LONDON, 29th August 2008 - BORRO www.BORRO.com launches today as the worlds first online service offering customers short term loans through the temporary release of equity from personal assets such as jewelry, watches, gold, gemstones, memorabilia and other valuables. BORRO provides a fast, convenient and responsible solution when traditional sources (credit cards, personal loans and overdrafts) are unavailable or are already fully utilized.
BORRO offers a lower cost solution compared to the charges incurred in using alternatives such as an unapproved overdraft, or a payday loan. In addition there are no credit checks or risks, and no bad debt risks. The loan can be paid off whenever the customer chooses during the six month term of the contract and the valuables they pledged are then returned.
BORRO will lend up to 40% of the value of items pledged and charges interest at 6% per month (4% or less for loans of 1,000 or more). There are no other fees or charges of any kind. Loans of between 100 and 100,000 are available. Over 85% of customers taking out this kind of loan repay their loan and redeem their valuables.
Paul Aitken, Founder and CEO of BORRO said, We allow people to lend themselves money through the temporary release of equity from their personal assets all from the comfort and convenience of their own home. Our approach allows us to keep our interest rates extremely competitive, ensuring that we offer radically better value than an unplanned overdraft or a payday loan.
The added benefit of our service is that our customers have no risk of accumulating bad debts. If they cant or choose not to repay their loan, BORRO sells the items they have pledged to repay the loan and returns any excess proceeds to the customer. This means that the consequences of not paying off a loan are very clear - and that it is impossible for our customers to build up any bad debt through taking out a BORRO loan.
We are proud of this innovative and radically better-value solution that we have created for people with a short term cash need
BORRO has already gained a number of customers through the pre-launch test of its service. These customers have shown that the concept is very appealing and that the service works well.
BORRO is backed financially by the European Founders Fund which is also invested in businesses such as Facebook and Linkedin and has previously founded and sold companies to eBay and Verisign.
The launch of BORRO in the UK is the first of an intended international roll-out of the business, to include other European countries and the U.S.A.
For further information, interviews, case studies etc, please contact: Martin Campbell at BeaconStrategic telephone +44 (0)7802 634 695 or email martin@beaconstrategic.com
Short Term Gains From Strong Penny Stocks - Thanks to the recession in the USA, created by the body blow that was dealt to the real estate industry and the home loan industry in the country, many traders in the stock market are now scared stiff .. (142 Views)
Could short-term ‘payday’ loans help young Brits with debt problems? - Around 3.4m Brits under the age of 35 will find themselves saddled with long-term debt problems because they only make the minimum monthly repayment on credit cards, according to USwitch.
There are .. (134 Views)
Penny Stocks For Short Term Gains - The business environment has grown to be very volatile. Many countries including the USA are facing grave recession, so much so that people have fled their homes fearing creditors. This has happened d .. (122 Views)
Laptop Computer Rental: Best solution for short-term access - Laptop computer rental are considered as the best solution for meeting challenges in business world. This strategy of renting the laptop or computer helps the people to controls their expenses. Apart .. (115 Views)
Short Term Gain From Rate Cut No Reason To Relax – Paymentcare UK - SHORT TERM GAIN FROM RATE CUT NO REASON TO RELAX – JOB LOSS THREAT HANGS OVER UNPROTECTED MORTGAGESRATE CUT relief for struggling homeowners could be a short-lived boost for those risking redundancy a .. (107 Views)
Installment Cash loans, Short term Cash Loans - You always run out of money. Your credit history shows that youre not very good money manager. You suddenly need money to repair your home. But in all the circumstances that you always run out of mone .. (96 Views)
Auto Title Loans, Short Term Loans - Title loans have the same features as a secured loan, with the exception of a single aspect. Although secured loans no games on the type of collateral that is sufficient title loans specifically requi .. (86 Views)
