View more on these topics launches £1m loan

Pawn broker has upped its maximum loan value to £1m to meet the increasing demand for credit. says home owners, business owners, property developers and city financiers are looking for liquidity-on-demand in response to dwindling available credit.

Over the past two months has seen a significant increase in business owners, property developers, and city financiers plugging their credit short-falls by securing loans of £10,000 or more against fine jewellery, high-end Swiss watches, luxury cars including Ferraris, Bentleys and Lambourghinis, fine art and even yachts.

The pawn broker says the proceeds of these loans are used as bridging finance to close deals already in progress, to invest in new business and product development and as customer payment and to address general working capital issues.

Paul Aitken, founder and chief executive officer of, says: ” Clients are coming to us because we offer quick, relatively cheap short-term liquidity – and we do not scrutinize their business motives or personal financial status.

“Our core customer is new to what we refer to as ‘pawn-lending’ and they typically borrow £500 to £1,000 against jewellery or watches to cover education or household-related expenditures.”

He adds: ” in recent weeks, we have seen a surge in interest from the small business owner for much larger loans. We hope our decision to offer loans up to £1m will help meet that demand.”


Spowart to plead against Lloyds takeover on C4

Jim Spowart, the founder of Intelligent Finance, and Scottish National Party MSP Alex Neil will call on HBOS shareholders to vote against the planned Lloyds TSB takeover on Channel Four tonight.

RBS and Rock offer six-month grace period

RBS and Northern Rock have committed to a six-month grace period for borrowers facing repossession, but the latter says its foreclosures usually take 15 months anyway.

Partied out and penniless

December has left me destitute. My piggy bank lies broken and empty, my lunchtime meal deal feels like an extravagant expense and I’m down to the Bountys in my box of Celebrations. But I won’t mourn my dearly departed pennies. Between buying gifts for loved ones (then deciding to keep them for myself) to treating […]


News and expert analysis straight to your inbox

Sign up