Rise of online pawnbroker Borro.com
Tuesday, 28 Oct 2008 11:39
Online pawnbroker, Borro.com, is offering loans of up £13,500 for people looking for help generating short-term cash flow.
The firm, which describes itself as the first online pawnbroker, works like eBay to provide a UK-wide marketplace online for items pawned by customers.
It offers loans on a range of valuables from watches and jewellery to antiques, art and sports memorabilia. It has even received a Ferrari.
According to Borro.com, 95 per cent of people in the UK have not considered using a pawn loan as there are so few pawn shops on the high street.
But Borro.com provides better access to the service.
It said while pawnbroking services had grown by 30 per cent recently, its service had spiralled by three times that amount per month.
Paul Aitken, founder of Borro.com, said: "By creating an online platform for pawn-lending, we are able to service all corners of the UK, which is something no other pawnbroker can claim to do.
"Remarkably, more than 50 per cent of our customers are new to pawn-lending."
Loans are process in 24 to 48 hours, after which Borro.com sends out a pre-paid pack via special delivery to the customer to enable them to send their item via courier to the firm's central London vault.
The average loan is £500 but Borro.com offers a discreet home collection service for loans over £5,000.