The poor functioning of the banks in Philippines have provided a higher popularity to other informal sources of credit such as pawnshops. Pawnshops these days have been growing at a remarkable pace in terms of their reach and the credit provided to the people. The major catalyst for the growth of pawnshops have been the minimal transaction costs on the part of borrower, easy and quick availability of loan and higher accessibility of pawnshops even under the remote areas of the country.

Apart from traditionally provided pawning services by the pawnshops in Philippines, the pawnshop these days also provides other services such as remittance, insurance and bill payments. These auxiliary services are not generally provided by every pawnshop, since their business is primarily focused on pawning transactions.

Some of the major pawnshops in Philippines Pawnshop Market on the basis of loan disbursed are Cebuana Lhuillier, M Lhuilier, RD Pawnshop and Palawan pawnshops.

The world today is in a digital age where anything can be made available online with a number of innovations going on. Pawnhero.ph is the first pawnshop in Philippines which works online. PawnHero is a pawnshop which is available 24/7 for everyone who wishes to pawn items online. Practically every Filipino who wished to make a remote bill payment has a gamut of alternatives available in terms of the presence of numerous formal payments service providers (PSP) in a market with high competition, according to the Research Analyst, Ken Research.

For more information on the market research report please refer to the below mentioned link:

https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/philippines-pawnshops-market-research-report/8884-93.html

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