Released on: August 28, 2008, 10:27 pm

Press Release Author: Paul Aitken

Industry: Financial

Press Release Summary: BORRO offers a fast, convenient, lower cost and responsible
new alternative

Press Release Body: LONDON, 29th August 2008 - 'BORRO' href=http://www.borro.com>www.BORRO.com launches today as the world's first
online service offering customers short term loans
through the temporary release of equity from personal assets such as jewelry,
watches, gold, gemstones, memorabilia and other valuables. BORRO provides a fast,
convenient and responsible solution when traditional sources (credit cards, personal
loans and overdrafts) are unavailable or are already fully utilized.

BORRO offers a lower cost solution compared to the charges incurred in using
alternatives such as an unapproved overdraft, or a href=http://www.borro.com>payday loan. In addition there are no credit checks
or risks, and no bad debt risks. The loan can be paid off whenever the customer
chooses during the six month term of the contract and the valuables they pledged are
then returned.

BORRO will lend up to 40% of the value of items pledged and charges interest at 6%
per month (4% or less for loans of £1,000 or more). There are no other fees or
charges of any kind. Loans of between £100 and £100,000 are available. Over 85% of
customers taking out this kind of loan repay their loan and redeem their valuables.


Paul Aitken, Founder and CEO of BORRO said, "We allow people to lend themselves
money through the temporary release of equity from their personal assets - all from
the comfort and convenience of their own home. Our approach allows us to keep our
interest rates extremely competitive, ensuring that we offer radically better value
than an unplanned overdraft or a payday loan.

The added benefit of our service is that our customers have no risk of accumulating
bad debts. If they can't or choose not to repay their loan, BORRO sells the items
they have pledged to repay the loan and returns any excess proceeds to the customer.
This means that the consequences of not paying off a loan are very clear - and that
it is impossible for our customers to build up any bad debt through taking out a
BORRO loan.

We are proud of this innovative and radically better-value solution that we have
created for people with a short term cash need"


BORRO has already gained a number of customers through the pre-launch test of its
service. These customers have shown that the concept is very appealing and that the
service works well.

BORRO is backed financially by the European Founders Fund which is also invested in
businesses such as Facebook and Linkedin and has previously founded and sold
companies to eBay and Verisign.

The launch of BORRO in the UK is the first of an intended international roll-out of
the business, to include other European countries and the U.S.A.

For further information, interviews, case studies etc, please contact: Martin
Campbell at BeaconStrategic - telephone +44 (0)7802 634 695 or email
martin@beaconstrategic.com

Web Site: http://www.borro.com

Contact Details: First Name: Paul
Last Name: Aitken
Title: Founder and CEO
Company Name: Borro.com LTD
Email: martin@beaconstrategic.com
Phone Number: +44 (0)7802 634 695
Address: Suite 5, 266 Banbury Road ,Summertown
City: Oxford
Zip code: OX2 7DL
Country: United Kingdom
Email: martin@beaconstrategic.com