Buriram Expats
Buriram Province - General Category => Jobs, economy, banking, business, investment in Buriram => Topic started by: Admin on June 21, 2010, 02:38:01 PM
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14/6/2010
Buriram farmers flock to the pawnshop
See full article + Video in the News section:
http://www.buriramexpats.com/buriram-news/ (http://www.buriramexpats.com/buriram-news/)
sawadi
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Other than the Gold stores, where are the pawn shops? confused3
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Farmers are always short of money at this time of year, when they have to buy seed, and no money's coming in.
One pawnshop in Buriram, off Thani Road, I think. But there must be more.
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Other than the Gold stores, where are the pawn shops? confused3
There are several pawn shops in buriram city:
The ones I know:
2 on Jira road.
1 in "Talad Tong" (behind bus station).
2 in the "morning market" (gold shops area).
And as you said, in gold shops, they all accept and operate as pawn shops as well.
Also, all the finance places (the small ones) where they give loans "outside of the system" accepting people want to pawn their gold.
Actually, it took me quite a long time to understand why Thai are so eager to collect gold, I thought its not smart thing to do but as the time pass I realize its like running your own credit line, when you need fast cash, no need papers in the banks,etc.. you just pawn the gold, use the money, and pay small interest when you collect the gold back (when you have the money).
More information about Thai gold:
http://www.buriramexpats.com/thailand/thai-gold/ (http://www.buriramexpats.com/thailand/thai-gold/)
Example:
Pawn 1 baht gold valued 19,000 Baht.
Pawn shop let you pawn the gold for 15,000 Baht.
*You pawn the gold and get 15,000 Baht. (Any kind of jewelry made of Thai gold, it can be necklace, bracelet, ring,etc.. It doesn't really matter because Thai gold is being priced by the value of the gold [weight] and not the design).
Interest need to be paid every 3 months.
*1 Baht gold interest is around 300 Baht/3 months.
If/When you have 15,000 Baht + Interest you can collect you gold back.
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In case you don't have the money and DID NOT PAID THE INTEREST(!):
You'll lose the gold and the pawn shop keep it and can resale it for its real value in any gold shop around Thailand.
*** If you don't have the money but keep paying the interest, the pawn shop HAVE TO KEEP YOUR GOLD.
sawadi