Pawning off your valuable goods might seem like a last resort option when financial times get tough, but even as the economy is on its rise, high-end pawn start ups are saying business is better than ever.
‘We’re up 94% year over year in terms of lending,’ said Borro CEO Paul Aitken. The company is on track to do $100 million in lending this year, bringing nearly $25 million in revenue. Borro has raised $145 million in funding to date.
The percentage of people not paying back their loans is declining and the willingness to pawn off a possession does not indicate that the economy is still doing bad.
Ultrapawn and Liquiditee CEO George Souri said his company is experiencing a high amount of interest from entrepreneurs looking to grow their businesses, but can’t secure traditional financing.