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ATM pawnshop
Yeah, In the Philippines, though, pawnshops are as common as ATMs. About 90% of Philippine households get by on $10 a day or less, and the absence of traditional credit or banking options exacerbates locals’ need for emergency loans. While the country’s 7,000 islands comprise a land area smaller than California, the Philippines is home to 18,500 pawnshops, and its central bank estimates that as many as three-quarters of Filipino adults patronized a pawnshop in 2012.
(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.
Automated teller machines (ATM) have been introduced in the Philippines through the power of media and movies to be exact back in the 80's as far as I can remember. Commercials here and there from the internet have been widespread about the power given your hand for withdrawal in a minute or less of a worker's salary using these unfamiliar teller machines, replacing bank tellers of today.
Back then, these teller machines were so dependable that very few mishaps happen unlike today when ATMs can be cloned in one single mistake an account holder makes without consciously knowing it. Given the convenience of the ATM, its use for depositing employee salary became widespread, making way for the ATM loan to gain popularity for use by different business owners.
The reason perhaps that this type of loan existed is because way back in the 80's many companies especially fastfood chains used the ATM card to remit and lend salary of their employee with a bank teller machine, the robot version of a human bank teller. I was one of the recipients of this kind of salary credit through a plastic card back then, working for a fast food chain.
Today, 2015, ATMs are still used and is still getting the importance that it is viewed for usability features and speedy money transactions from bank to bank and from bank to human and vise versa. Because of this fact, today, 2014 and the year onwards 2015, will probably see some lending companies in the Philippines, both private and banks using this type of loan and having it offered still for a possible ATM salary loan, the Philippines' own version of payday loan.
This is because every monthly payday which happens twice a month in the country, funds start to kick in to ATM cards of employees making them a possible target of being allowed to be used as collateral. Literally of no value but basically with funds on a regular basis, the ATM loan is born.
In my country Philippines this method is very popular, yeah I admit I'm the one also who use this kind of method, lot of Filipino's go for it because of emergencies.

Even me because of emergencies I'll go with it.
You can't pawn your debit card in a pawnshop but if you can find a person who can lend you money, you can use it as a collateral. It would really depend on your agreement. You can also avail of the personal loans offered by the banks like BPI or BDO. You don't have to have any collateral, you only have to submit their requirements and you can have the money in a weeks time.
I'm doing that, and also most of my co workers doing the same thing. If you don't have any option but to barrow money, all you have to do is to give your atm card to the person. Well sad to say, but that kind of thing is because of lack of trust.

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