borro reveals main assets used for loans

Nia Williams

January 7, 2013

The ten main types of asset used were: jewellery, watches, gold, fine art, antiques, luxury cars, wedding gold, diamonds, wine and antique silver.

The personal asset lender said it saw a 122% increase in funded loans for 2012 compared to the same period in 2011.

The average loan value for 2012 increased to £7,000 (up from £3,500 in 2011) and the average loan value to SMEs (who make up the majority of borro’s loan book) rose 41% from £17,000 to £24,000 since last year.

Paul Aitken, CEO said: “During 2012, in a climate where loans from traditional sources were few and far between, we saw clients using a range of high value assets to unlock necessary finance.

“An increasing number of individuals, entrepreneurs and small business owners recognise they have accumulated a wealth of personal assets that can temporarily be turned back into cash, quickly and easily.

“For small business owners and SMEs this is especially important when needing to realise a business opportunity that would not have otherwise been possible.

“The continuing growing demand for our service just goes to show that alternative forms of financing are becoming more mainstream.”

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