You are having financial difficulties and are looking for a quick and reputable loan solution. Then PawnCredit will be a useful solution for you right now. If you do not know what Pawn Credit is? How to borrow money from PawnCredit, let's find out with Banktop right in the article below.
What is Pawn Credit?
Pawn Credit is a unit operating in the field of semi-formal microfinance, specializing in providing loan services according to motorbike registration. Pawn credit is owned by PawnCredit Vietnam JSC – a member of VDFS Corporation.
Pawn credit is a legal lender, licensed by the Department of Planning and Investment of Ho Chi Minh City. Pawn credit was born to meet unexpected mortgage loans that banks or other financial companies could not meet.
| Loan form | Register online |
| Support area | City. Ho Chi Minh City |
| Borrowing limit | 5- 30 million won |
| Tenor | 3- 24 months |
| Interest rate | 4.9%- 6.9%/Month |
| Loan age | 20-60 years old |
| Disbursement time | In 30 minutes |
| File | ID card + Motorcycle Cavet |
| Service charge | Have |
| Endow | Updating |
Conditions for borrowing Pawn Credit
To borrow money from Pawn Credit, customers need to meet the following conditions:
- Currently living or working in Ho Chi Minh City (except Can Gio and Cu Chi).
- Over 20 years old, have a valid ID/CCCD.
- Own a motorbike or have a license to buy or sell, authorize ...
- Have a stable job to prove that you can afford to pay the debt.
Product introduction of Quick loan under motorbike registration at PawnCredit
PawnCredit's method of operation is to provide short-term financial solutions to customers through the form of motorbike mortgage. Motorcycles taken as pledge can be the owner or not the owner. In case the motorbike is not owned by the owner, the borrower needs to have a valid purchase and sale document or power of attorney.
- Provide loans with a limit of 5 - 30 million VND depending on the value of the car.
- If the customer borrows for the first time, PawnCredit supports a loan from 5 to 20 million VND.
- Flexible loan term from 3-24 months.
- Loan interest rates range from 4.9%/month - 6.9%/month depending on the loan and credit level of the customer.
- Quick disbursement process, same day loan approval.
The most detailed guide to borrowing money from Pawn Credit
You can completely borrow money from Pawn Credit online with a very simple process done on a phone with an internet connection. The specific steps to borrow Pawn Credit are as follows:
Step 1: Access the Pawn Credit website and fill in the information
Visit PawnCredit's website. Then fill in the requested information, including:
- Amount you want to borrow? Within the allowable limit from 5-30 million.
- Borrowed time? Between 3 and 18 months.
- Payment method: Principal, interest and fee are all monthly or interest, monthly fee, principal at the end of the period.
Then click "Calculate now".
Step 2: Verify the property used for pledge
Next, the system will forward to the page to create a loan application, where you fill in the information including: Full name, ID card / CCCD, phone, current residential address, loan term, type of motorbike, ownership status, year of registration and then click “Register now”.
Right after that, your application will be sent to Pawn Credit to assess whether it is eligible for a loan or not. Pawn Credit staff will contact you to report the results.
Note: Pawn Credit only lends to those in the Ho Chi Minh City area, if the customer has bad debt, the application will be rejected immediately.
Step 3: Consultation and appraisal of documents
Pawn Credit applies Big Data technology in the application process. As a result, the appraisal process takes place very quickly. In about 2 hours, the staff will call to guide you to complete the procedure.
Step 4: Get a loan
The system will disburse to your account only after about 30 minutes from receiving the loan notice. If the customer does not have a bank account, Pawn Credit will gladly guide you to open an account to transfer money.
Step 5: Pay the loan
The customer needs to pay the loan to end the contract. Late payment time according to the contract is allowed up to 3 days, if late, the customer will have to pay a penalty fee.
What is the PawnCredit interest rate?
PawnCredit is a loan service provider in the form of loans according to motorbike registration and motorbike pledge (up to 80% of the vehicle's value). Currently, the applicable PawnCredit interest rate is from 4.9% - 6.9%/month. This interest rate also depends on the value of the car and the creditworthiness of the customer.
If the customer wants to liquidate the contract before the maturity date, PawnCredit applies the following principal balance calculation method:
- For 1/3 of the contract term: 8% of the remaining principal balance.
- For the next 2/3 of the contract term: 4% of the remaining principal balance.
- Free for the last 1/3 of the term.
Notes to know when borrowing PawnCredit
When borrowing money from PawnCredit, you need to keep a few things in mind:
- The loan term at PawnCredit is quite short, so you should not use this loan as a medium and long-term financial solution.
- Be responsible for paying your loan on time to avoid additional penalty fees and interest on late payments that will greatly increase costs.
- Motorbike is a mandatory collateral required in the loan at PawnCredit, if the customer fails to repay the loan on time or intentionally fails to pay the debt, PawnCredit will recover and sell the property to ensure the payment obligation. for customers.
- It is not recommended to borrow money from PawnCredit to pay off due loans and when you cannot stabilize your financial situation in the nearest time.
- Borrow money only when you feel you have enough capacity to repay and you are comfortable paying on time.
Frequently asked questions when borrowing money PawnCredit
In addition to the above information, here are some detailed questions and answers that Banktop collected when borrowing money from PawnCredit.
Late repayment of Pawncredit loan, what to do?
Pawn Credit allows customers to be paid late under the contract for a maximum of 3 days, if it is more than 3 days, the customer will be charged a specific penalty fee as follows:
- Overdue fee for 4 days: 100,000 VND.
- Overdue fee for 8 days: 200,000 VND.
- Overdue fee from 31 days: 300,000 VND.
- Overdue fee from 61 days: 400,000 VND.
- Overdue fee from 91 days: 500,000 VND.
In addition to the above-mentioned penalty fee, the customer must also bear the overdue interest and principal. The prescribed overdue interest rate is 2.4%/month and is equivalent to 0.08%/day. Moreover, it also affects the credit score of customers.
Can bad debt borrow Pawncredit?
ARE NOT. Pawncredit refuses customers who are subject to bad debt.
How long does it take to disburse a Pawncredit loan?
Pawncredit is highly appreciated for its quick approval process and disbursement time. Immediately after the application is approved, only about 30 minutes after the money will be disbursed to the customer's account.
What is the PawnCredit switchboard?
If you have any questions during the loan process, you can immediately contact Pawncredit call center at 028 7777 2828 for 24/7 answers. In addition, Pawncredit also has other support channels such as:
- Website: pawncredit.vn
- Address: 153 Bau Cat 1, Ward 12, Tan Binh, Ho Chi Minh City
Conclusion
Hopefully the information that Banktop has shared above will help you better understand PawnCredit. It can be seen that the birth of PawnCredit is an effective solution for those who are facing financial problems and need to be solved immediately. Good luck with your loan and don't forget the notes we give to avoid the hassle of borrowing money from PawnCredit.
The article was edited by: Banktop.vn
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