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Pawnshop loans fell last year despite rise in number of outlets

Pawnbroking loans fell to S$5.5 billion in 2013, down 20 per cent from the year before, according to data provided by Senior Minister of State for Law Indranee Rajah in Parliament.

SINGAPORE: The total amount of pawnbroking loans granted last year fell by more than 20 per cent to S$5.5 billion, even though there are now more pawnshops in Singapore.

According to data provided by Senior Minister of State for Law Indranee Rajah in Parliament on Monday (July 7), the total amount of pawnbroking loans granted in 2013 was lower than the S$7.1 billion in 2012. These include loans that had been refinanced using the same collateral.

Responding to a question from Non-Constituency Member of Parliament Lina Chiam, Ms Indranee also said 43 new pawnshops were established from 2011 to 2013. The industry grew from 163 pawnshops in 2010 to 204 in 2013, she added. Around 95 per cent of pledges were redeemed by pawners. 

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