Borro sees average loan value against Asian gold rise by over 300%
By Bridging Loan Directory -
- One in ten people using the borro service secure loans against 22 carat and 24 carat gold
- Majority of gold lent against at borro is Asian wedding gold
- Entrepreneurs borrowing against Asian gold are utilising borro’s services to grow their businesses
borro, the UK’s fastest growing personal asset lender, has seen a dramatic increase in borrowing against Asian gold. The average loan value for Asian gold rose from £1,350 in 2010 to £6,000 in January 2012 with one in ten customers borrowing against this type of asset.
borro has also seen a rise in entrepreneurs from the Asian community utilising borro’s services to grow their businesses by borrowing against their gold. Over 60% of borro’s customers are small business owners looking for quick access to finance with many needing to seize an opportunity or facilitate a transaction which will help their business.
Paul Aitken CEO of borro says ‘‘We have seen a big increase in the average loan value of Asian Gold in the last two years with one in ten customers using our service to borrow against this type of gold. We’ve found that this demographic is very entrepreneurial and sees enormous value in using our service to access the finance needed to help them grow their business.
“With recent figures showing 14.5m British adults own precious metal jewellery they never wear¹, it is not surprising that more and more people are looking at accessing finance from these assets. borro offers an alternative way of utilising the value of Asian gold without having to sell or smelt it down.’’
borro offers small business owners, entrepreneurs and all other customers loans of £1,000 to £1,000,000. The loans are secured against assets including Asian gold, diamond jewellery, fine art and antiques, prestige cars, luxury watches, fine wine and other high value assets. A transaction with borro is transparent, with all rates and processes made clear from the outset. There is no risk to your credit history and loans can be redeemed at any time without penalty. All assets including gold arriving at borro’s valuation centre are handled under CCTV, bar-coded with a unique ID code and photographed. The gold is stored 30 feet underground at borro’s secured vaults in Central London.