Rediscounting Line for Pawnshops Is Now Available at FICOBank

In addition to its long list of select financial products and services, FICOBank introduced in mid-August 2012 its newest loan facility—the Rediscounting Line for Pawnshops.

This loan window is opened to all BSP-licensed pawnshop operators. It is making its mark in the financial market as a line of credit that rediscounts the receivables of the pawnshops; thus, beefing up their working capital for operational growth and/or business expansion.

This Rediscounting Line for Pawnshops has the following salient features: (i) loan amount is from P500,000.00 up to P5,000,000.00; (ii) loan term is one year, which can be renewed yearly, depending on the performance of the account; (iii) payment may be upon collection of the receivable or based on agreement of either 30-, 60- or 90-day payment scheme, whichever is shorter; (iv) one-time line-based service fee is only 1%; (v) revolving in nature and can be availed thru assignment of receivables; and (vi) interest on loan is comparatively low.

This credit facility has a memorable phrase of “Your fundshop for your pawnshop.” It sums up the tone and premise of its brand.