'Thank God, pawnshops provides intant cash'

Pawnshops are a popular alternative for people, especially those in the lower income brackets, looking to raise some quick cash. Besides the speed of the whole process, some people prefer pawning their valuables because of the "low" interest rates compared to those offered by loan sharks. This is why so many Jakartans turn to pawnshops when they need money fast.

Purnomo, 45, a Jakarta-born security guard at an entertainment center in West Jakarta. He live Rawabunga, East Jakarta.

"I just pawned my motorcycle last week because I was in dire need of cash for my son's studies. He just graduated from high school and will continue his studies at a private university in Central Jakarta.

Thank God I was able to get Rp 11 million in cash for the motorcycle. I used Rp 3 million to pay my son's school fees, including books and the entrance fee.

Now I have to get to work by bus, but it's OK. I still have Rp 8 million left that I can use for other things."

Suwarno, 38, a street vendor and father of three. He lives in Cengkareng, West Jakarta.

"I pawn my wife's gold necklaces and rings at the nearby pawnshop when I need money to expand my business or for something else important, like paying my children's school fees.

The pawnshop is very helpful because if I need cash, the process is fast. I just go to the pawnshop and the employees evaluate my goods.

Besides the speedy process, the interest rate on the loan is also low compared to loan sharks, who charge interest rates as high as 50 percent."

Amelia, works as a public relations officer at a private company in Senen, Central Jakarta.

I think it's OK to go to a pawnshop. I admit that once I went to the state-owned pawnshop.

Some people may feel awkward going there. The public has stereotyped people who go to pawnshops as those who are in dire need of money during a very difficult time.

This stereotype made me a bit uneasy the time I went. I just needed cash so I could spend the weekend with my boyfriend. I had run out of cash, so I decided to pawn a pair of my gold rings for less than a million rupiah.

Why should I feel ashamed if I really was in need of the money? It's much easier to get fast and practical credit at low interest. I paid back the loan in three days.

Just think if you use your credit card, how much interest you have to pay for a cash withdrawal. In addition, you have to pay an administrative fee, which depend on the bank that issued the card.

So, I think pawnshops are the quickest solution with the least risk for those who need cash. At least that was my experience."