This refers to a specific type of financial service often provided by informal lenders or pawn shops. It involves an agreement where an individual offers collateralpotentially symbolized by “three sticks”in exchange for a loan, with a dedicated contact point, typically a phone number, for managing the transaction. An example would be a borrower giving up possession of valuable items in return for immediate cash, with a commitment to repay the loan within a set timeframe to reclaim the items.
The availability of such services can be crucial for individuals facing immediate financial needs, offering quick access to funds when traditional banking institutions may be inaccessible or too slow. Throughout history, similar practices have existed in various cultures, providing a necessary, albeit potentially risky, avenue for short-term borrowing. The practice highlights the demand for readily available credit solutions, particularly among those with limited access to formal financial systems.
