Q1. What is “SpeedCash“?
SpeedCash is a hassle-free way to get an instant cash loan. This service only requires you to leave behind a valuable.*

Q2 . When should I use SpeedCash?
Anytime you need cash. Examples include unplanned expenses like having to present a gift for a relative’s wedding, a tight cash situation during a festive season before the bonus payout, bill payment for essentials (e.g. educational expenses) when pay day is delayed, a large medical bill when a loved one falls ill and high repair costs when a home appliance breaks down.

Q3. Who can use SpeedCash?
Anyone above 16 who has a need for cash and valuables to pledge in exchange for the cash loan.

Q4. What valuables are accepted by SpeedCash?
SpeedCash currently accepts gold items of 18 karat and above. Our Valuers will quote a fair value from which we will base the cash loan on. Examples of gold items accepted are gold rings, chains and bracelets.

Q5. How different is SpeedCash compared to conventional credit lines and credit cards?
SpeedCash is different in the following ways:

• It is a simple and instant form of obtaining a personal loan;
  
• Anyone above 16 who has personal valuables can use SpeedCash to get instant cash;
  
• There is no minimum income requirement, no waiting for approval nor application forms to fill;
  
• You can redeem your valuables anytime before the expiry date of your pledge ticket; and
  
• It is renewable after 6 months by paying the outstanding interest.

Q6. What is the interest rate charged by SpeedCash?
SpeedCash offers a monthly interest rate of 1.5% (whole or part thereof). Assuming the cash loan given to you is $1,000, when you redeem it 6 months later, the interest payable is $90 based on the calculation: 1.5% x 6 months x $1,000. If you redeem your article in 4 months, the interest payable is 1.5% x 4 months x $1,000 = $60.

Q7. How do I use SpeedCash?
Simply bring your original NRIC/Passport/Work Permit/Employment Pass and valuables* to any SpeedCash branch. Present them to our Customer Service Officer and our Valuers will give you a quote. Upon your acceptance, our officer will hand you the cash instantly with a pledge ticket. There are no forms to be filled in the process. However, if the pledged amount of your valuables exceeds $200 and you do not have an original purchase receipt, a guarantor for your pledge is required by law.

Q8. Will my valuables be kept safely until I return to redeem them?
Yes, certainly. We have strong safes as well as a reliable 24-hour security system in all our branches for the safekeeping of your valuables.

Q9. How long is the pledge period?
The maximum pledge period is 6 months from the date of your pledging. However, you may choose to renew your pledge ticket or redeem your pledged article anytime during this period.

Q10 . What happens if I forget the expiry date of my pledge?
SingPost will send you a Reminder Letter before the expiry date of your pledge ticket.

Q11. What if I can‘t redeem or forget to renew my pledge ticket after the 6-month period?
You are deemed to have given up your valuables at the 6-month expiry date if you do not redeem your pledged article or renew your pledge ticket. SingPost will dispose of the valuable as it deems fit if the pledged amount is $50 or less. If the pledged amount is more than $50, the valuable will be auctioned off at a public auction.

Q12 . Where are the public auctions held and how frequently?
The public auctions are held every third Saturday of each month at the following locations in Year 2006:

• Hotel Royal @ Queens
• Hotel Royal @ Newton
• The Gallery Hotel
• RELC Int’l Hotel

The viewing of the auction items is between 10:00am and 1:30 pm, with the auction commencing at 1:45 pm. However, this is subject to change without notice and you are advised to check the local newspapers.

Q13 . How can I participate in such auctions?
All members of the public are cordially invited to participate at the auctions. You will need your NRIC/Passport/Work Permit/Employment Pass to personally register for entrance to the auction. Thereafter, a bidding card will be issued to you for the viewing and bidding of the unredeemed items.

Q14 . What happens if my unredeemed pledged article is auctioned off at a price higher than the cash loan given to me?
If the pledged article is auctioned off at a higher price than the reserve price, the surplus will be returned to you.

Q15 . How do I know if my item was auctioned off at a surplus?
If you are entitled to a surplus, we will write to inform you of it within 10 days from the auction date. You can claim your surplus directly from us anytime within 4 months from the date of the auction.

Q16 . Can I still claim my surplus after the 4-month period?
Yes, you can. You will need to complete an application form obtainable from the Registry of Pawnbrokers and submit the completed form together with the following documents for the Registry’s verification and processing:

• The original letter from us informing you of the surplus;
  
• The original pledge ticket;
  
• A photocopy of your bank passbook; and
  
• A photocopy of your NRIC/Passport/Work Permit/Employment Pass.

Q17. What should I do if I lose my pledge ticket?
If you lose your pledge ticket, you can visit any of our branches with your original NRIC/Passport/Work Permit/Employment Pass to get a Lost Ticket Declaration printed. After this, you are required to submit the Lost Ticket Declaration personally to a Commissioner for Oaths or a Notary Public for endorsement before you come back to SpeedCash to redeem your valuable.

Q18. Is there a penalty for losing a pledge ticket?
SpeedCash does not impose any administrative charge for the printing of Lost Ticket Declaration forms. However, there is a fee charged by the Commissioner for Oaths or the Notary Public.

*Valuables accepted by SpeedCash currently are gold items of 18 karat and above.

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