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ATM pawnshop
#1
Have you ever heard that you can actually pawn your ATM? Here in the Philippines this type of loan is becoming a trend. An ATM where your monthly salary is going can be pawn, its like a collateral but the difference is they will keep your ATM and you can only get it every payday to withdraw your money and pay them, then you will have to return them your ATM it will serve as their assurance that you are going to really pay them. It usually works to those who does not have anything valuable except their ATM.
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#2
Yes, I've heard that a lot. People are very resourceful nowadays. They will think an idea just to be able to survive with their daily expenses. It's kind of good actually because the lenders are assured that they will be paid during payday. But the lenders must be very careful because I've heard a story that he borrowed a money pawned his ATM but he already resigned from his work. The lenders didn't have any idea that the borrower had no work anymore he never got paid because he flew right away. So lesson here, make a background check first before lending money to someone.
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#3
It's actually an old practice that came with the prevalence of ATM cards for payroll use. When an ATM is pawned, it is not returned to the borrower until the loan amount is paid in full. It is the lender that withdraws the salary, deducts the amortization, and delivers the balance to the borrower. This means giving your PIN away to the lender.

Unless a lender has tie ups with the Accounting or HR section of a company, this is quite risky for the lender. It's so easy for the borrower to obtain a replacement for an ATM card just by declaring to the bank that the old ATM card was lost. The company need not even know that the old card was replaced because they only need the account number to process salaries. Hence, the lender could be holding a useless collateral.
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#4
Yeah I have heard of an atm pawn but I personally don’t prefer it. It isn’t anything new in the world but it obviously has risk so I would recommend you be careful as lots of people don’t know who they are really dealing with. Like mentioned above be sure to know who you are lending your money to and know who you are dealing with. Understand what the biggest risks are before trying something like this.
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#5
ATM mortgaging is very widespreading here in my country, there is so many people doing it here. And the number one reason is that they need money immediately and they cant wait on their salary anymore so the result is that they send their ATM to pawnshops you can only get it if you the money that you borrowed it already settled.
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#6
(01-03-2018, 01:27 PM)Heart Wrote: Have you ever heard that you can actually pawn your ATM? Here in the Philippines this type of loan is becoming a trend. An ATM where your monthly salary is going can be pawn, its like a collateral but the difference is they will keep your ATM and you can only get it every payday to withdraw your money and pay them, then you will have to return them your ATM it will serve as their assurance that you are going to really pay them. It usually works to those who does not have anything valuable except their ATM.

Wow, this really looks interesting, although this is my first time of hearing such, I have never being aware such is happening now or if it's already being available in my country but I will definitely look into it sooner or later, in order to be sure if such is already going on here without my knowledge. 

The way you explained how it works seems pretty cool, I believe it's made such way so that nobody can try scamming another or run away without paying by the keeping hold of the ATM till payday for the person to withdraw and pay back.
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#7
(01-03-2018, 08:39 PM)aecel Wrote: Yes, I've heard that a lot. People are very resourceful nowadays. They will think an idea just to be able to survive with their daily expenses. It's kind of good actually because the lenders are assured that they will be paid during payday. But the lenders must be very careful because I've heard a story that he borrowed a money pawned his ATM but he already resigned from his work. The lenders didn't have any idea that the borrower had no work anymore he never got paid because he flew right away. So lesson here, make a background check first before lending money to someone.

Yes! It happens to my Grandma, the lady which she trusted borrowed money and gave her the ATM. Too late for my Grandma to realized that the ATM was already useless since the Lady was already fired from her job. Until now, the lady never showed her face to my Grandma. We wanted to file a case since we got her personal details but the old woman does not want to, since she is thinking that maybe the lady has a valid reason for doing it.

But I hate her, how can she fool a kind old lady who just wants to help her? Lesson learned for us as well.
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#8
This is one very strange but interesting topic I must say. Are you for real? Can someone actually pawn their atm cards? Pardon me for saying, but I don't think its such a good idea doing such. It's just to risky for me to even consider such transactions. What if something goes wrong like hacking? I think this is by far the most unconventional type of loan I've heard about.
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#9
You can pawn a debit card? Oh man, lemme go pawn mine right now for some cash when it has $0.03 cents on it lol. I've never heard of this, not sure why pawn shops would accept this kind of thing, but, that's their problem. I wonder what the process is though.
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#10
(01-04-2018, 09:16 PM)Setari Wrote: You can pawn a debit card? Oh man, lemme go pawn mine right now for some cash when it has $0.03 cents on it lol. I've never heard of this, not sure why pawn shops would accept this kind of thing, but, that's their problem. I wonder what the process is though.

It's not actually a debit card it's a payroll ATM card for employees. They will pawn their payroll atm to the lender as a collateral or just giving assurance that they will get paid on payday. So you must have a regular job before you can pawn your payroll atm. It's basically pawning to a person that they know personally like friends, relatives or someone accepting payroll atm, not in the pawnshops. Sometimes if the lenders are kind they won't charge interest they just needed to give back the money they owe, payroll atm serves only as a collateral.
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