The material on this website is for information only
and is not intended as any recommendation or endorsement of any products or companies mentioned. We are not licensed by the FSA to give financial advice, and none of the material on this website constitutes or is intended to constitute financial ...
News
KSDKShould the US ban 'rip-off' credit card fees?KSDKLet's take a quick vote. How many consumers are in favor of surcharges just for the convenience of using a credit card? Anybody? That's what we thought. The European Union and the United Kingdom agree with that assessment. New rules from the British ...
The SunLloyds Bank to repay £300million to 600000 customers over 'mortgage arrears errors'The SunIt is the latest scandal to hit the UK's biggest high street lender, which has already had to set aside more than £17bn for PPI mis-selling claims. Those affected will receive an average of £350 in repaid fees and interest and will not need to contact ...Lloyds Bank repaying £300 million to thousands of mortgage customersMetroLloyds Bank to repay over £300million to Brits after 'banking errors'Daily StarLloyds Bank to repay £300m to 600000 customers - around £350 each - over botched mortgage payment collections ...Daily Mailall 10 news articles »
AOL UKLowest number of new home mortgages approved for nine monthsAOL UKEric Leenders, head of personal finance at UK Finance, said: "June saw consumer borrowing from high street banks, which accounts for 45% of the overall credit market, maintain its slower pace as rising inflation put pressure on household incomes ...and more »
The SunPound to euro exchange rate – Sterling in muted climb as UK GDP grows by 0.3% in Q2The SunDon't pay for travel money with a credit card – it's likely you'll be charged a cash withdrawal fee which adds to the cost. Top up a prepaid card to lock in your rate now – Choose your card and read the T&Cs carefully as some apply hefty fees. WeSwap ...Pound to euro exchange rate – Sterling shows slight improvement after last week's lowsThe Scottish Sunall 22 news articles »
Review Calls for Pensions for Self-Employed BritonsChief Investment OfficerAn independent, government-commissioned review of modern working practices by Matthew Taylor, chief executive of the UK's Royal Society of Arts, has called on the British government to explore ways to improve pension provisions for the self-employed ...
Have you met...
Latest Members:


jhjnk


davidd


dasdsd


eltib


anyway


Edarabia


tom

 

General News

Email this story to a friend:

PAWN OF A NEW DAY

With credit hard to get and trust in the traditional lenders low people are looking for other ways to raise cash.
13-08-2009

Pawnbrokers have long suffered a poor reputation, but in these troubled times, confidence in the traditional forms of lending is low, with less than 4 in 10 people saying they would trust their bank to help them’.


People are increasingly looking at other ways to raise cash should they need to. For example, the majority of people would consider selling an item of value they owned to raise funds, although interestingly, if they could, most would consider taking a loan against their valuables rather than sell them.


However, when asked specifically about ‘Pawnbroking’ in a survey by Borro.com the online pawnbroker, the majority said they wouldn’t consider taking out a pawn loan, which confirms a major image problem with the Pawn Industry. With characters names such as ‘Arthur Daley’, ‘Fagin’ and ‘Del Boy’ springing to mind, only 4.5% of respondents had a favourable impression of pawnbroking.  And as many as 2 in 10 are put off simply by the name because it sounds like PORN.  


One aspect of this is the need to go into a store and carry out the transaction face to face as nearly a half of respondents said they would be more likely to take out a pawn loan if you could discreetly complete the transaction online. “High street locations seem seedy” was a common response.  This could be a reason why some people resort to door-step lending, not realising they are subjecting themselves to ridiculous interest charges.


The survey suggests that people are not only open to different forms of lending, but with nearly 1/3 of respondents already planning to borrow in the next 12 months and the tightening of access to credit from traditional sources squeezed, it will become a necessity for many people.


Borro.com is reporting a growth in business, with around 75% of its customers being new to pawnbroking.  Customers can complete a transaction online or make an appointment to see a valuation expert in an office environment.

Advertise with us  |  Privacy  |  Terms & Copyright                                                                                     Website maintained by USP Networks