More difficulties for first time homebuyers
In return for getting our (taxpayers) money to bale them out, the banks promised not to hoard their money, but to continue lending it to businesses and individuals who need it.
Of course the reality is very different to the promise. The latest ruse used by banks who want to avoid lending to first time buyers is to put pressure on the mortgage valuers they employ to undervalue the homes that buyers want to mortgage.
This means that first buyers must borrow extra, often at higher rates of interest. No wonder that the general public’s view of the banking industry is that it is run by pirates. Ironically, it is the pawnbroking industry that is seen as one of the safest, most reliable and readily available forms of personal finance around these days.
Although the APR or interest rate of a pawn loan might seem high, compared with a regular bank loan, overdraft, or credit card, a pawnbroker will never resort to dirty tricks such as punitive setup & admin fees, early settlement charges, late payment fees or default penalties. If you have been missold a loan that you can’t pay off, then once you add all of these hidden extras, together with the compound interest, it can turn out to be a lot more expensive than a pawn loan.
Also - once you have agreed an interest rate with a pawnbroker, that is it! A pawnbroker will never hike interest rates half-way through the loan period, regardless of what the Bank of England or the base interest rate is doing.
Because you secure a pawn loan with personal assets, such as gold, jewellery or watches, even if you decide not to extend or pay off your pawn loan, it will never lead to adverse credit ratings, debt collectors, court actions, bailiffs, asset seizures or repossessions. You always know exactly where you are with a pawn loan.
Borro.com, the world’s first online pawnbroker, offers £100 - £100,000 for 1 to 6 months (extendable by mutual agreement) against all forms of personal assets such as gold, jewellery, art, antiques or memorabilia.
Most of Borro’s customers pay off their loans and redeem their pledges, very happy with the modern, discreet, convenient, safe, fast and no-nonsense financial service which Borro offers to everyone – even if you have a bad credit rating.
Many of Borro’s customers become repeat customers, appreciating just how immediate and flexible a Borro loan really is.
Fast cash is easy cash at low rates with Borro.com. If you need money for gold, money for jewellery or a loan against diamonds, watches, art or antiques, check out Borro.com.
Whether you need a personal loan to buy your first house, a collateral loan in the form of an affordable, low interest rate loan is always readily available from Borro.com.
