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Govt warns public on pawnshop transactions

SURIGAO City – The Department of Trade and Industry (DTI) in Surigao del Norte advises consumers who will be dealing transactions with pawnshops to carefully read and study the agreement they will sign.

Although pawnshop operation is under the regulatory supervision of the Bangko Sentral ng Pilipinas (BSP), DTI issues this advice to let the public understand the importance of being fully clarified on the loan transaction they will execute with pawnshops

In case of disputes on the interest rates and related concerns, the regular courts have the vested power to determine the reasonableness and legality.

It is for this reason that consumers should first look into and compare the rates and fees imposed of different pawnshops in a locality before making any decision to enter into any transaction.

Consumer needing guidance on this related matter can visit any DTI provincial office. pia

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