An extension to Online PawnShop in Singapore

One of my top post on my blog is the subject on Online pawnshop in Singapore in the post I talked about an internet startup that brings Pawn Shop online. They were known as internetpawn.com. A year pass and they have rebrand themselves as Pawngo.com. They now have a video showing how the pawning process actually goes.

Like I mentioned in my previous post, we have several competitors in the pawnshop space in Singapore especially offline. But online I believe there might be some opportunities popping up.  Since people are already this on forums there is no reason why it could’n take place in world of web 2.0

Maybe I should seriously start considering proposing the idea to local investors. And by the way.

There are actually three publicly-traded brick and mortar pawn shop companies, Cash America International, EZCORP and First Cash Financial Services. 

Furthermore, the recent stock market have been pretty volatile, plus the talks on possible recession and if the global falls back to a recession, Pawning may be a good venture. And I believe the business model is certainly different from the negatives reviews that we have been hearing from the opening up of moneylending business. Also pawnshops take collaterals thus there is no forcing on the people to borrow or using future money as compared to those loansharks or banks.

Calling fellow Entrepreneurs who have background knowledge on the operations of pawn shops.  Share your comments and who knows maybe we could work together and form a pawnnow.sg

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5 thoughts on “An extension to Online PawnShop in Singapore

  1. with pawngo ur item will be sent to the pawn shop to be evaluated before the pawn shop owner calls u and quote a price. Usually people who pawn stuff are desperate and no other means of getting cash ady and they would want to get instant cash. I think quite hard for pawngo cuz the process takes a while. personally, if i were to pawn stuff, ill go around diff outlets to get different price quotation(opt for the highest offered price), and then get my cash instantly, unlike pawngo who still needs to deposit the money to ur account and then u have to access ur bank acc to get the money.

    just 2 cents =)

    1. Hey Jacky

      Great points you have there! 🙂
      How about in China? Where the credit system are now tough and harder to borrow money? What’s your take?

      Than again, I was think the level trust in this model should be quite high right. Since the customer have to send the “item” over first. What if he send a random product and says it is work $10k. The insurance may not cover. hmmmm

  2. might work in china like u say cuz its harder to borrow money. altho not too positive about it since the level of trust there is low (like u mentioned this model relies heavily on trust). China, how can u mail ur expensive stuff there to the valuer sia haha i wouldn’t. scully the guy mail a fake stuff back to you then a bit jialat. everyone is cheating everyone in china. a bit hard i think. maybe this online pawn thing is only suitable for the states.

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