months from the pawn date.
- The expiry date of a loan is written on the pawn ticket issued to the customer.
- Pajak Gadai Wangi will contact the customer by phone or mail before the expiry of a loan so that customers are reminded to redeem or renew their loans on time.
12. How can I extend the duration of my loan?
- Please visit us and bring along your Identification Card and pawn ticket.
- You will need to pay any interest due.
- Your loan will be extended for another 6 months.
- We will issue you with a new pawn ticket.
13. How can I replace a lost/ stolen pawn ticket?
- Please visit us to make a lost/ stolen pawn ticket report and bring along your Identification Card.
- You will be issued with a new pawn ticket within minutes.
14. Can I redeem my items before the 6 month loan duration has expired?
- Customers can redeem their items anytime before the 6-month loan term has expired.
- There is no penalty for redeeming your items before the 6-month loan term has expired.
15. Will my items be safe?
- We take security and safety very seriously.
- Pajak Gadai Wangi utilises round the clock video surveillance, alarm systems and vault storage to protect your valuables.
- Your valuables will not be tampered with.
16. Is the buying/ selling of pawn ticket(s) legal?
- The buying and selling of pawn ticket(s) is illegal.
- Illegal money lenders buy pawn tickets in order to charge borrowers a much higher rate of interest, often more than 5%.
- Our customers can renew their pawn tickets easily at Pajak Gadai Wangi by paying any interest due and have their loan duration extended for another 6 months.
