Borro.com: First month's interest waived on all short-term loans

Borro.com, the UK's leading online pawnbroker, has announced that it is waiving the first month's interest on all new short-term loans made before 31st January 2009.

This is a direct response to the government's plea for cheaper consumer credit. With the recent reductions in UK interest rates slow to affect any real change in credit cost and availability, Borro.com continues to ensure that its interest rates are the best in its class and that loans are made available to everyone across the broadest range of personal valuable categories including everyday watches and jewellery, memorabilia and even fine art, antiques and luxury cars.

As the industry leader, Borro.com offers the lowest interest rates in its class, ranging from 3% to 6% simple interest per month, depending on the size of the loan. With an average loan term of 3 months, the effect of waiving the first month's interest is that the rates incurred on the average loan would be reduced by one third. For consumers who are unable to extend bank overdrafts or increase credit card limits, Borro.com provides one of the most readily available, cost-effective short-term loan offerings.

Paul Aitken, Founder and CEO of Borro.com commented, "The months of December and January are when access to personal credit is most restricted. This year, with the credit crisis, and banks continuing to trim consumers' credit card limits, there will be fewer options than at any time in the last 30 years. We are introducing our First Month Free offer now because the time is right. It also reinforces our leadership position in the market and clearly demonstrates our long-term commitment to reinventing pawnbroking."

"Banks are finally starting to pass on the effects of UK interest rate reductions, but the bigger problem is that they still aren't lending, " adds Mr. Aitken. "The good news is that we are doing both - lowering our rates and making short-term credit more accessible than ever by lending more against more categories of valuables than anyone else in the market. The other good news is that the process is convenient, discreet and our loans are processed in 48 hours."