Features

Borro is an upscale pawn shop based in New York that allows people who own luxury items to get short-term secured loans without the need of extensive paperwork, or even as much as a credit check. The company was launched in London in 2008, and since 2012, also operates in the United States.

How Does Borro Work?

Borro accepts a wide range of assets as security for short-term loans. Acceptable assets include jewelry, watches, precious metals, luxury cars, fine art, antiques, fine wine and luxury handbags. The loan amount is based on the value of the asset, which remains in the possession of the lender until your repay the loan. If you don't repay the loan, your assets will be sold to cover the loan and pending interest. Any surplus from the sale is returned to the client.

How Much Money Can I Borrow from Borro?

Borro will lend you anything from 30% to 70% of the market value of the security, depending on the type of asset you pawn. The minimum loan amount is $5,000 and the maximum amount is $2 million. The maximum term is 6 months, but the loan can be extended if all interest payments are current.

What Are Borro's Interest Rates?

Interest rates range from 2.99% to 3.99% a month (36% to 48% a year). In California, the maximum rate is 4.99% a month (60% a year). You also must pay a storage and insurance fee of 3% to 5%.Your specific rate will be determined by the asset used as security and the size of the loan. The larger the loan, the lower the rate.

What Is Borro's Application Process Like?

You can apply online or over the phone. Then you send the asset you wish to pawn so it can be appraised. If it's not practical to send it by courier, Borro's appraisers will travel to where it is stored. If you agree with the loan amount and interest rate, approve the loan and the funds will be wired to your bank account.

How Is Borro Better Than Other Lenders?

Borro bridges a previously vacant niche between pawn shop and bank. A traditional pawn shop may work fine for a small loan of a few hundred or even thousand dollars, but will probably not be much good for clients looking for larger loans. Similarly, traditional lenders will generally not provide large unsecured loans without proof of liquid assets. Although Borro's short-term loans are not a long-term financial solution, they provide a discrete source of cash for people with not-so-good credit histories who need large sums of money pronto.

  • Credit bureau reporting
  • Interest APR
    36% - 60%
  • Joint loans available
  • Loan Amount
    $5000 - $2000000
  • No late fees
  • Max Loan Term (Months)
    6
  • Lend to military?
  • Institution Type
    Direct Lender
  • Approval Speed (Hours)
    48
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0 votes

Can someone tell which state is suitable to get loan from this site since I tried to get loan and I was told that is not from my state.


0 votes

My mom left me some valuables that I thought would be good for Borro. I have a big loan I owe and I wanted to get it paid off before it caused me any more trouble. Well, Borro doesn't seem to want most of my mom's valuables. They did take some family heirloom jewelry, which will help, but doesn't solve my problem.


0 votes

I thought I'd be able to pay off my loan within the six month period, but I couldn't pull it off. Fortunately, Borro allows you to pay the interest on the loan, and then they write you up a whole new loan. Not ideal, but it seemed an expedient way to deal with the problem. I should be able to pay it off after this second term is up.


0 votes

Having to pawn your favorite possessions--like your high-end car--is not an ideal situation by any means. Borro could make this process run more smoothly if they were a little nicer when you called in for assistance. I am already upset by this whole thing, so I don't need their attitude on top of it all.


0 votes

I never thought I'd be in the predicament I'm in, but it happened. I am nearly broke. So I had to bring in my jag--ouch, it hurts to even say it. Got some quick substantial cash using my baby as collateral. Hoping to get it back soon and need to get it together--obviously.


0 votes

Sometimes even rich people get into a financial jam or at least people who at some point could afford luxury items. Borro works like a pawn shop for the elite. With Borrow, you can get a loan from 5,000 to 2 million dollars against the value of a Rolex watch or a Lamborghini within 24 hours without so much as a credit check. But dont try approaching Borrow with low-rent items like that electric guitar you bought in high school that just wont fly.

0 votes

Great alternative for those with valuables wanting to trade them for quick money. Interest rates are super high, obviously. If you don't repay the loan, your assets will be sold to cover the loan and pending interest. Any surplus from the sale is returned to the client.


0 votes

Wish I didn't have to resort to pawning off family heirlooms, but I see no way around it. I am applying right now, and so far things are going a bit slow. I have a good friend who had great results, though, so I'm hoping that things look better with it soon! I will find out in the next few days.


0 votes

Didn't really want to pawn my ring that my mom gave me (sorry mom), but paying the mortgage was more important. I'm hoping I can get it back soon, though, as it was really sad to see it go. They did give me the money I needed. Interest rates were pretty astronomical, though.


0 votes

My husband is probably rolling over in his grave, but since he was stupid enough not to take out enough life insurance, I had to essentially pawn my jewelry. Not all of it, though. I just brought in the stuff he got me that I didn't like. Feeling a lot better financially!


0 votes

Got the money I needed by basically pawning some jewelry. I wasn't thrilled when I found out toward the end of the transaction that I had to pay some extra fees for "insurance" and "storage." For the interest I'm paying, the company should be paying that.


0 votes

Brought in a bunch of stuff, including some electronics, but they wouldn't take them. They did take most of the jewelry I brought in, though, so I was able to get enough money. This is the first time I've gone this route to get money. The jury is still out, but so far I've found the process to be okay. Not happy about having to pay extra fees.


0 votes

There's an old Chinese proverb my grandma used to say that goes something like "fortune and flowers don't last forever." Boy, were they right. I lost a lot of my fortune. What is left I am pawning off at Borro. Fortunately, the process has been pretty smooth and I got a good chunk of money.


0 votes

Be forewarned that this place is pretty picky about what they will take for collateral. I would call ahead and ask about each of the items you intend to pawn to make sure they will pass muster. Otherwise, you'll be waiting to find out that you don't have the loan you want.

1 votes

For borrowers with valuable collateral, Borro is a viable alternative to bank loans, pawn shops or payday lenders. Borro can be roughly described as a cross between a pawn shop and a secured loan with a bank. Borrow only provides collateral based loans. But unlike conventional banks, Borro does not accept houses or real estate as collateral. Unlike pawn shops, Borro does not accept electronics as collateral either. The list of items that Borro does accept as collateral is narrow and precise: jewelry, art and antiques, high-end automobiles, gold and ... precious metals, luxury handbags and fine wine. Like a pawn shop or payday lender, Borro promises fast transactions, with transfers into your account in as little as 24 hours. There are no credit checks or redemption fees, so borrowing does not adversely affect your credit rating. Although Borro's lending model is unusual, the business itself is reputable. Borro is accredited by the Better Business Bureau and carries an A rating with the agency. Borro has also received positive reviews in publications such as Red Herring and the BBC. More Less


0 votes

Not surprisingly, they don't take just any old jewelry or cars, etc. Do your homework ahead of time to make sure that they want what you got. If they don't, you'll know ahead of time and can move on without wasting any time. I have a friend who lost two weeks to this place and then had to start again. They did want what I got, though, and I got a decent loan.


0 votes

A pawn shop for rich people. I would have laughed before when I was living the cushy life, but in the last year things have gone south. Now I am pawning some of my jewelry. They gave me the money I needed, and the process didn't take too long. I can pay a much needed bill. So I'm doing pretty good-considering.


0 votes

If you have valuable that you care about but can live without, this is a pretty good alternative to going to your local pawn shop. For one thing you'll get a lot more for valuable items. I would suggest, though, not parting with anything that you would really miss. I'm sure you can get things back, but then again, who knows.


0 votes

Find out what the interest rates and the maximum amount borrowed is in your state. It might not even be worth it to go ahead and get a loan from them. I found out the hard way that it would have been more expedient for me to go somewhere else, but now it's too late and I've got a loan for less than I wanted.

0 votes

They still cant get it right! They have admitted to making mistakes on my accouhnt but for some reason refuse to fix it. Get it together people!


0 votes

My biggest problem with this whole concept was how well my things would be treated while Borro "borrowed" them. After some research, I discovered that they store cars in a climate controlled enviornment and wine, which I happen to have, is stored in the right lighting and humidity. Once I felt assured that my things would be safe, I was okay handing them over in order to get the loan.


0 votes

Terribly upset that I had to resort to pawning my jewelry,but that's where I'm at. I did so to try to hang onto my house. I've been in real financial trouble since my husband died and left me with no life insurance. So here I am, hawking my pearls and hoping that I don' t end up a bag lady. Not what I expected at this point in my life!


0 votes

This is a lot longer process than I was led to believe. I understand that you have to send the items for appraisal and that takes some time, but it took forever. Then I find out that half of what I sent they don't want. So have to get those items back and figure out if what they're offering me is even enough.


0 votes

The process wasn't too bad. You fill out a form online with your contact info and the items you want to use as collateral. They then contact you. If you have at least 10k in stuff and you live in NYC, they'll come to your house to do the valuation, which was nice. I was able to hand over a few things--hopefully temporarily--and get some much needed cash.


0 votes

Considering that you're handing over your possessions, the APRs seem kind of high, but I took the money and ran, because I really needed it. I don't think I'll do this again, because I find it somewhat cumbersome of a process to get them your stuff and then have it valued and then hope that they take it all and give you your money.


0 votes

Kind of a long process since you have to deliver your valuables to Borro and then they have to appraise them. I do like how you can pay off the loan early if you like. And the interest rates aren't too bad. From what I can tell, the valuables are stored in a secure environment.


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