Borro – Pawnbrokers For The 21st Century

Borro are responsible for dragging the pawn business into the 21st Century by becoming the UK’s largest online pawnbroker.

You can borrow anything from £100 up to £1 Million with the cheapest interest rates of any other type of emergency cash lender and you can get your money within 24 hours without ever leaving your home.

Because you are securing the loan on an item of value there are no credit checks or repayment plans to comply with. You simply pay back the loan together with the accrued interest anytime you are ready to settle within the following 6 months.

How Borro Works

The online form is quick and painless to fill in (see it here opens in a new window) – your name and address, what it is you wish to pawn and what your considered second hand value of the item is. Depending on what the item is that you are pawning, Borro will then either send a courier to collect the item (at no cost to you), call at your home or if convenient you can take it along to their appraisal office in central London.

Once your valuables have been appraised Borro will email you a loan quote which you can accept online. If you accept the offer you will then be asked to provide some identification – again this is done online. You will receive your money on the same day.

The loan term will be for 6 months but you are welcome to repay the loan at any time, only paying interest on the months that you had the loan and there are no hidden early settlement charges.

How much will it cost?

Borro have by far the best interest rates of any type of emergency cash lender we have reviewed to date.

For loans up to £9,999 you will pay just 4.99% interest for each month (68.8% APR) you have the loan. This means if you were to borrow £1000 and pay it back after 4 weeks you would pay less than £50 to them in interest.

Compare that with a logbook or payday loan – for example Pound2Day will charge you 40% per month (5569.4% APR) which means the same £1000 paid back to them after 4 weeks would cost you a huge £400 in interest.

If you require larger loans then Borro lower the interest rates even further. For loans between £10,000 and £99,999 you pay just 3.99% interest per month  (53.6% APR) whilst any loan above £100,000 will cost you just 2.99% (39.1% APR)

The above is all you will pay. There are absolutely no hidden costs waiting for you as they pay for the courier service should it be used, the appraisal and even the insurance of your item whilst it is in storage.

What can I Pawn?

Borro accept all types of jewellery and luxury watches, antiques, fine art, classic or prestige cars, yachts, gold, loose diamonds and other items of value. They will even lend you money on a bottle of vintage wine!

Our Borro Review

Obviously to use this or any other pawnbroker service you will need to have something of value in order to secure the loan. If you do have something though, we strongly advise using Borro rather than a payday loan lender because you will pay far less in interest charges - as much as 10 times less.

Borro is ideal for items such as a valuable heirloom you don’t want to sell because it is passed down from generation to the next or for that sentimental present you could never part with. With Borro, these and other valuable items can be used to release funds you need to get your hands on without ever having to sell them.

Visit Borro pawnbrokers by clicking here.