Ever since the pandemic and the changes in the economic landscape, many Filipinos have become miserable. Owing to the changes to their salary and personnel policies, leading to a decrease in employment. Palawan Pawnshop is one of the most convenient solutions for their financial needs.
A pawnshop is where you can pledge your properties in exchange for cash. The procedures here are quick, convenient, without any questions asked.
Understanding the situations of many Filipinos, to serve those who are and will need money to recover from financial troubles, Palawan Pawnshop has become one of the most trusted pawning services in the Philippines, with local offices on the island of Luzon: Metro Manila, Quezon City (Cubao), Makati, and Baguio.
What is Palawan Pawnshop?
Palawan Pawnshop was established back in 1985. With more than 35 years of experience in the field, the pawnshop offers an exciting range between 1% and 3%, arguably one of the lowest rates for secured loans.
Aside from pawning, Palawan Pawnshop provides money transfer services, insurance, Suki Card, and Online Padala.
To sign up for a Suki Card, you only have to fill in and submit an application at the local Palawan Express office. With Suki Card, you can receive discounts on Pawn interest rates, reducing them even further the more you use the services provided by Palawan Pawnshop.
You can also use your Suki loyalty privileges on remittance charges and ProteKTODO insurance premiums.
In addition, you can use the Online Padala service to transfer money to anyone you want without going to a Palawan Express office. You can simply sign up for this service on Palawan’s website by providing your:
- full name,
- DOB,
- phone number, and
- address in their online form.
Online Padala accepts systems such as BPI, BDO, InstaPay, and Coins.ph.
How do I Take Out A Loan at Palawan Pawnshop?
The procedure to claim your money at Palawan Pawnshop is exceptionally convenient and secure. To apply for a loan at Palawan Pawnshop, bring your items for examination. The service accepts items such as gold jewelry, vehicles, electronic devices, etc.
On the other hand, it doesn’t require you to go through much paperwork. You only need to present two valid ID cards to a Palawan Express office in your area.
- Fill in the standard form,
- sign a pawnshop ticket, and
- receive your security ticket to one day reclaim your item.
Last but not least, you can use the tracking code provided to you to see where your money is in real time.
How do I find Palawan Pawnshop offices?
Financial problems are something we can never be too prepared for. Thankfully, whenever you run into trouble, you can always be at ease that there is an easy way to find Palawan Pawnshop offices near you, thanks to UpFinance.
UpFinance is a website with up-to-date information about all available financial institutions in the Philippines where you can choose the best offers based on your needs. How convenient!
How Does Palawan Pawnshop Work?
This non-banking financial institution relies on its wide array of services to thrive in the Philippines. Here’s how it allows you to enjoy financial freedom:
Pawning
The roots of this institution are pawning, and customers mostly use their services for the same. Here’s how you can conduct business:
- The first step is to present the jewelry for appraisal
- The next step is deciding on the pawning amount which you can negotiate with the professional
- Next is signing the information sheet after you’ve successfully filled it out
- Sign the pawn ticket
- Count and check the money received
Investing in Gold
You can invest in gold through the Palawan pawnshop through the following steps:
- Visit the Facebook page of the Palawan Pawnshop Jewelry and locate the posts that have the desired gold jewelry
- Comment “Mine” on the jewelry item that suits your requirement
- Confirm the purchase of the gold within an hour and you can make the payment within three hours of confirming the purchase
Online Pawn Renewal
You can use the PalawanPay app and extend the loan period of the pawned items. You can also view the loan computation details and receive notifications from the app.
There are authorized agents across the nation who can help you through the app – over ten thousand outlets can assist you with your financial needs. The app allows you to make payments between banks, Palawan accounts and banking apps – “anytime, anywhere.”
In addition, you can collect cash from any Palawan Pawnshop by carrying your valid photo ID. This helps you verify the transfer.
As the institution uses encryption protocols per industry standards, you use the app without a worry as it protects your data and transactions.
The KYC account limits set on different account levels is another protective factor that Palawan Pawnshop offers. For instance, you can quickly transfer ₱20,000 (twenty-thousand Philippine peso) to another account or e-wallet or receive ten thousand Philippine peso daily.
On the other hand, Platinum account holders (micro and small business accounts) enjoy custom limits that are not restricted like the different account types.
KYC Verification for PalawanPay
As per the Central bank of Philippines or Bangko Sentral ng Pilipinas, you must complete your Know-Your-Customer verification to seamlessly use the services. This does not take long, and you can finish this in a single step.
The process ensures verification of the user and limits any security risk. This feature is great for users who want to enjoy the services and other features of PalawanPay. With this one-step process, you can access higher daily limit, sending money, cash out and other features.
Here’s how to verify your account:
- Open and login to the PalawanPay app
- Press Upgrade account and then, press Continue
- Select the chosen ID type for verification
- Take a clear picture of the front and back of the ID – then, press Next
- Complete the requested personal details and wait for the push nitifcation guiding you to the end of the process.
The notification will inform you if the verification process has been completed and if you must revise any area.
Acceptable IDs:
- Primary –
- Philippine or Foreign Passport,
- Driver’s License (Physical and Digital),
- Philippine Identification Card (Phil-ID) / National ID (Physical and Digital),
- Professional Regulation Commission (PRC) ID,
- NBI Clearance, Postal ID,
- Voter’s ID and Voter’s ID with picture (valid for one year from date of issuance),
- National Council on Disability Affairs (NCDA) / NCWDP
- Government Office and GOCC ID
- Overseas Workers Welfare Administration (OWWA) ID
- Senior Citizen Card
- Social Security System (SSS) Card
Among others that you can check on their website.
- Secondary Photo IDs that are accepted
- Company ID
- Taxpayer Identification Number (TIN) ID (Physical and Digital)
- Police Clearance
- DSWD ID
- Seafarer’s Identification and Record Book (SIRB)
- School ID
- Pag-IBIG Loyalty Card (PVC Type)
- Philhealth Insurance ID
- Solo Parent ID
- Additional Documents
- Barangay Clearance or Certificate
- Birth Certificate
- Billing Address
- Certificate of Enrollment / Proof of Enrolment
- Marriage Certificate
These documents and steps will help you use a safe and secure way to use one of the Palawan Pawnshop services easily.
End Note
That was all about how you can use the various services offered by Palawan Pawnshop. From pawning gold to making seamless payments online using its app, there’s nothing financially it cannot help you with.
The article also highlights the KYC verification process for the PalawanPay account so that you access additional features such as higher limit among others.
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