June 23, 2010 04:43 ET

Borro Predicts Pawn Uplift During World Cup to Fund Football Partying

LONDON, UNITED KINGDOM--(Marketwire - June 23, 2010) - Borro, Britain's first online pawnbroker, is predicting an increase in pawning in June and July as people seek to borrow money to fund spending on World Cup partying and other World Cup-related expenditure. 

The World Cup brings additional expenses for many people, ranging from parties and barbecues to new televisions and England football strips. These all have to be paid for, resulting in a need to borrow money to fund these costs. As banks and credit card companies continue to tighten their lending criteria, Borro predicts that cash-strapped borrowers will turn to pawnbrokers to get money to fund their World Cup partying and related costs. 

While traditional pawn shops are becoming increasingly difficult to find, Britain's first online pawnbroker is set to provide pawnbroking services to those borrowers who do not have a local pawn shop, or who want to use the convenience of an internet-based pawn service to help meet their World Cup party costs, assuming of course that the England team makes it through the group stages into the knockout stage of the competition.

Pawn brokers allow the borrower to hand over a valuable item as security for a loan, and in return they are able to borrow money without many of the formalities of borrowing from a bank. Pawning items also means that the borrower's credit rating is not affected if they are subsequently unable to repay the loan. This method of borrowing therefore has great benefits for people who have no credit record, or an impaired credit rating. With Borro, shipping items is free, and the whole process can be carried out online or over the phone, so there is no need for an interview or a branch visit at a particular time. 

About Borro

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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