Pattaya: Hard up business owners flock to pawn their valuables

[webfact]

Pattaya: Hard up business owners flock to pawn their valuables

 

Picture: 77kaoded

 

Thai media reported that business owners in Pattaya are increasingly going to pawn shops to get much needed cash. 

 

The resort - once one of the most famous red light resorts in the world - is now all but shut down and with businesses facing going to the wall owners are desperate to get money any way they can. 

 

One of the ways is to go to pawn shops with items like necklaces and rings. 77kaoded went to "Sathan Thanuban" - a government pawn shop" - where they spoke to the manageress Amnuay. 

 

She said that trade was much brisker than normal. Most of the new customers were business owners.

 

But they could cope with the influx caused by the Covid-19 crisis - they have reserves of 100 million baht. 

 

She said the terms now in place from April 1st were 0.125% per month interest on items under 5,000 baht value. Over 5,000 baht then interest must be paid at a rate of 1% per month. 

 

Thus pawning a one baht weight gold chain (worth almost 25,000 baht at today's prices) would cost 250 baht per each month on redemption.

 

Source: 77kaoded

 

 

-- © Copyright Thai Visa News 2020-04-02

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[PatOngo]

So, a penny earned is a penny spent! No idea about saving in good times.

[Leaver]

31 minutes ago, webfact said:

But they could cope with the influx caused by the Covid-19 crisis - they have reserves of 100 million baht. 

 

Seems like these business owners were in the wrong business to start with.  ????

[champers]

Many of these businesses are hand to mouth from day to day. Such owners cannot afford any profilgate spending.

[mok199]

This will not end well...

[rasmus5150]

Well, many Thai nationals don't trust the banks, so they wear their fortune around their neck and wrists. The other day I went to the bank to have a little cash stash at home, so I guess I'm not much different.

[Colabamumbai]

People wearing 4 Baht chains ripe for the picken. 

[Benmart]

I am grateful that I am healthy and financially solvent. I share what I can and pray, (not to a manfactued diety), for those less fortunate.

[phantomfiddler]

Actually a very fair interest rate compared to the upcountry monetary rapists who end up owning the farm !

[hotchilli]

7 hours ago, webfact said:

One of the ways is to go to pawn shops with items like necklaces and rings. 77kaoded went to "Sathan Thanuban" - a government pawn shop" - where they spoke to the manageress Amnuay.

A lot of the bar girls will be shedding the gold soon... kept for such a rainy day!

[Elkski]

So iearrings? (8 times less interest?) to have many 4900 baht gold earings?like many things in Thailand this makes no sense.  So the government owns pawn shops.  How convenient 

[cardinalblue]

How do BGs keep up their skills up? Do they go home? Do they try home delivery? Unemployment insurance?

[Lacessit]

Most rural Thais have more faith in gold than Thai banks. Can't say I blame them.

[Lacessit]

7 minutes ago, cardinalblue said:

How do BGs keep up their skills up? Do they go home? Do they try home delivery? Unemployment insurance?

They usually try their luck on Thai Friendly.

[sead]

That's really good offers

[BritManToo]

11 minutes ago, Lacessit said:

They usually try their luck on Thai Friendly.

Are the short time hotels still open?

Just wondering ............

[Tropposurfer]

Soon a good time to pick up a super priced grey-market Benz me thinks.

[Burma Bill]

quote:-

"once one of the most famous red light resorts in the world"

And once the virus is cleared, a gambling enclave for the Chinese!! 

[gk10002000]

Of course most did not invest in any sort of dividend or interest paying equity, stock, bond, etc.  Just bought something that is shiny and does nothing more. 

[PatOngo]

I think I saw Porn at the pawn shop pawning her porn collection!

[PatOngo]

2 hours ago, gk10002000 said:

Of course most did not invest in any sort of dividend or interest paying equity, stock, bond, etc.  Just bought something that is shiny and does nothing more. 

I find they spend a lot of money buying "face!" Whether they can afford it or not!

[Justgrazing]

15 hours ago, webfact said:

 

She said the terms now in place from April 1st were 0.125% per month interest on items under 5,000 baht value. Over 5,000 baht then interest must be paid at a rate of 1% per month. 

I'll have 4999 bt at that lower rate please ..

Edited April 2, 2020 by Justgrazing
Sp

[Susco]

6 hours ago, Elkski said:

So the government owns pawn shops.  How convenient 

As far as I'm aware there are also privately owned pawn shops...............slightly different rate though

[jacko45k]

11 hours ago, cardinalblue said:

How do BGs keep up their skills up? Do they go home? Do they try home delivery? Unemployment insurance?

It's like riding a bike......

[bkk6060]

That is actually a very low pawn interest rate.

[Leaver]

21 hours ago, phantomfiddler said:

Actually a very fair interest rate compared to the upcountry monetary rapists who end up owning the farm !

This is a proper pawn store.  I think you are referring to the loan sharks, and they will be ramping up for a big increase in business in the next next month. 

 

Edited April 3, 2020 by Leaver