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News - New short-term loan service launched

A new service has been launched to provide consumers with short-term loans through the release of equity from their belongings.

Borro claims to offer an alternative solution to unapproved overdrafts and payday loans, without requiring customers to submit to credit checks or significant risks.

It is to provide loans worth up to 40 per cent of the value of the item put forward with a six per cent monthly rate of interest.

Commenting on the new scheme, Paul Aitkin, founder and chief executive officer of Borro, said it allows people to "lend themselves money".

"Our approach allows us to keep our interest rates extremely competitive, ensuring that we offer radically better value than an unplanned overdraft or a payday loan," Mr Aitkin explained.

People can also avoid getting into bad debt because the company sells the items they have pledged to pay off the loan, he added.

Earlier this month, Moneyfacts reported that loan customers are currently expected to meet the highest level of repayments in the last six years as lenders continue to increase the rates on their products.

Source:http://www.beatthatquote.com/news/loans/new_shortterm_loan_service_launched.html?id=1491