Digital gadgets, luxury bags offered as collateral to cover higher living expenses. Read more at straitstimes.com.
SEOUL - Pawn shops have been seen as relics of the past, from a time when instant cash loans were not so readily available with just a few clicks.
In contrast to the traditional image of pawn shops with iron bars and stringent security measures, his shop resembles an ordinary store, featuring boutique-style showroom cases displaying luxury wallets, smartphones and tablet PCs.“They usually borrow a small amount of money, between 200,000-300,000 won , leaving behind their laptops or digital cameras as collateral. More university students or jobseekers in their 20s have visited in recent years,” he said.
For photographers or video producers, a visit to a pawn shop can be a way to unlock their investment in equipment – high-function cameras and other filming equipment that cost millions of won – to ride out a temporary cash shortage. The balance of outstanding collateral loans at 8,775 lending institutions nationwide, including pawn shops, surged 12.3 per cent on-year to 8.54 trillion won in 2022 from 7.61 trillion won in 2021, government data showed.
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