It is being reported that Entrepreneurs in the UK are increasingly turning to pawnbrokers for loans. The prime reason appears to be because the traditional banks have been tightening their lending criteria. Chris Gillespie, chief executive of H&T, noted: “The majority of these loans have been used by small business owners or self-employed people.” The company reported a significant rise in high-value pledges, including Rolex watches. H&T’s pledge book grew to £105m, with income increasing by 11% to £55.8m.

BFS Comment:

A sad fact that we see this all too often, now due mainly to the Banks’ increasing risk aversion. Effectively this is just another form of security. In some cases, however, there are options, if you know where to look and who to talk to. If you need finance to grow your business and the traditional lenders can’t help, then come and talk to us at BFS. We can often help. Just call us on 01327 349779 or complete our enquiry form and ask for a free consultation.