Following one of the most credit rich periods through the late 90’s up to 2007/8, we are living through a time where borrowing has become highly restricted and for a great many people almost impossible to obtain. Without going through a history lesson, we are now paying the price for the years of plenty and banks and other lending institutions have now rediscovered the ‘virtues’ of discretionary lending. But for most of us there comes a time when we need cash in a hurry and the usual avenues are no longer interested or take too long. The demand for best loan deals has never fallen and that need covers the widest range of people.
This could be an individual needing to pay a tax bill, find the money for an immediate medical procedure or just require an extra sum to close the deal on a property purchase. Equally, business people requiring extra cash flow funding due to the challenging financial environment, needing to make acquisitions or purchase plant or machinery are just as likely to need access to immediate funding. The one common theme through both individuals and business people is that they have a financial requirement which traditional funding is now unable to fill. Rather than being financially insecure they, like many of us, find themselves cash poor at a time when they have an immediate cash call to meet.
Fortunately, there are now alternative funding sources available. More and more people are finding that they can raise capital by using high value personal assets as security for a short term loan – click on link for further reading. Jewellery, luxury watches, gold, fine art, antiques, sculptures and prestige cars are among the many types of assets which firms, for example, like borro.com are willing to lend against. Depending on the valuation, customers can expect to borrow up to 70% of the open market value of an item, which is then stored securely until it is redeemed.
Andrew Naylor, a GP from West Sussex, needed to raise finance to cover some building work which had to be completed on his listed property. He wanted to have money at his fingertips which he could use when necessary but wouldn’t be committed to repaying over a long term period.
Getting a loan from the bank proved to be difficult so Andrew started thinking about alternative options to cover the build period.
Andrew came across an advert for borro whilst searching online and was happy to learn he could get a loan secured against his boat. Andrew accepted our loan offer of £21,000 for his boat which covered the cost of his building work. Andrew was so impressed with the service he has recommended borro to his friends.
Andrew commented “It took a whole lot of worry out of my hands. I had complete confidence in the service and everything that was promised was delivered. The forms were uncomplicated and crystal clear. I would definitely use borro again… I wouldn’t use anyone else.”