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ATM pawnshop
#31
(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.

The idea behind ATM pawnshop is new for me until you brought this discussion up. The advantage is that the lender can have assurance over the borrower, that they may repay the loan. So this means loans can easily be allowed without any hassle. But we know there are some downsides to this as well. Giving someone access to your ATM can be quite risky. They may obtain your account details somehow and then mess around with it. Well, if you know what you're doing, and you fully have trust in the lender then go ahead.
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#32
(01-04-2018, 10:41 AM)Martinsx Wrote:
(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.
I'm from Philippines, yeah I already tried this method yeah it helps me a lot if don't have any choice or I need money or an emergency, I pawn my ATM.
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#33
Yes, Here in one of Elementary school located in my town. Most of the teacher are availed in this type of loan. They entrust their ATM to the lender as a proof that will pay their loans. The lender will withdraw the cash on their credit cards. This type of loan is now a regular thing for teachers here in my town.
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#34
This makes no sense at all to me. Especially if it is pawned to friends or family, if you don't trust the person don't lend them money. what does this do to your relationship? I wouldn't like to be treated like that. When I lend money to someone, I always lend money I can afford to lose or I don't lend money out at all.This policy has served me well and preserved my relationships.
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#35
(01-10-2018, 12:02 AM)Uyj143 Wrote:
(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.

I already try this method also I'm from Philippines my ATM is on pawnshop now and yeah it's true this method help me sometimes if have no choice.

For real? I am from Philippines as well, sadly it is really common to people here in our country. Its nice to know that the idea is helping you. But may I know how much is the interest?
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#36
Here in Philippines, more workers are using this kind of loan were they lend their ATM to the lender for loans. Then when the payday of the worker comes. The lender will withdraw it to the ATM of the worker. This is kind normal here and only few were complaining about in this type of service.
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#37
Yes, there are lot of employed people do such things like pawning their ATM to a lender/individual. For some reason, most employed people are take hold of that pawning scheme type of loan for their immediate needs. No need to have a long wait of process for this scheme, just pawn your ATM and you can get funds right away. This has been common for everyone especially when you are working with the minimum wages.
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#38
No doubt I have known about an atm pawnshop however I for one don't favor it. It is nothing new on the planet however it clearly has hazard so I would prescribe you be watchful as bunches of individuals don't know their identity truly managing. Like said above make sure to know your identity loaning your cash to and know your identity managing. Comprehend what the greatest dangers are before having a go at something like this.
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#39
No, you cannot pawn it but instead u can use ATM as collateral when u loan. My uncle's business is lending and that's how he collects from those u applied for a loan. Borrowers surrender the ATM cards to my uncle and they give him their pin and every 15th and 40th of the month, my uncle withdraws from their cards the amount as the borrower's payment.
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#40
(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 I never could have imagine, that it's possible. Yes, I know that are some people do pawn their ATM cards to private individuals who offer loans for people in need from a certain area but I have never heard that you can actually pawn your ATM card to the pawn shop. This is my first time knowing it and it is a great news for people who are always in short of money.
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