Farmer tries to pawn livestock
Online pawnbroker is meeting people trying to pawn the strangest things for quick cash.
Emma Pankhurst of Borro, the UK’s leading online pawnbroker, says a farmer recently tried to pawn his entire livestock in exchange for a quick cash loan.
Borro had to turn down the offer since it isn’t really cost effective to store live sheep and cows in their storage facilities, despite the relative luxury of those vaults.
Bizarre items people have successfully pawned include a set of gold teeth, a platinum belly piercing bar, and a rowing singlet worn by Olympic athletes.
The most commonly pawned items are Rolex and Breitling watches, perhaps because of the downturn in the City.
One such item was pawned by a premiership footballer in order to fund a wild night out.
One lady pawned her jewellery to buy herself a plane ticket to meet her father for the first time in 40 years.
Pankhurst says many customers use pawn loans to pay for plastic surgery, lawyers, or medical bills. Their services have come in especially handy amidst the economic downturn, which obviously gets dealt with in different ways.
Dubai expats seeking UK financial solutions
Expats, who used to enjoy a good living in Dubai, are returning home with absolutely nothing, and when they get back to the UK, they find there is little help available from credit-crunched banks. Getting a personal loan from a high street bank is out of the question, so increasing numbers are looking to alternative sources of finance, such as a pawnbroker, in order to raise an urgently needed personal loan.
Against this background, online collateral loan providers like Borro.com are reporting a marked increase in those seeking a personal loan secured against valuables such as gold watches, jewellery, art and antiques.
Very often, these personal assets are all that can be exported from countries like the UAE, which is reported to be taking an increasingly hard line with cash-strapped expats who have fallen on hard times.
While the official media continues to promote the glowing economy of the UAE, some items manage to slip through the net. The Khaleej Times recently ran a story about scores of expats who, in the wake of recent job cuts in Dubai, have been dumping their cars at the airport, and flying back home in order to escape from mounting bank overdrafts, credit card debts and other financial liabilities.
Reliable sources are quoted as saying that expat debtors are blacklisted by the authorities, and may not be allowed to leave the country until they have paid off their debts. Then, when they finally get back home, they quickly find that the prospect of raising a personal loan from a UK high-street bank is absolute zero.
While rates for a secured loan from traditional sources such as banks and building societies have gone through the roof, online pawnbrokers like Borro.com are continuing to maintain the supply of fast cash at low rates.
But why is easy cash available in the form of a low interest rate loan from short term loan providers like Borro? This is because a secured loan backed by pledging personal valuables is the lowest risk and therefore the lowest cost method of arranging a cheap, affordable, no risk loan - for both the borrower and the lender.
It’s no surprise therefore, that returning expats from Dubai, Cyprus and the Costa del Sol, are approaching online pawn loan providers such as Borro.com in order to arrange a much needed personal loan.
Debt counselling and debt consulting
If you think you need debt counselling or debt consulting, here is a brief debt problems checklist:
First, budget and reduce outgoings using a budget planner. Then, if you earn under £66,000, check to see if you are entitled to any form of government benefit.
Next, see if you can get help paying the mortgage? There are three government schemes specifically to help mortgage holders who are struggling to make monthly repayments. They range from an extra benefit to pay the interest for you, to a full rescue scheme where the local council buys some or all of your home then rents it back.
If you are in debt, it’s very likely some of it has been made up of charges which have unlawfully been taken from you. If you’ve incurred bank charges or credit card charges for going beyond your limits in the last 6 years you may be able to get the cash back and the same is true of mortgage exit fees.
It’s also possible you may be in one of 400,000 homes in the UK paying too much for your council tax. If you have any form of loan, it’s crucial to check whether you were missold the insurance that came with the loan. This could have cost you £1,000s, and you may be able to get it back.
Check the link for more detail on the above and for more useful information about debt.
In the meantime, if you need a personal loan, and you are thinking of selling personal valuables such as jewellery, watches, art and antiques, you might wish to consider getting a collateral loan instead.
You can get cash for valuable items like these from online pawnbroker, Borro.com. Collateral loan providers like Borro.com provide some of the most readily available short term loans in the market. In comparison to other short term loan providers such as UK pay day loan companies and doorstep lenders, a secured loan from Borro.com is a low interest rate loan.
You can pay off your loan when you want, with no hidden extra charges for early settlement, and you only pay interest during the actual period you use the loan. Compared with some of the alternatives, Borro.com provides fast cash and easy cash. It’s all done online, and the low rates on offer are surprisingly affordable.
With a collateral loan from Borro.com, there is never any risk of asset seizure, repossession or bad credit rating. For a cheap pawnbroker loan, try online pawn shop, Borro.com.
Ten things to do if you lose your job
Unemployment is rising towards two million and the outlook is bleak. Here are 10 things to remember if you have lost your job:-
1. PLAN YOUR FINANCES - For advice on managing your debt, go to Money Facts website.
In the meantime, if you can’t get a bank loan, and you need fast cash, check out online pawnbroker, Borro.com. If you have appropriate collateral in the form of gold, jewellery, watches art or antiques you will always get a loan between £100 - £100,000 for 1 - 6 months at 4% - 6% interest per month.
2. DON’T PANIC - You are not alone. Stay positive and even though it probably doesn’t feel like it now, this could really be a blessing in disguise.
3. KNOW YOUR RIGHTS - Your employers have to follow stringent guidelines when making any redundancies. If you feel you need to take your case to an employment tribunal, fill in form IT1, which you can get from the DBERR by calling 0845 145 0004.
4. BE HONEST WITH PEOPLE - If you are in debt, your lenders may actually be able to help you, so long as you tell them as soon as you can. Energy providers also may have provisions in place to help customers in your position.
5. CUT OUT LUXURIES - Gym memberships, subscriptions to satellite television or any other regular payments soon add up and you will need this money to live on.
6. FIND NEW SOURCES OF INCOME - Remember, even part-time work will bring in much needed cash while you look around for that ideal job.
7. CLAIM WHAT YOU ARE DUE – the Department for Work and Pensions website http://www.dwp.gov.uk/ has full details of the benefits system.
8. REVAMP YOUR CV - Be concise and keep your CV to two pages and remember that you are selling yourself, so do not be bashful. For more advice on writing your CV, go to careersadvice.direct.gov.uk
9. UPGRADE YOUR SKILLS - Retraining or improving your skill set is always worth doing. Go to http://www.direct.gov.uk for a list of available courses.
10. SEE IT AS AN OPPORTUNITY - Start your own business, work abroad, go back to university or start again.
Pawnbrokers are good for you
The Daily Mirror reported: “Pawnbrokers are doing well in the recession as more and more people turn to them for short-term loans”. But that is actually good news for people who need emergency money.
With mainstream high street lenders shutting the door on many borrowers, pawnbrokers offer a service that means people are not at risk of getting into debt they cannot afford. On top of that, there is no chance of ending up with a visit from heavy-handed debt collectors.
Pawnbrokers are highly-regulated these days - specifically by the Consumer Credit Act 1974, which also governs banks - and more than 600 of them are affiliated with the National Pawnbrokers’ Association, which ensures that its members maintain certain standards”.
If you need some emergency money to tide you over, Borro.com, the world’s first online pawnbroker, offers £100 - £100,000 for 1 - 6 months (extendable by mutual agreement) at 4% - 6% interest per month.
Compare rates with the typical pay day loan company, which charges 25% per month upwards. Borro loans are totally affordable loans, and they are fast, too. Borro.com often transfers loans within 48 hours of application.
With Borro.com, everything is arranged online, at home, on your pc. So it’s discreet, convenient and secure. All goods are shipped by fully insured courier, and your loan is transferred directly into any UK bank account you wish to nominate.
If you are thinking of selling jewellery, or other valuables, why not get a pawn loan instead? You can get money for diamonds, art or antiques, cash for gold, or a loan against almost any type of personal valuables you can think of.
Phone our expert to arrange a valuation today, call us for free.
