Rise in lending against gold for borro

Borro has reported a large rise in borrowing against Asian gold.

The average loan value for Asian gold rose from £1,350 in 2010 to £6,000 in January 2012 with one in 10 customers borrowing against this type of asset.

The asset lender has also reported a rise in entrepreneurs from the Asian community utilising its services to grow their businesses by borrowing against their gold. Over 60% of borro’s customers are small business owners looking for quick access to finance.

Paul Aitken, CEO of borro, said: “We’ve found that this demographic is very entrepreneurial and sees enormous value in using our service to access the finance needed to help them grow their business.