Loan Items
Loan Application Process
The Loan
Loan ItemsWhat can you loan against?We loan against most items of value including:
What jewellery do you loan against?We loan against most types of jewellery including rings, bracelets, necklaces and earrings containing gold, platinum and diamonds, including old, mismatched and scrap items. We don't typically lend against silver, pearls or gemstones such as rubies, emeralds and sapphires. Back to topWhat watches do you loan against?We loan against luxury watches including Rolex, Cartier, Breitling, Audemars Piguet and Tag Huer. We also loan against some fashion brand watches such as Gucci, Armani and D&G but their depreciation is high and the resale value low, so the amount we can loan may be limited. Back to topWhat kind of art do you loan against?We loan against all types of art including paintings, sketches and sculpture. Due to the size and delicacy of pictures and other art, most art will require a courier collection and have a minimum lending level of £2,000. Back to topWhat kind of antiques do you loan against?We loan against most types of antiques including Victoriana, furniture and collectables. For large antiques that require courier collection, the minimum lending level is £2,000. For smaller items that can be safely shipped to us, there is no minimum lending level. Back to topWhat kind of luxury cars do you loan against?We loan against luxury cars with a second hand forecourt value of over £50,000, such as Ferrari, Aston Martin, Range Rover and Bentley. Cars are stored in a secure facility for the duration of the loan. Please note these are not ‘log-book loans', as you will not be able to use the car for the duration of the loan. Back to topWhat other items do you loan against?We are always happy to look into loaning against other items of value such as militaria, yachts and private planes. If you believe you have something of value, please contact our team and we will look into it for you. Back to topWhat items do you NOT loan against?We do not lend against any electrical items such as laptops, mobile phones or iPods or against property. Back to topIs there a minimum value of item that you will lend against?No, but as a rule, we will lend against an item that has a resale value of more than £200. The resale value is how much you would get selling the item on the open market, not how much it cost to buy new. If you're not sure, either send us an email with as much detail about the item as possible and we'll let you know if we can lend against it, or why not check what similar items have sold for on eBay. Back to topHow do I know if my item is made of precious metal?Look for a small stamp on the item, often found on the inside of rings or on the clasp of a chain or earring. Some of the more common stamps say 10Kk, 14kt, 18kt, 583 or 750. If you can't find the stamp but you sincerely think an item may be made of precious metals, provide us with as much detail as you can in the first instance and we will value it. Back to topDoes it matter if my items are broken, incomplete or out of fashion?For items such as watches, goods in working order will achieve the best value loan. However, for jewellery and precious metals/stones, we loan against the weight and quality of the item (e.g. the size of the diamond or the weight & quality of the gold that makes up the item) so we are still able to loan against broken or incomplete items. So, for example, if your watch is broken but is made up of precious metals or stones we may still be able to offer you a loan against it. Back to topHow do I know if my item is made of precious metal?Look for a small stamp on the item, often found on the inside of rings or on the clasp of a chain or earring. Some of the more common stamps say 10Kk, 14kt, 18kt, 583 or 750. If you can't find the stamp but you sincerely think an item may be made of precious metals, provide us with as much detail as you can in the first instance and we will value it. Back to topHow will I get my item(s) to you?For items with a resale value of up to £30,000, we use Royal Mail Special Delivery Shipping Service. This service is insured, next-day guaranteed delivery, fully tracked and provides electronic proof of delivery. For items with a resale value of over £30,000 we can arrange a collection using Royal Mail's SameDay Service. SameDay is a point to point courier service which provides same day collection and delivery service. A dedicated courier collects from your address and delivers straight to our valuation office. Click here for more info. We will send you a Special Delivery Pack and ask you to drop-off it off with your item at your nearest Post Office. Back to topWhat will the shipping cost me?Your shipping will not cost you anything. Your Special Delivery Pack is pre-paid by us so there is no cost for you. There is also no charge for SameDay collections. Back to topWhere is my nearest Post Office?Click here for the post office branch locator. Back to topWhere will my item be stored?Your item will be stored in vaults at our central London premises. These vaults are purpose built and benefit from state of the art security. Back to topWhat happens if my goods get lost or are stolen?This is very unlikely to happen. If it does, your item is insured from the moment you hand it over to the moment that you sign for your goods once they have been returned to you after you have paid-off your loan. If in the unlikely event the goods get lost or stolen we will recompense you according to the resale value. Back to topLoan Application ProcessHow quick is the process?If you send us your goods today we will value them tomorrow, and you will receive your cash the same day. Back to topWill my credit rating be affected?No. We carry out identity checks as part of our legal compliance as a financial service provider but this is not a credit check. Your credit rating remains unaffected. Back to topHow do I qualify for a loan?To qualify for a loan you must meet the following criteria:
Why do I need to provide proof of identification?Our loans must adhere to the OFT requirements of the Consumer Credit A License. Proof of identification is one of these requirements. Back to topWhy do you need to collect my address details?There are two reasons. The first is for ID purposes. The second is so that we know the address to send your item back to when you pay-off your loan. Back to topHow safe is it providing you with my details such as my passport number online?We take the security of your details very seriously and all sensitive information is collected through and stored in a secure area of our website. Any details collected are encrypted and subject to our documented privacy policy. Back to topThe LoanHow do Borro.com value items?We only use experts to value items, which means we are able to give the highest valuation possible. All our valuers are fully trained, experienced and hold qualifications from relevant bodies such as The National Association of Goldsmiths. Back to topBorro.com lend against the ‘resale price' of an item, what is that?The resale price is how much an item would sell for if it was sold that day, not how much it would cost to replace. Like other items, such as cars, jewellery depreciates as soon as it is bought. This depreciation covers the shop mark up, the rent on the shop premises and all the other costs involved in selling the jewellery. The resale value of jewellery is typically 40%-60% of the retail price. Back to topHow much do Borro.com lend and how do you value items?We lend a percentage of the resale value, which varies according to the value. This ranges from 40% to 60% of the resale value. Back to topHow do Borro.com value jewellery?For jewellery and watches, we have our own team of specialist valuers, qualified in jewellery valuations by the National Association of Goldsmiths. For jewellery we look at the weight and quality of the metal (eg 22ct Gold), the size and quality of the precious stones (eg 0.5ct, colour H diamond) and the desirability of the item. Metal and precious stones prices are checked daily against the prices issued by financial markets, wholesalers and specialist resellers. Back to topHow do Borro.com value watches?All watches are valued by the same expert team that value our jewellery who have an in-depth knowledge of the watch market. Valuations are constantly checked against sale price data. Back to topHow do Borro.com value cars?For cars, we use Glass's and Parker's price guides – the trade bibles – and loan against the trade price of the vehicle. The trade price will usually be between 50%-70% of the ‘forecourt' price. Back to topHow do Borro.com value art, antiques and collectables?All our art, antiques and collectibles are valued by experts at Bonham's and Christie's auction houses. We loan against the minimum reserve price an item or object would be entered into an auction at. Back to topWhat interest rate will I pay?The interest rate varies depending on how much you borrow. Please see the ‘Our Low Cost Rates' page for a full breakdown Interest rates vary from 6% flat rate per month (85.0% APR equivalent) to 4% flat rate per month (53.8% APR equivalent). For loan amounts over £20,000, interest is negotiable.Back to topIn what circumstances should I use Borro?If you want to borrow money for 1-6 months Borro is the cheapest available service.Back to topWhat is the duration of the loan?The duration of the loan is 6 months.Back to topCan I payback my loan early?Yes, you can payback your loan at any point in time. Once you have paid back your loan and funds have cleared, you will receive your item back within 2 days. There are no early redemption fees; interest is calculated monthly, so you only pay back your loan amount and the amount of interest accrued until the month you redeem in.Back to topCan I extend my loan?Yes, you can apply for an extension to your loan, subject to approval. If approved, you will need to payback the interest that you have accrued at the end of your initial 6 month term. We will then create a new agreement for the amount that you have borrowed.Back to topCan I change my mind about taking out a loan?Once we have received your item(s), we will carry out a detailed valuation and provide you with a loan offer, including full details of terms and conditions and interest rates. You can then choose whether or not to take out the loan. If you agree to go ahead, you will be issued with a credit agreement which, once accepted, becomes a binding credit agreement which you will need to honour.Back to topWhy are you better than a high street pawnbroker?There are three benefits. Firstly we will more accurately value your goods than the majority of high street pawnbrokers, this means that typically we can lend you more. Secondly, our monthly interest rates are lower. Thirdly, our service is online and is therefore discreet.Back to topReceiving CashWhen will I receive my cash?We have made the loan process quick and easy to make sure that you receive your loan as soon possible. Once we have received and valued your item(s) and you have agreed to take out the loan, we can provide you with your money immediately. Back to topPaying-off Your LoanHow do I pay off my loan?There are a number of ways to pay off your loan. Full details of how to pay are included on the monthly loan statement you receive once you have taken out a loan. Payment methods include debit/credit card payment, internet transfer and cheques. Please note that the different payment methods may take different times to clear into our bank. See your loan statement for full details. Back to topHow How quickly will I receive my item back?Once we have received your cleared payment, we will immediately ship your item back to your home address. You will receive the item by 1pm the next day. You will need to sign for your item. Back to topHow will the item get shipped to me?For items with a second hand value of up to £30,000, we use Royal Mail Special Delivery Shipping Service. This service is insured, next-day guaranteed delivery, fully tracked and provides electronic proof of delivery. Click here for more info. If your item was collected via our SameDay service, it will be returned in the same way. Back to topWhat proportion of people pay-off their loan?"Around 88% of loans are redeemed – it is not in the lender's interest for items not to be redeemed" Daily Express Back to topIf I don't pay-off my loan will my credit rating be affected and will I have a bad debt?No. If you don't pay off your loan, your credit rating is not affected and there will be no bad debt. We simply sell your item to recover the amount you borrowed, the outstanding interest and any costs incurred in selling the item, such as auction fees. We will send you any surplus. Back to topCompany InformationWho are we?Borro Loan Limited are a UK Limited company (company number – 6801584) registered and regulated by the Office of Fair Trading. Our Consumer Credit License registration number is: 626829. Back to topHow can I contact you?You can contact us by:
How do we make money?We make money from the interest payments that you make. Back to top |
