Terms & Conditions

In accordance to CB Circular No. 445 (January 20, 1975), pawn tickets should only contain the following standard and additional (subject to approval) stipulations:

1. The pawner hereby accepts the pawnshop's appraisal as proper.
   
   
2. The interest rate stipulated herein is in accordance with the existing policy of the Monetay Board.
   
   The pawnshop agrees not to collect in advance interest for a period of more than one year.
   
   
3. The service charge is equivalent to one percent (1%) of the principal loan, but not exceeding five pesos (P5.00). No other charges shall be collected.
   
   
4. This loan is renewable for such amount and period as may be agreed upon between the pawnshop and the pawner, subject to the requirements of P.D. 114 for a new loan.
   
   
5. Upon maturity of this loan, as indicated on the face of this ticket, the pawner still has ninety (90) days from maturity date within which to redeem the pawn by paying the principal loan plus the interest that shall have accrued thereon. The amount of interest due and payable after the maturity date of the loan and during the redemption period shall be computed upon redemption at the same rate of interest provided in No. 2 above based on the sum of the principal loan and interest earned as of the date of maturity.
   
   
6. The pawnshop shall send a written reminder to the pawner, before the expiration of the 90-day grace period, that the pawn shall be sold or disposed of in the event the pawner fails to redeem the pawn within the 90-day grace period.
   
   
7. The parties hereby agree that this ticket shall be surrendered at maturity date upon payment of the loan. In case of loss or destruction of this ticket, the pawner hereby undertakes to personally present an affidavit to the pawnshop before the redemption period expires. It is hereby agreed upon that the pawnshop has a period of two (2) days within which to verify from its records before ( ) indicating on the affidavit that it shall take the place of the original pawn ticket for puposes of redemption; or ( ) issuing a substitute ticket, the original pawn ticket thereby being deemed cancelled.
   
   
8. The pawner hereby agrees not to assign, sell or in any other way alienate the pawn securing this loan as evidenced by the pawn ticket without prior written consent of the pawnshop and subject to the terms and conditions of this contract.
   
   
9. In case of pre-payment of this loan, the interest collected in advance shall accrue in full to the pawnshop.
   
   
10. The pawner shall not be entitled to the excess of the public auction sale price over the amount of principal, interest and service fee; neither shall the pawnshop be entitled to recover the deficiency from the pawner.
    
    
11. In case this loan is not paid on maturity date, the pawner hereby agrees to pay in addition to accrued interest, 2% per month of the principal, as liquidated damages. For purposes of computing the amount of liquidated damages, a fraction of a month shall be considered as one (1) full month.
    
    The pawnshop may, at its sole option, allow redemption of pawn after expiration of the 90-day grace period upon payment by the pawner of the loan principal plus interest due and liquidated damages at the rates and manner of computation herein prescribed.
    
    
12. The pawnshop shall not be liable for loss or damage of the pawn due to fortuitous events without fault or negligence on its part, while the pawn is in its possession.
    
    
13. Upon expiration of the redemption period, the pawnshop has the right to open the sealed pawn for purposes of public auction.
    
    
14. Venue of all judicial and administrative case or proceedings and other legal incidents arising out of or in connection with this contract shall soley and exclusively be brought before appropriate courts, departments, offices or agencies of the government situated in the City of Makati.
    
    
15. The authorized representative must present valid identification papers.