British Families Pawning Heirlooms to Pay for Vacation

According to a recent report from the loan company Borro.com, families in Great Britain have been pawning their personal possessions in order to raise enough money to pay for a summer vacation.

According to a recent report from the loan company Borro.com, families in Great Britain have been pawning their personal possessions in order to raise enough money to pay for a summer vacation.

The consumer-oriented loan website claims that they have given millions of loans in what has proven to be a financially difficult year for many.

According to their press statement, the the UK's first online pawnbroker has found 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 GBP1,050 — or about US$682 — which equals the cost of a holiday in Majorca, Spain for a family of four traveling from London.

In the last month, Borro.com says they have accepted more than US$1.3 million worth of valuable assets including watches, jewelry, gold and antiques in exchange for cash.

Paul Aitken, CEO of Borro.com, comments: "Both young professionals and families look forward to their holidays abroad… 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."

Borro.com's innovative online service allows people to discretely and easily obtain short term loans, with 75% of customers being first time users of pawn broking or asset lending services.

By the way, contrary to popular misconceptions, Borro.com says that 90% of customers redeem their pledges at the end of the contract.  In other words, after they get back from vacation, British families are repaying their loans and collecting the family heirlooms left in hock.