The opinions of the employees of You are personal.
Engagement is one of the three main solutions Mexicans use to settle debts earlier in the year after looking for extra income and using an emergency or savings fund. This is the result of a survey by the financial services platform Coru.com and the market research company Brad Engagment.
Items that Mexicans pawn to get out of debt include: jewelry (32.2%), televisions (20.2%), computers or tablets (16.6%), cell phones (14.4%), Watches (12.6%) and others (4%)), according to the same poll.
The amount they expect for the farmer of their property is between 1,000 and 3,000 pesos (41.5%), between 3 and 5,000 pesos (35.9%) and between 5 and 10,000 pesos (8.8%) 9, 7% expect less than a thousand pesos and 4.1% more than 10,000 pesos.
“Although there are currently many pawn shops, not all of them are fair to their customers or not geared towards the requirements of the Federal Consumer Protection Office (Profeco).”, warns Luis Madrigal, director of Coru.com
According to INEGI, more than 9,000 montepíos and pawn shops work in the country under the lien. Two of them are non-profit private aid organizations (National Mountain of Mercy and Rafael Dondé Foundation) and private companies.
In order to arrive at a reliable and regulated facility, it is necessary to identify the fraudulent elements and avoid these dependencies. Suspicious signals to detect include:
1. Too high amounts are promised as security for the pledge
Attention: When pledging, an evaluation process must take place, and the appraisers usually award no more than half of the real cost of the property. Storage and interest costs are not taken into account.
2. You do not declare the rights of the customer who is mortgaging something
It must be remembered that this is not a sale but a pledge remains as “insurance” to obtain the loan. In theory, it can be reclaimed by paying the amount you loaned plus the interest generated. However, if the customer was unable to pay on time and their item of clothing was put up for sale, they have the right to too much: to know the amount of the sale and, if it was higher, to find out whether they deserve compensation.
In addition, if the customer loses the intention to return his property as a pledge, he must notify this in order to avoid paying the monthly interest fee.
The basic elements for identifying a legal pawn shop are:
The liability contract issued by the pawnbroker must be that of the Profecoand the date this recording was approved. You can verify that the registration number provided by the pawn shop is valid on the page of the Attorney General’s Commercial Office.
The pawn shop should also have a document on hand to show that your registration number is valid. You can also visit the list of registered homes and see additional information. The registration must be renewed every year. Even if the pawn shop issues one, it may have expired.
All information about the service they offer must be visible and available in a brochure or on the Internet. This segment includes hours and days of service, credit limits, pledges accepted, total annual cost (CAT) (this must also be reported in months and days), terms of payment, the procedure for pledging an asset and for you to market it, and the cost of the storage of the garment.
It is proof that the operation was actually performed. It should include the description of the pledge, the amount borrowed and its percentage of evaluation, the terms of payment, forms of payment, endorsement options, guarantees and their coverage, and the consequences in the event that either party breaches the contract.
Scales for weighing items such as jewelry must have an up-to-date calibration hologram. This ensures that the weight shown is the real thing and that they are not spending less money on the garment.
Recommendations when visiting a pawn shop
Before pledging an item, the consumer has, among other things, the right to know the conditions for the provision of the service and the amount of the loan to be granted before the contract is signed. You can find questions or explanations in the register of pawnbrokers registered with Profeco.
Always keep the ballot of the item already pledged and endorse or transfer it for no reason. Because even if the property cannot be restored and is sold, this is the evidence to demand compensation.
Check if you are too much right. It is a clause by the pawn shops that allows up to 12 months to recover a percentage of the item on expired tickets whose items have been sold.
Evaluate other options like personal or salary loans and even assess whether it is better to sell than mortgage. total cost including tax (CAT) and whether it is garments of high personal value.