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"I did not change my impression of people who pawned their belongings as down-and-outs until I became one myself," said a Shanghai resident surnamed Liu.
A lot more Shanghainese used to share his feelings toward pawn broking.
Their ideas mainly came from old movies and novels which depicted old-time pawnshops with high counters and unfeeling pawnbrokers, where the prodigal children of wealthy families pawned jewels to pay for their excessive spending, and the poor their coats so they could eat.
Liu said he liked the pawnshop instantly during a recent close encounter with the business.
The owner of a trade company planned to spend the Spring Festival holiday in Australia with his family this year. But the 200,000 yuan (US$24,000) deposit required by the travel agency was an obstacle for Liu who had just bought an expensive apartment.
While other options such as a short-term loan from a bank with tedious procedures or personal borrowing weighed down with obligations were not workable at that time, Liu took a friend's advice to try the pawnshop.
The Shanghai Oriental Pawn Co Ltd offered him the funds after he offered up his apartment as collateral. Liu redeemed his apartment back for 2,000 yuan (US$240) after his 10-day trip.
"It's fast, convenient and with no obligation to relatives or friends," he said.
Liu is not alone in this bustling city in his view of the pawn business as no longer a loss of face. Instead, many people have started to include the pawnbroker as a means of financing and some people even describe pawnshops as their second bank.
Ever more Shanghainese choose to put their cars or houses in pawn to raise funds to invest in stock.
Wu Xianda, general manager of Hualian Pawn, said its guiding principle is to assist those in urgent need rather than the poor.
According to Wu, the procedures for pawn broking are simple with no credit survey or warrantors. The customer can get cash as soon as they give something valuable. Pawn items range from home appliances, clothes, houses, and cars to cameras, computers and mobile phones.
(Xinhua News Agency April 13, 2003)
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