Growth in use of pawnbrokers to pay for summer holiday.
Article by Paymex 31st Aug 2010 00:00
Research by Borro.com, the UK’s first online pawnbroker, has shown that that over 30% of their customers have taken out a loan since the beginning of June to raise funds for their holiday, with the average loan being £1,050 – which equates to the cost of a holiday in Majorca for a family of four.
In the last month, Borro.com has taken in more than £2million worth of valuable assets including watches, jewellery, gold and antiques. Paul Aitken, CEO of Borro.com, comments: "Both young professionals and families look forward to their holidays abroad and rather than cancelling plans due to a lack of money, they are looking for other ways to fund them. Our customers are increasingly telling us that in these difficult times, we are among the most readily available and reliable sources of short-term finance around – and it’s for reasons such as holidays that our service is a real benefit."
A spokesman for debt solutions experts, Baines and Ernst, commented “Pawnbrokers provide a valuable service to a great many people but regular use of their services may indicate an underlying debt problem that needs to be addressed. People who are using pawnbrokers to keep up with their credit commitments should seek professional advice about their options as a matter of urgency.”
Baines and Ernst Ltd