Pawnshops thrive in credit crunch
Should you be surprised? Not really! The greedy banks who gambled (and lost) all our money, only to beg us for more in order to bail them out, are now more intent on paying themselves huge bonuses than trying to help the real economy to get back on the track from which they so irresponsibly derailed us.
So, it’s not surprising that the pawnbroking industry is doing well - or that the image of the pawnbroking industry has strengthened so much in these difficult times.
In the past, pawnbrokers were sometimes viewed as rather shady, but these days, they are increasingly seen as the most reliable form of short term finance available. Pawnbrokers are also seeing more custom from a higher demographic profile.
Even high net worth individuals, who in past times would not consider using a pawnbroker, are leveraging their own, personal assets in order to get an asset-backed personal loan. This trend is increasing, as more and more people, throughout the social scale, get more and more fed up with useless, credit crunched banks.
Borro.com, the world’s first online pawnbroker, has transformed the business of negotiating a pawn loan into a modern, straightforward, discreet, convenient, safe and rapid service!
You can do it all at home, on your pc. All goods are shipped from and to any UK address by pre-paid, fully insured courier, and all loans are transferred electronically, directly into any UK bank account the borrower nominates - often within 48 hours of application.
What customers really appreciate is just how discreet the service is. No credit checks are necessary, no intrusive questions are asked, no income statements or property ownership qualifications are required, and there are no frustrating, bureaucratic delays.
If you have appropriate collateral, in the form of jewellery, gold, watches, art or antiques, you will always get a pawn loan from Borro - regardless of your credit rating.
For easy cash in the form of fast cash at low rates, check out Borro.com. Whether you are seeking a personal loan, small business loan, student loan, car loan, bridging loan or debt consolidation loan, if you have personal assets to pledge, you will always get an affordable, low interest rate loan at Borro.com.
If you need money for gold, cash for jewellery or a loan against watches, art or antiques, get online to Borro.com. Online pawn shop, Borro.com, offers secured loans from £100 - £100,000 for 1 - 6 months (extendable by mutual agreement) in the form of cheap, no risk collateral loans.
Beverly Hills pawnshops are booming
Leading financial analysts, Bloomberg and the Wall Street Journal, report that the pawnbroking business in Beverly Hills is at an all time high.
Beverly Loan is a pawnshop, but not just any pawnshop! It’s the kind that caters to people who pledge Cartiers, Harley-Davidsons and Oscar statuettes to secure short term loans.
Jordan Tabach-Bank, the chief executive officer of Beverly Loan Co. in Beverly Hills, California commented, “I’ve never seen so many bankers, lawyers, doctors and actors with valuable things to pawn”. With credit drying up at regular lenders, pawnbrokers are increasingly seen as the most reliable and readily available source of short term finance.
Borro.com, the world’s first online pawnbroker, takes pawnbroking to a new level. It’s much more discreet, convenient, safe - and fast - with Borro.com. All goods are shipped by pre-paid, fully insured courier, and as Borro.com is UK government regulated, all Borro contracts are approved by the Office of Fair Trading.
Everything is arranged at home, on your pc, and all loans are electronically transferred, into any UK bank account you wish to nominate - often within 48 hours of application.
With a Borro loan, you know you will never get in over your head, or take on a debt that you cannot afford. Unlike many other alternative short term lenders, a Borro contract is totally transparent: no credit checks, no setup fees, no admin charges, no early settlement fees (you only pay interest during the time you use the loan, and you can pay it off anytime, without any extra cost), no late payment fees and no default charges.
Even if you decide not to extend or pay off your loan, you will be given ample notice if your pledge is to be sold to settle the matter, and any money left over will be sent straight back to you.
Borro.com offers asset-backed loans from £100 - £100,000 for 1 - 6 months (extendable by mutual agreement) against personal valuables of all kinds, such as gold, diamonds, jewellery, watches, art or antiques.
If you want a secured loan or collateral loan, whether it’s a personal loan, small business loan, home loan, bridging loan, car loan, student loan or debt consolidation loan, if you have appropriate collateral, you will always get an asset-backed loan from Borro.com - without any intrusive questions or bureaucratic delays.
Fast cash is easy cash at low rates with online pawn shop, Borro.com. Compare interest rates with a typical alternative lender, such as a pay day loan company. Interest rates often start at 25% upwards. Borro.com is cheap by comparison. Borro’s 4% - 6% short term rates are highly competitive.
If you need an affordable, no risk, low interest rate loan, visit short term loan provider Borro.com today.
Pawnbroker to the Stars
CBS evening news in the United States recently aired a program about ‘collateral lenders’ in Beverly Hills.
It seems that even the rich and famous turn to the local pawn broker from time to time for a little financial help. Affluent people visit this Beverly Hills pawnshop to get loans on high-ticket (high-end) luxury items.
Even the rich and famous are in a crunch!
Let’s Go Pawn Shopping
In a pawn shop you often find many exotic items on sale at bargain prices. The most common pawn shop items are jewellery and luxury watches, and if you know what you are looking for a pawn shop offers an aladdin’s cave of possibilities. However, a pawn shop may have a lot more to offer than gold and jewellery. As the credit crunch bites, borrowers are pawning more exotic items. Pawn shops are increasingly advancing loans against pledges of memorabilia, fine art, antiques, luxury cars and yachts. While most pawn shop borrowers pay off their loans, and the items are reclaimed from the pawn shops, there will always be a few that will slip through the net. So, next time you are in a pawn shop, if you are in the right place at the right time, you might be lucky and find something really exotic. For example, a pawn shop might have fine art & antiques, gold discs, olympic medals, even a Ferrari or two for resale… all originally lodged by asset-rich borrowers who needed to raise cash quickly and discreetly. The joy of visiting a pawn shop is that you never know what you will find. Even amongst the gold and jewellery in a pawn shop, if you look closely, you will often come across fine antique rings, brooches, necklaces and pendants, from the Victorian era, and sometimes older. If this is your kind of thing, then a pawn shop is the place for you.
Buy and Sell Jewellery at a Pawn Shop
Buying jewellery at a pawn shop may be a good deal, whereas selling jewellery to a pawn shop may not. In order to understand why, you must first understand that a pawn shop is primarily in business to loan money, not to sell second hand goods.
A pawn shop would much rather you pay off your loan than sell your jewellery, and as a result, the pawn shop will only advance a proportion of the second hand value of the item you pledge in order to secure the loan from the pawn shop. As a result, more than 80% of pawn shop customers pay off their loans and reclaim their goods. So, the items you see for resale in the pawn shop window represent only a small percentage of the goods they loan against. In the rare case that a borrower fails to pay back the loan to the pawn shop, the item will be resold by the pawn shop in order to recover the loan. In these cases, you may see some attractive bargains in the pawn shop window in relation to jewellery, precious metals, gemstones, antiques, fine art & memorabilia, but don’t forget that the pawn shop’s main business is advancing loans.
So, the best deal you may get from the pawn shop may be a quick, flexible short term loan, while the next best deal may be an attractive deal on an item in the pawn shop window. On the other hand, the pawn shop may not be the best place for you to sell something second hand.
