Every day, up to twenty people push into Pau’s municipal credit, the “mont-de-piété”, to deposit one or more objects in this public establishment, which has a monopoly on mortgage loans.
Dominique Lahon, has worked for 36 years at the municipal credit in Pau, especially on pawnbroker. He particularly notes the arrival of new customers in recent months retirements who has “need temporary help for the crisis. They knock on our door because they have difficulty paying their telephone or EDF bills”.
“We have never had as many visitors as in the last six months a new phenomenon : people come to mortgage to pay their energy bills,” says Alice Tonnelier, the head of the Pau agency.
To take advantage of a mortgage loan, you do not need collateral like in the bank. All you need to provide is an ID and proof of address. By depositing a valuable item, mostly 18 or 14 karat gold jewelry, the depositor can leave after a few minutes with a sum of money in cash. The expertise is carried out on site. “We lend 21 euros per gram of 18-carat gold”, states André behind his counter. “From a certain amount, we call in an expert, an auctioneer,” he explains. The depositor can then come and collect his property at any time. In 80% of cases, the items are recovered, otherwise they are put up for auction after 7 to 12 months.
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