May 19, 2010 01:00 ET

2 Million Complaints to Banks While Pawnbroking on the Ascendant

LONDON, UNITED KINGDOM--(Marketwire - May 19, 2010) - It has been revealed that at the end of last year, more than two million complaints were made to the country's banks. The Financial Services Authority disclosed the staggering information, as pawnbrokers continue to celebrate increased interest in their industry due to the loss of trust consumers are feeling towards Britain's banks.

The complaints were spread across six months at the end of 2009 and included a wealth directed at the charges for unauthorised overdrafts. Following taxpayers saving the banking system with billions of pounds last year, the complaints show that consumers feel betrayed and used while the banks look after their own interests and not those of their customers.

While they will have to work hard to regain the public's trust, it seems the pawn broking industry is going from strength to strength. Despite initial fears of high interest rates, people are turning to pawn shops as an alternative way of finding cash fast. Customers claim they feel more at ease with the experience than going to the bank for a loan as the charges they face are more transparent, plus they have less chance of being turned away if they do not have a perfect credit rating.

It signifies the dawn of a new era for pawn brokers, who have long suffered a reputation as an unsavoury business for quick fix solutions. However, in the current climate with the recession making job losses rife and cutbacks on spending along while facing financial uncertainty with a new Government as well as an emergency Budget on the horizon, pawning offers a hassle-free and straight forward resolution. Plus, the world's first online pawn brokers, Borro, have made it even easier to do – now consumers need only search on 'pawn watch' within Google and within the same day they can have a quote back on almost item within the same day.

Pawnbroking provides a better quality of service to its customers than High Street banks, says the boss of the UK's leading online pawnbrokers, Paul Aitken, CEO and Founder of "I've been disgusted at the way the banks have treated people and especially small business owners in the UK. People might think pawnbroking has a downmarket reputation but the modern pawnbroking industry is far more transparent than the High Street banks. All of our costs are rolled into a simple monthly interest rate and therefore customers will not receive any additional unauthorised charges throughout their repayments. Our customer service is second to none".

The interest in companies such as Borro looks far from dying down as the economic crisis rolls on and the British banks struggle to instil faith in their customers any time soon.

About Borro: offer customers from across the UK on average twice as much for their valuables than they would receive from high street pawnbrokers. It's also unique as it has a team of experienced valuation experts who have all worked for leading auctioneers and salesrooms including Sotheby's, Bonhams and Christies. Headquartered in Oxford with offices in London was the UK's first online pawn shop, changing the face of pawn broking by offering consumers a discreet, safe and hassle-free way to borrow money against their personal valuables.

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