Brits use bizarre collection of items to secure loans

The economic downturn is taking its toll on everyone as the number of Brits cashing in their valuable items and personal treasures to secure a loan has increased.

The list of items which are being used are also becoming increasingly eclectic.

According to one online lender, items including a tank, two Ivor Novello music awards, an 18th century bible, Beatles memorabilia and a Henry Moore sculpture have all been used to secure loans in recent times.

The tank fetched approximately £10,000, while the Ivor Novello awards secured £2,500 for the borrower.

A £50,000 loan was made against the Henry Moore sculpture, and the Beatles memorabilia was worth £32,500. However the 18th century bible only secured £200 for the borrower.

The number of weird and wonderful items being put up as collateral to borrow money is increasing as desperate times call for desperate measures.

Paul Aitken, Chief Executive of borro.com, told the Press Association: “It is fascinating to see the wide variety of customers and assets coming to us at the moment.î

“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.î

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

The company, which provides short term loans against luxury watches, fine art, classic cars and yachts claimed that the vast majority of customers eventually return to reclaim their assets.

Until they do though, the goods are stored 30 feet underground at a secured facility in central London.

Whilst not everyone has a tank to borrow against, there are many other options. Compare personal loans, payday loans and secured loans with Money Expert.

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