There's a new type of short term loan. Asset lender and it's the old fashioned pawnbroker.
There’s a new type of short term loan. Asset lender and it’s the old fashioned pawnbroker. When we think of pawnbrokers, it’s hard not to conjure up the stereotype of backstreet shops and dusty shelves – but now a new generation of online pawnbrokers is tackling that misconception head on.
Pawnbroking these days is more about professional websites, industry regulation, business savvy and simple, easy ways for people to borrow money – safely.
Many leading online pawnbrokers like Borro now offer secured short term loans on a wide range of valuables, and thanks to the amounts they will lend they’re quickly gaining in popularity.
But what other advantages does using a pawnbroker have?
We highlight four great reasons why using a pawnbroker could be your best option if you need cash in a hurry.
1. A pawnbroker won’t do a credit-check
The amount of money a pawnbroker will agree to lend you will be based on the value of the items you put up as collateral. And because your valuables are used as security, a pawnbroker doesn’t need to perform a credit check when advancing you money.
2. You can borrow against a wide range of items
While a bank requires property as collateral for a second mortgage, pawnbrokers are much more flexible and can offer both small and large short term loans on a wide variety of valuables and assets.
These include jewellery, watches, diamonds, gold, art, antiques, luxury cars and motorcycles, not to mention alternative assets like vehicle registration plates and vintage wine.
3. Your items will be professionally valued
With online pawnbrokers like Borro.com, valuation is free – and they’ll pay for the postage and packaging or even come and see you if your items are of a particularly high value.
4. There is no penalty for early repayment
The flexibility of their short term loans is one of the major advantages pawnbrokers offer over unsecured loans from many traditional lenders.
With a short term loan from a pawnbroker, interest is quoted monthly – making it more expensive over the short term than an unsecured loan with an annual rate. At the same time, however, most pawnbrokers won’t levy an additional fee for early repayment. Compared to a 5- to 7-year repayment period for an unsecured loan, this can make a pawnbroker loan less expensive if you intend to repay it quickly.
With Borro, you will pay 4.99% per month for loans under £10,000, falling to just 2.99% for loans over £100,000 – and you can borrow up to a million pounds against high-value art and sculpture.
So don’t just let your jewellery, antiques and heirlooms gather dust. Put them to work for you today and find out how using a pawnbroker can help you manage your finances.
Borro is an online Pawnbroker which offers secured Short Term loans. If you are looking for short term loan against properties with reasonable interest rates please visit borro.com