Frequently Asked Questions

If you have any questions please refer to the questions and answers below.

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FAQs

What can I do in My Account Area?

From within your My Account Area you can update your account details, keep track of your loan statements, keep on top of any payments on your account, make secure payments to repay or extend your loan, view all of the assets currently under contract and apply for new loans.

How do I change my address?

You can update your address from within your account area. To update your address all you need to do is:

  1. 1 Click in the User Section of your account
  2. 2 Click on the My Contact Details option
  3. 3 Click on the Edit option in the Address Box
  4. 4 Update your address
  5. 5 Upload a copy of a Utility Bill or Bank Statement to confirm your new address
    • a) Once you have completed the update, a member of our Customer Accounts Team will be notified of the change and will validate the change within 24 hours.
    • b) If your address has not been changed after 24 hours, please call our Accounts Team on 888-202-0597888-202-0597.
How do I get my valuables back?

To retrieve your assets all you need to do is repay your loan. You can do this from within your account area. To repay your loan online:

  1. 1 Click on the My Loans and Applications menu
  2. 2 Scroll down to the loan that you are looking to repay and click on the Repay Loan button
  3. 3 Select the card type you intend to use and click on the Continue button
  4. 4 Enter your card details and click Make Payment
  5. 5 Once the payment has cleared you will be asked to confirm the date and address for the delivery of your assets.


You are also able to repay your loan by Wire Transfer, Cash Deposit and Check.

For details on how to make a Wire Transfer please see Where can I find Bank details for a Wire Transfer?.
To pay by check please see How do I pay by Check?.
To arrange for a Cash Deposit please see How do I arrange a Cash Deposit?.

If you would like speak to a member of our Customer Accounts Team in relation to the repayment and the delivery of your loan please call 888-202-0597888-202-0597.

Why won't my payment go through?

Are you using an Apple device? If so, you may need to change the settings to allow third party cookies to access your browser. To do this:

  1. 1 Completely shut down your browser
  2. 2 Minimize your browser
  3. 3 Double click on your home button to show all of your open applications
  4. 4 Scroll across the applications and select the browser
  5. 5 Press the red circle with the horizontal line in the top left corner
  6. 6 The browser will then be completely closed
  7. 7 Go to Settings
  8. 8 Select the browser
  9. 9 Set Privacy > Accept Cookies to Always
  10. 10 Log back into your Borro account on your browser.


Once this status has been changed you should be able to make the payment online easily. If you are still experiencing difficulty making this transaction please call our Accounts Team on 888-202-0597888-202-0597.

Are you using any other search engine apart from Safari?

Are you trying to pay on a credit card? Borro does not accept payments from credit cards. Please make payment either by debit card, wire transfer, check or by arranging a cash deposit.

Are you trying to pay on debit card? Your payment might not be processing for a number of reasons. The most common reason for an unsuccessful payment is that your account is not set up for online transactions. We recommend that you contact your bank who will be able to clarify why the transaction has been unsuccessful. They may ask that you confirm that you are expecting a payment from the UK. This is fine as our payment system is based in the UK.

How do I pay by check?

To pay by check please send a check for the Renewal or Repayment amount (made payable to Borro Loans Ltd) to our address:

Borro
767 3rd Avenue,
New York,
NY 10017

How do I arrange a Cash Deposit?

Cash deposits can be made up to $5,000. All you need to do is email our Customer Accounts Team at service@borro.com to get the account details for our Citi Bank account. The deposit slips are available in every branch of Citi Bank and all you need to do is enter the account details and your loan reference. Once the deposit shows in our bank account, we will update your My Account area immediately. Please note we do not accept personal checks.

Where can I find bank details for a Bank Transfer?

If you are looking to make a payment via bank transfer, you will be able to find the account details in your account area.

  1. 1 Click on the option to View All Loans and select to view the details of the loan that you wish to make a payment towards.
  2. 2 From there, click the option to make a payment by Bank Transfer and you will be able to view the account details to make the transfer.


Please make sure that any payments originate from a personal account held in your name. Payments from business accounts or third parties will not be accepted. The transaction should show in your account 24 hours after we have received the payment. If the transaction is not present on your account after 48 hours, please call our Accounts Team on 888-202-0597888-202-0597.

Why can't someone else make a payment towards my loan?

To offer the highest level of security for the assets that you have entrusted to Borro for the period of your loan we do not accept payments from anyone other than you. This way we know that you are aware of any transactions on your account.

This is also part of our contractual obligation to you so unfortunately we are not able to bend the rules.

Is it possible for my assets to be delivered to an alternative address?

To offer the highest level of security for the assets that you have entrusted to Borro for the period of your loan, we do not arrange to deliver assets to any address other than the residential address listed on your account.

If you have changed address since you took out your loan, you can update your address by sending a copy of a utility bill, bank statement or government letter to service@borro.com along with a covering email explaining that you wish to update your address. This will be updated online within 24 hours. If the address is not updated, please call our Accounts Team on 888-202-0597888-202-0597.

If it is not convenient for the assets to be delivered to your residential address we can arrange an appointment for you to come and collect the assets from our offices in New York.

To arrange an appointment email us at service@borro.com or call our Accounts Team on 888-202-0597888-202-0597.

Why is my check payment not showing on my account?

It takes 7 days for a check/banker draft to completely clear into a bank account. If the check payment is not visible in your account after 7 days, please call our accounts team on 888-202-0597888-202-0597.

Can I get some of the items in my loan out?

You are able to partially redeem your loan and release some of the assets from your loan. You will be required to clear the full balance of interest on your account and then make a payment of the loan amount that is attributed to the asset(s) that you wish to release from your loan.

Once the payment to clear the interest and attributed loan amount is received, a member of our Accounts Team will send you a new loan contract secured against the remaining assets held in the loan.

You are able to gain more information about partially redeeming your loan by speaking to a member of our Account Team on 888-202-0597888-202-0597.

Can I set up monthly interest payments after I have accepted the contract?

Absolutely. You are able to set up monthly payments at any stage of your loan contract. To do this, just access your online account and click on View All Your Loans option. From there, you will be presented with an option to set up monthly payments.

All you will need to do is enter your debit card details and the payments will be taken automatically from your account on a monthly basis.

Do I have to make monthly payments from my debit card?

No. You are able to make monthly cash deposits if you would prefer. You are able to request payment slips or retrieve the account details from the Make a Payment section of your online account.

Alternatively, email a member of our Accounts Team for further details at service@borro.com.

When I renew my loan do I need to set up monthly payments again?

You do not need to set up monthly payments on your account again if the monthly payments are already set up on your account. The payments will continue to come out on the designated date you have previously agreed and will continue to come out of your account until you redeem your loan, set up a new agreement or request for the payments to stop.

How do I stop the monthly payments on my account?

Please call a member of our Customer Accounts Team on 888-202-0597888-202-0597 to discuss cancelling your monthly payments.

How will my items be returned to me?

Your items will be returned to you as quickly and as safely as possible once payment to redeem your loan has cleared on your account. Depending on the size and type of your asset. Please see the table below for the expected delivery times for different assets:

To deliver assets, we first need to confirm the address on your account. You can do this immediately after making a payment to redeem your loan. If you have not confirmed your address, a member of our Customer Accounts Team will be in touch with you to confirm this. Please be aware that if your address is not confirmed, the delivery of your assets will be delayed.

When delivering cars, artwork, antiques and other large assets, we need to confirm the time of delivery therefore please get in touch with a member of our Customer Accounts Team on 888-202-0597888-202-0597.

Asset Type Expected Delivery Time
Watch 48 Hours
Jewelry 48 Hours
Gold 48 Hours
Car 48-72 Hours
Art, Antiques and Large items 48-72 Hours

 

What happens if I cannot repay my loan?

If you are not in a position to repay your loan, you may wish to extend your loan.

To extend your loan, all you need to do is make a payment of the outstanding interest on your account plus an administration fee, from there you accept a Renewal Contract. You are able to renew your loan from within your online account.

For Further information on how to extend your loan please see How do I extend my loan?.

How do I extend my loan?

To extend your loan all you need to do is make a payment of the outstanding interest on your account and a small administration fee. Once the payment is completed you will be required to accept a Renewal Contract. Your loan will not be extended until the Renewal Contract has been accepted. This means that if your loan is overdue, your assets are still eligible for sale.

To extend your loan online:

  1. 1 Click on the My Loans and Applications menu
  2. 2 Scroll down to the loan that you are looking to extend and click on the Extend Loan button
  3. 3 Select the card type you intend to use and click on the Continue button
  4. 4 Enter your card details and click Make Payment
  5. 5 Once the payment has cleared you will be asked to accept your renewal contract. Once the contract is accepted, the loan will be extended.


You are also able to extend your loan by Wire Transfer, Cash Deposit and Check.

For details on how to make a Wire Transfer please see Where can I find Bank details for a Wire Transfer?.
To make a payment by cheque, please see How do I pay by Check?
To arrange a Cash Deposit slip, please see How do I arrange a Cash Deposit?

Once the payment to extend your loan has cleared, an email containing a link to your renewal contract will be sent to you.

If you would like speak to a member of our Customer Accounts Team in relation to the repayment and the delivery of your loan, please call 888-202-0597888-202-0597.

What happens if I cannot pay to extend my loan?

If you do not extend your loan then your loan will become overdue. At this point the assets used to secure your loan will be eligible to be sold to cover the cost of the loan. The assets may be sold either by public auction or by private treaty sale.

You will be notified of the earliest date that your assets will be sold. You will be able to make a payment to extend or repay your loan up until the date specified in the notification letter.

The sale of your assets is a last resort and we always aim to prevent the sale of your items. Please speak to a member of our accounts team to discuss how to manage your loan payments.

Can I get a new loan if I already have an overdue loan(s)?

You will be required to pay outstanding interest and extend any overdue loans before any money is transferred to you. You can pay outstanding interest by the usual payment methods or it can be deducted from the advance on your new loan.

What happens if my asset(s) sell for more than the repayment amount?

Should the sale of your asset(s) exceed the amount required to repay the loan along with the fees that were attached to the sale then Borro will return the excess back to you.

If you have other loans that are active or awaiting sale, you will not receive any excess until your account with Borro is completely closed. At this point, the overall balance from your account will be returned to you.

What happens if the asset(s) that went through sale do not sell?

If assets are not sold in the first attempt to sell, Borro reserves the right to purchase these assets into stock at the reserve price.

Can I come in and collect my asset(s)?

Absolutely, we offer appointments for people to come in and collect their assets or to repay their loan on card at our New York offices. We recommend that you make a booking in advance to avoid waiting. Please be aware that you are required to show photographic identification every time you come to our offices.

Can I pay in cash at your offices?

You are able to make a cash payment in our offices up to $5,000 USD. You can make larger cash deposits to our account at Citi Bank locations.

For further details please see How do I arrange a Cash Deposit?.

Can someone else come and collect my assets on my behalf?

Please contact a member of our Customer Accounts Team 888-202-0597888-202-0597 to discuss this further.

Can I reduce my loan amount?

Yes, you are able to make a partial payment to clear all of your interest and reduce your loan amount. Please be aware that any payments made on your account will always clear interest before reducing the loan amount.

The interest that accrues on your account will always be calculated against the current loan amount Therefore if you reduce your loan amount, the interest accruing on your loan will also be reduced.

When can I come in to redeem my loan?

We offer appointments to redeem or collect your assets between 9.30am and 4.30pm EST Monday to Friday or Saturday 10am-4pm EST.

We cannot access the secure storage before 9.30am or after 4.30pm Monday to Friday.

Please call our Customer Accounts Team on 888-202-0597888-202-0597 to arrange an appointment between 8am and 8pm EST Monday to Friday or Saturday 10am-5pm EST.

Please be aware that all redemption appointments must be booked in advance.

How do I pay off my loan?

We try to make it as convenient as possible for you to make your regular payments. So we accept Wire Transfer (Bank), Cash deposit, Cashier's checks and Debit cards. All payments are credited to your Account on the day we receive them, but of course, some methods are faster than others at clearing our bank than others, so you'll want to understand the timing of how you've opted to pay, and how that may affect the return of your assets.

My monthly interest payments are not going through. What should I do?

If your monthly interest payments are not going through, it could be that your bank has not recognised that this is a valid transaction.

If you call your bank and let them know that you are aware of these payments, they will allow the payments to go through.