Borro.com launches £1m loan

Pawn broker Borro.com has upped its maximum loan value to £1m to meet the increasing demand for credit.

Borro.com 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 Borro.com 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 Borro.com, 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.”