People Pawn The Weirdest Things
LONDON (Wireless Flash - FlashNews) – These days, people try to pawn the strangest things for quick cash.
Emma Pankhurst of UK-based online pawnbroker, borro.com, says a farmer recently tried to pawn his livestock in exchange for cash.
Borro had to turn down the offer since live sheep and cows can’t be easily kept in their storage facilities.
Bizarre items people have successfully pawned include a set of gold teeth, a platinum belly piercing bar, and a rowing singlet worn by Olympic athletes.
The most commonly pawned items are fancy watches. Pankhurst once heard of a man pawning his in order to fund a wild night out.
One lady pawned her jewelry to buy herself a plane ticket to meet her father for the first time in 40 years.
Pankhurst says many customers use pawn loans to pay for plastic surgery, divorce lawyers, or medical bills. Their services have come in especially handy amidst the economic crisis.
THE mega-rich are feeling the credit crunch pinch — pawning designer watches, super cars and even an aeroplane to survive the recession.
Pawnbroker Paul Aitken, 37, revealed he has been offered the amazing haul of goodies by hard-up bankers, premiership footie stars and desperate property developers.
He has currently collected six Rolex watches, two Ferraris, a Porsche — and the aeroplane — after they were traded in for cash.
Both Ferraris — F430 F1 paddle-shift models worth a total of £270,000 — were pawned by bankers who lost their jobs.
Crisis
The £75,000 175mph Porsche 911 Carrera 4S was traded in by a property developer whose assets crashed, leaving him desperate for capital.
While Mr Aitken acquired the aeroplane, a French-built two-seater Cap 10 aerobatic stunt plane worth £100,000, four months ago when its owner fell on hard times.
The Rolex watches are among more than 1,000 designer timepieces, worth a total of £1million, which have been used as deposit for pawn loans.
Among them are a Breitling Crosswind diamond set worth £3,000, a £33,000 Lange & Sohne Flyback Datograph gents wristwatch in 18ct rose gold, and a £20,000 Patek Philippe 18ct gold gents wristwatch.
Mr Aitken, managing director of online pawnbrokers www.borro.com, said: “We’ve seen the biggest economic crisis hit this country for years, and everyone is feeling the disastrous effects.
“When someone rang us asking to pawn his Ferrari we thought he was joking.
“This really shows how hard the recession has hit people - even those who are well-off have had to adjust their standard of living.
“Last week a newly married man gave us his Rolex watch his wife bought him as a wedding present.
“But he isn’t alone, as many wealthy businessmen are having to take extreme measures once they’ve realised they aren’t able to maintain their lavish lifestyles.
“And that might mean giving up the keys of their Ferrari, Porsche or plane for some much-needed cash.”
The established high street banks used to be perceived as solid and reliable, while pawnbrokers were viewed rather negatively. Now, it’s the other way round. When a secured or unsecured loan goes bad, it frequently leads to adverse credit ratings, debt collectors, court actions, bailiffs, asset seizures, repossessions – or worse! Unless it’s a pawn loan!
A pawnbroker will never sell you a loan you can’t afford, or leave you with a debt you can’t settle - one way or the other. Although a bank loan, overdraft or credit card might have a relatively low headline APR or interest rate, if you get into trouble, all sorts of punitive extras can be added, such as late payment charges and default penalties - plus interest! This can end up costing you more than a pawn loan, and making your life a misery in the process.
While this young lady may have some of her facts straight, her reality is a bit skewed. She has obviously never been in a position where she has been exempt from mainstream forms of credit, had to pay for a bounced check fee, a utility reconnect, or even experienced difficulty purchasing a tank of fuel to get to work for the rest of the week. Pawnshop loans have their place in society, especially with current credit markets. Why condemn them when no reasonable alternative is offered or available? This type of soap box thinking proves most harmful to the consumers they are actually trying to protect. Pawnbroking is still the most civilized form of short-term credit.
From borro.com, the first truly online pawn shop in the UK:
Attitudes to Pawnbrokers Are Changing Fast
July 22, 2009 · Filed Under Short Term Loan
Attitudes to Pawnbrokers Are Changing Fast
Before the Second World War, Britain had more pawnbrokers than it had pubs. Then the welfare state happened! Now attitudes are changing again. The rise in popularity of car boot sales and eBay has made people more comfortable with dealing in their own possessions.
These days, it’s cool to turn your assets into cash online, and also to use your personal assets to negotiate the short term secured loans and personal loans that the banks won’t touch since they gambled all our money on spurious get-rich-quick schemes.
Even high net-worth individuals, fed up with the attitude of credit-crunched banks are using their assets as security for collateral loans. Paul Aitken, CEO and Founder of Borro.com, the world’s first online pawnbroker commented, “It’s not just brand names like Ferrari, Rolex and Bulgari we’re seeing. In recent months we’ve advanced asset-backed loans against sculptures and paintings by some of the the most distinguished names you’ll hear in auction rooms, as well as some extremely rare military, entertainment and sporting memorabilia”.
Because Borro.com operates online 24/7, the benefits of pawnbroking are now available to a more upscale and discerning clientele – in a totally discreet, convenient and safe manner. And it also fast! All goods are shipped by pre-paid, fully insured courier, and all monies are transferred electronically, into any UK bank account nominated by the borrower.
Borro.com is UK government regulated, and all Borro contracts are approved by the Office of Fair Trading. Borro contracts are totally straightforward and easy to understand. Unlike many alternative short term loan contracts, Borro never levies any nasty hidden extras, such as start up fees, admin charges, early settlement fees (you can pay off a Borro loan whenever you like, and you only pay interest during the time you use the loan), late payment fees or default penalties.
With a Borro loan, you can never get in over your head, or take on a debt that you can’t afford. Even if you decide not to extend or pay off your Borro loan, you will be given ample notice if your pledge needs to be sold to settle your loan, and any cash left over is sent straight back to you.
With Borro.com, there are never any credit checks, intrusive questions, bureaucratic delays, debt collectors, court actions, bailiffs, asset seizures or repossessions - ever!
If you want easy cash, and fast cash at low rates in the form of an affordable, low interest rate loan, visit online pawn shop, Borro.com. For a cheap, no risk short term loan, phone leading short term loan provider, free, on 0800 756 9877.
