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Borro
Plugging the short-term credit gap
Borro is Europe’s first online pawnbroker – providing fast and convenient personal loans to consumers that are secured by personal assets. Loans vary from £100 to £100,000 and are typically used to help finance holidays, weddings and school fees. Borro aims to be the cheapest source of short-term finance for consumers.
To take out a loan, simply visit www.borro.com and describe the item that you would like to pledge. Borro instantly gives you a loan figure and sends you an insured package to courier the item. On receiving and checking the item, Borro advances the loan by a number of methods, including direct bank transfer or ATM card. The loan carries a monthly interest rate and, once repaid at the end of the typical six month term, the pledged item is returned by insured courier. In the case that the loan is not redeemed, the item is sold and any excess value after paying the loan and interest is returned to the borrower.
Borro was founded in 2008 and Eden participated in Borro’s seed financing alongside European Founders Fund. The funds will be used to deliver the Borro online proposition nationally in the UK and to prepare for international expansion.
Eden contact: Ben Tompkins
www.borro.com
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