Pawn Shop Sets Loan Record

PHUKET TOWN: The Phuket Municipal Pawn Shop will post its best year ever as more than a quarter of a billion baht in loans were recorded in the first eleven months of 1998, surpassing last year’s record 235 million baht loan total. Manager Phuwadon Chinnupathum reported that from January 1, 1998 through November 30, 1998, a total of 257.4 million baht in loan transactions were handled by the shop on Kohmalaphat Road as cash-strapped residents pawned gold jewlery, television sets, stereos, home appliances and other items. Through the first eleven months of the year, the shop recorded earnings of 7.7 million baht – topping the 6.1 million baht achieved during full-year 1997. Khun Phuwadon said aggressive promotions have spurred loan transactions in recent months. He added that the economic downturn has forced many residents to pawn their household possessions in order to make ends meet.