IN an effort to provide stress-free and easy access to short-term loans to individual and small business owners; a maiden Pawn brokering firm; Gold Exchange limited has commenced operations in Nigeria.
Pawn brokering, a well-entrenched form of securing short-term loans while using collateral like gold, silver, and platinum is not new to advanced countries of the world but relatively new in Nigeria.
Speaking at the grand opening of the company in Lagos; Managing Director of the company, Mr Victor Okezie, urged Nigerians to take advantage of a registered pawn brokers like Gold Exchange Limited to avoid being cheated by roadside pawnbrokers who have tampered with their measuring instrument.
According to Okezie, since the recent economic downturn, families and business owners are looking to pawn stores for the first time to secure safety net loans that cover unexpected financial needs as thousands of Nigerians are in need of short-term, small-dollar loans that aren’t available from banks or traditional lenders.
Highlighting the core ideals of Gold Exchange which set it apart, he said integrity is the watchword and whoever is looking forward to pawn an item is rest assured that he is getting a service in line with global best practices.
“Our customers are guaranteed of quality services in line with global best practices; we deal with our customers with integrity and ensure that their satisfaction at all times is our paramount objective.
Rather than transacting business with roadside pawnbrokers where the possibility of being cheated is high, it is better to walk into our offices where we give them professional advice and deal with them with utmost honesty,” he stated.
Detailing how the novel idea works, Okezie said customers bring in an item of value, in this case, gold, silver or platinum and the pawnbroker offers a loan based on a percentage of the item’s estimated value. The pawnbroker then keeps the item until the customer repays the loan.
Okezie, however, urged those who have such precious metals not to hoard them while they have subsisting needs. “What is the essence of having gold, silver and other precious metals at home and you are in need of quick cash, it is better to pawn them,” he advised.