Big Banks Hit by 11,000 Complaints A Day
Big Banks Hit by 11,000 Complaints A Day
Financial News:
This is Money has reported that: Britain’s biggest High Street banks have been swamped by a staggering 11,000 complaints a day from angry customers.
‘The sheer scale of the shabby customer service doled out by the ‘big six’ banks was laid bare for the first time yesterday when they were forced to publish the number of disputes they had received in the first six months of the year.’
Damning figures reveal as many as nine in every ten complaints about banking were rejected without so much as an apology.
Yet when half of these problems reach independent investigators, they are upheld.
This is why a lot of people are trying to find alternatives to the traditional banking system. Borro offers short term loans at excellent rates, and a high customer satisfaction rate. “Borro’s aim is to offer the strongest and best customer-focused service available.”
It’s also good to know that, contrary to popular misconceptions about pawnbroking, 90% of Borro.com’s customers redeem their pledges at the end of the contract and that Borro offers customers on average twice as much for their valuables than they would receive on the high street.
Sources: This Is Money
Consumer Confidence Grows
Financial News:
The Guardian News paper has stated that: Britain’s consumer confidence rose in August for the first time in six months, bolstering the incipient economic recovery and raising hopes that the country will not fall into a double-dip recession, economists said.
The GfK NOP consumer confidence index increased by four points in August to -18, seven points higher than this time last year and the first overall increase since February. Based on 2,000 interviews with Britons over 16, the index showed consumers feel more positive about the economy and their personal financial situation over the past and next 12 months.
Howard Archer, chief UK and European economist at IHS Global Insight said: “This reduces the chances of a double-dip recession, but it doesn’t mean that the economy is going to roar ahead.”
The UK economy grew by a surprisingly robust 1.2% in the second quarter, an indication that recovery was under way after the worst recession in sixty years.
So, if you want to go splash out on something new why not see if borro can help you raise some cash and embrace this new wave of consumer positivity?
Source: The Guardian 31st Aug 2010
‘Post-Your-Gold’ Market in Decline
Pawnbroking vs. Posting Your Gold
With the price of gold at an all time high, ‘post-your-gold’ buyers were popping up left, right and centre, banking in on cash-strapped Brits hit by the recession and looking for alternative ways of releasing capital. However, public trust in these companies was quickly destroyed by the Which?* report that highlighted ‘post-your-gold’ buyers were paying shockingly low rates for gold and as a result there’s now strong evidence that more and more are leaving the market.
In addition there’s been a lot of speculation recently on whether the gold bubble is on the verge of bursting with the price of gold having experienced its second largest decline this year; this too has had a massive knock-on effect throughout the ‘post-your-gold’ market. Online pawnbroker Borro.com has a unique team of experienced valuation experts who have all worked for leading auctioneers and salesrooms, including Sotheby’s, Bonhams and Christies and can therefore provide people with the best and most truthful valuation of gold and other valuable assets. Samantha Lilley, Borro.com’s Head of Valuations and formerly of Bonhams, predicts, “Luxury branded watches and diamond jewellery are the next best assets for releasing capital and Modern British art is particularly collectable at present.”
Des Milligan, Chief Executive of the National Pawnbrokers Association comments, “Our advice if you have unwanted gold you want to sell is to go to a pawnbroker who is a member of the NPA to get a price and don’t be afraid to shop around.”
Borro.com, the UK’s first online pawnbroking service offers a discreet, safe and hassle-free way to borrow money against personal valuables. Short-term loans are available from £100 - £1 million, secured against jewellery, watches, diamonds, and any other assets of value. Borro.com customers range from people needing to make a mortgage payment so not to de-fault, families wanting to take their annual summer holiday and divorcees needing to pay lawyer fees, to property developers needing money quick to develop a site in which their money is tied up.
Pawnbrokers Throughout History
Pawning has long been a source of capital for people in times of need, as well as a means of financing business ventures and still is today. As mankind’s oldest financial institution, pawnbroking carries on a tradition with a rich history. Pawnbroking can be traced back at least 3,000 years to ancient China, there are references in the written histories of Greek and Roman civilizations.
Sources state that: During the Middle Ages, certain usury laws imposed by the Church prohibited the charging of interest on loans, thus limiting pawnbroking to people who had religious beliefs outside of the Church. Out of economic necessity, and because of problems in the banking system, pawnshops made a resurgence in later years. The House of the Lombard operated pawnshops throughout Europe. Legend contends that they even counted royalty, such as King Edward III of England, among their clientele during the 14th century. The symbol of the Lombards’ operations was the three gold balls that still remain the trademark.
Literary references to pawnbrokers include Nursery Rhymes, Crime and Punishment and ‘Sherlock Holmes’.
The Nursery Rhyme “Pop Goes The Weasel” is about pawning. A weasel is a shoemaker’s tool and to “pop” is to pawn. “That’s the way the money goes… Pop goes the weasel.”
Following on from such a rich heritage of necessity Boro.com is the most up to date form of pawn broking. We are the first online pawnbrokers and as we’ve learnt from centuries of people before us easy cash is available in the form of a low interest rate loan from short term loan providers like Borro, 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.
Las Vegas: Pawn Stars
Pawn Stars:
We here at Borro were interested to note the popularity of Pawn Stars, which sheds a brilliant light on the world of Pawn. Borro’s aim is to revolutionise pawnbroking for a 21st Century audience, by making it accessible, convenient and discreet. Sweeping away any vestiges of the once seedy image of pawnbroking, Borro.com is a modern fully-regulated financial services business based in offices in Chancery Lane, London, and in Oxford. These aims are what we have in common the History Channel’s show Pawn Stars.
Las Vegas Pawn shops have been given a new face thanks to the American History Channel’s Pawn stars - now showing in the UK. Today more than 50 pawn shops operate in Las Vegas. Here’s a bit about the show and the in and outs of Las Vegas Pawn.
Pawn Stars is an American show set in Las Vegas, aired on the history channel, based on the Harrisons owned shop, Gold & Silver Pawn. This has been the highest-rated show ever for History Channel in the US. After they took part in Pawn Stars the Harrison’s trade has increased 25 fold.
Pawn in the fifties:
In an interview with Las Vegas weekly the Harrisons told all about themselves and the history of Las Vegas Pawn. Despite being one of the most respected brokers in Las Vegas, Gold & Silver was not exactly an overnight success. It took a long time to get a Pawn-broking license, “The good-ol’ boys, back in the ’50s, figured we’ve got our pawn shops, we don’t want any competition,” Harrison says, “so they passed a law saying that they would issue one more pawn license when there’s 250,000 people in the city of Las Vegas.”
Vital for everyone involved in the TV project was to depict both the Harrisons and the pawn business honestly. Some production companies had sought to reveal the dark side of pawning, hoping (perhaps) to capture a pipe-wielding Big Hoss putting a Casino-style beat-down .
“They asked for the ‘seedy’ side of the business, and we said, ‘What are you talking about?’” Rick Harrison recalls, chuckling. “Back-alley beatings? It doesn’t happen. That is not this world.”
As the Harrison says: “Pawn shops have always been a gray area of business… But you have to understand that 17-20 percent of people in the United States don’t have an active checking account or any bank affiliation, and this is a place where they can get a loan without that bank affiliation. … We’ve educated the public a lot about what a pawn shop is. We’ve pulled it into middle America from the gray areas.”
In fact during the recession the number of middle and upper class customers has dramatically increased across the US and pawn broking has been given far better name. Many working in the US Pawn industry believe Pawnbrokers have been vilified by Hollywood and it is worth remembering that Pawn brokers were the number one form on consumer credit until the 1950s.
It’s also good to know that, contrary to popular misconceptions about pawnbroking, 90% of Borro.com’s customers redeem their pledges at the end of the contract.
High Street Retail Sales beat forecasts to rise 1.1%
Financial News:
Good news for the High Street retailers as sales for July have grown by 1.1% which is the fastest rate since February and prior to the general election. Also there were good signs for Britain’s public finances as news emerged today that the government stated borrowing in July was only £3.8bn compared with almost double that this time last year. The fact that loan rates have been kept at their record low is a contributory factor to this economic success.
People are increasingly buying watches, rings and jewellery as sales at specialist stores such as jewellers, sports goods, computer sellers and general high street retail jumped over 6%.
However Andrew Goodwin, of Ernst & Young told the Guardian Newspaper that we still needed to be cautious. “The combination of weak earnings growth and high inflation is squeezing real incomes, while unemployment is likely to remain high with the public sector job cuts on the way. And the housing market, the fortunes of which tend to be tied closely to those of the retail sector, appears to be heading for a double dip.”
We know that we have some of the best interest rates online, and if you ever want to use a Pawnbrokers get in touch - maybe you can get yourself a new watch?
Top Tips For Selling or Pawning Your Watch
Have you been trying to figure out a way that you can get some extra money? If so, you may have some items at home that you can use to get the money that you need. One item that you can sell or pawn to get some money is a watch.
Perhaps you have a gold watch or another type of designer watch that is worth some money? If you are willing to part with it, at least for a short amount of time, this can offer you a way to get the money that you want or need. If you want to ensure you get a good amount of money for your watch, here are some top tips that you need to remember.
- Know the value
Firstly, it is important that you know the worth of the watch when you are ready to sell or pawn it off. If you have no idea what the watch is actually worth, consider having it appraised or compare it with others on the web, just be aware it is second hand and may have depreciated in value.
- Look at the condition
It’s a good idea to look at the condition of the watch. Even though the watch may have been an expensive one, the condition that it’s in is going to influence the money that you are able to get out of it. Check the casing. Does the watch still work? The better the condition the more it is likely to be worth.
- Find the right buyer
Selling or pawning the watch to an online pawn shop is a great option. This is a good option if the watch is not in great shape or it has been broken. Many pawn shops are happy to buy watches, even those that are nothing more than scrap gold. Choose an online pawnbroker with a good reputation.
- Know what you want
Lastly, know what you want to get when you sell your watch. After you know what the watch is worth and the condition that it is in, know what you really want to get out of it.
If you would like to pawn your watch with Borro you can simply call us free on: 0800 756 9877. You can also complete the quick loan application form with a description of your items. For further advice you can also request a callback to speak with our experts.
What is a Pay Day Loan?
The Pay Day loan market quadrupled in 2009, with over 1.2 million Britons taking out the short term loan service to balance up their household finances and gain a quick cash loan.
There are many scrupulous companies out there offering such loans with manageable interest rates who are really helping people get the money they need. However more reports seem to be surfacing every day that some companies are offering interest rates as high as 30% for one month generating APRs of between 1000% and 2000%. This can lead into spiralling debt for people taking out even the smallest loans.
Who Takes out Pay Day Loans?
Consumer Focus produced a study called “Keeping the Plates Spinning” its research indicates that payday loan borrowers take out an average of 3.5 loans a year, with an average value of £294. Two-thirds of payday loan borrowers have a household income of less than £25,000. People taking out such loans tend to be young and single.
Pay Day Loans compared with Pawnbroker Loan
At Borro we are here to help anyone get a quick cash loan as and when they need it. All that is needed on your the customers part, is an item to secure the loan against. Such items can be jewellery, Watches, antiques, cars or even get cash for gold.
We believe we have some of the best loan interest rates online Borro and are highly manageable while comparing favourably to high street pawnbrokers as well as Pay Day Loan companies. Plus we can tell you exactly how much you will need to pay back and when. Plus unlike with Pay Day loans, if you can pay the loan back, we simply cancel the loan and we will sell the product on your behalf.
If you have any questions about how taking out a Pawnbrokers loan works then please give us a ring today and we will happily help.
Pawnbroker Review and £50 incentive
Refer a Friend to Borro and Get £50 free cash
At Borro we are always striving to make our customers feel a part of the Borro community and to say thank you for using our pawnbrokers services. That’s why we will give you £50 when you refer a friend.
All you need to do is tell your friends, family or colleagues about Borro and get £50 free cash when they take out a pawn loan. Plus they will get £25 free cash once they sign the loan contract.
Just follow these 4 easy steps to being £50 better off:
1. If you have a Borro account then you are already signed up for the programme - just login here. Otherwise fill in the form on the right.
2. Send an email to a friend using the designated form in the My Account area
3. Once they receive the email they should use the link provided and signup online for a loan
4. When we have issued the loan you will be contacted by the Borro team and credited with your cash
What’s more, we will give your friend £25 free cash once they sign the loan contract.
The more people you refer the more you earn!
Why Choose Borro.com the first and best online pawnshop?
* No credit checks required
* Discreet, fast, convenient service
* Expert valuation
* We lend 2x more than high-street pawnbrokers
* Money in your bank within 24 hours
Please give us a ring if you have any questions - if you want to write a review about Borro we would also love to hear from you.
Interest Rates constant - Growth Forecasts cut
As stated in the FT earlier, Mervyn King the Governor of the Bank of England warns that the UK’s fragile economy faces a lengthened period of “choppy recovery”. This was supported by evidence from official data sources such as the Office of National Statistics that we have experienced a sharp rise in long-term unemployment and a less than envisaged number of people claiming unemployment benefits.
Further warnings of the economy were pointed towards the rebalancing of the private and public consumption and towards the fact that imports continued to dwarf exports.
The Bank’s latest quarterly inflation report suggested times will remain tough, with continued risk of a double dip recession, for many months to come and that King is in no hurry to raise interest rates from 0.5%.
What does this mean to you and your relationship with Borro the pawnbrokers? Well we haven’t raised interest rates either. You can continue to get short term loans from the pawnbrokers as and when you please and continue to get money when you need it.
