Borro: an online pawnshop for consumers in a pinch

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Given the current state of the economy, it’s timely to see a makeover of an age-old form of personal loans. Borro claims to be the world’s first online pawnbroker. The company, which was launched in August 2008, offers short term loans to customers who cannot borrow from banks or have maxed out their other options, giving them cash for jewellery, gold and memorabilia. After filling out an application form describing the valuables they wish to pawn, a borrower is offered a loan of up to 40% of an item’s value. Should they take the plunge, the borrower couriers their item…

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