borro has revealed that nearly a quarter of its loan book is made up of customers in their 50s after a 56% increase in the number people in that age group using its services since 2009.
borro has witnessed an even bigger rise of over 60s utilising its service, with an increase of 66% since 2009. A third (31%) of customers over the age of 60 have completed more than one loan, highlighting the prevalence of repeat customers at borro.
Across the board, the personal asset lender has seen a huge range of interesting, unique and high end assets come through its doors including works of art (for example an Ed Ruscha canvas that achieved a loan value of £150,000), high value jewellery, colourful loose diamonds and wonderful collections of vintage wine, and this looks set to continue as lending conditions remain tight.
Paul Aitken, chief executive officer of borro, said: “Baby-boomers are realising they have some very interesting and valuable personal assets sitting in their homes or in storage which can be used to release capital.
“Against the current economic background, we are seeing pre-retirees and retirees looking for savvy ways of raising money to perhaps supplement disappointing pension payments or to pay for unexpected financial situations.
“Unlocking the value of unique personal assets provides a solution that doesn’t involve permanently parting with valuable assets that may also be family heirlooms with a great deal of sentimentality attached.
“Borrowing against personal assets is a fast alternative to equity release from property and also doesn’t require any credit checks.”