Sunday 19 February 2017

Valuable items used to secure loans

Published 13/11/2011 | 12:11

An 18th century bible is one of the items customers have used as collateral to borrow money, according to an online lender
An 18th century bible is one of the items customers have used as collateral to borrow money, according to an online lender

Britons are tackling their cashflow problems by using an increasingly unusual array of their own treasures to borrow money, an online lender has said.

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Borro reported that a tank, two Ivor Novello music awards, an 18th century bible, Beatles memorabilia and a Henry Moore sculpture have all been put up as collateral recently to borrow money.

Paul Aitken, chief executive of borro, said: "It is fascinating to see the wide variety of customers and assets coming to us at the moment.

"People are undoubtedly being hit by these tough economic times and are looking at different ways to raise the money to help them pay for those unexpected financial situations.

"Many people are realising that they have some very interesting and valuable personal items sitting in their homes or in storage."

The tank secured a £10,000 loan, while the Ivor Novello awards allowed the borrower to get their hands on £2,500, the lender said.

A £50,000 loan was made against the sculpture and the Beatles goodies secured £32,500. A £200 loan was made against the bible.

Borro said most of the assets it holds are stored 30 feet underground at a facility in central London.

Mr Aitken said the vast majority of customers returned to reclaim their assets.

Press Association

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