Get a loan with your designer handbag

Borro provides secured loans, which are money borrowed from a lender that is secured by a luxury asset it holds as loan collateral. Generally speaking, Borro loans provide short-term (six months or less) capital. Borro loans have a fixed interest rate based on the size of the loan. Borro’s interest rates range from 1.5% to 15%, not inclusive of fees that may apply to some loans. For example, a $20,000 loan secured by a luxury watch could typically carry an interest rate of 3%, and also have an upfront fee of 2%. Over a six-month term, the cost of the loan would be six monthly interest payments of $600 and an upfront fee of $400. There are no minimum or maximum repayment periods on Borro loans. Borro’s loan terms are regulated by the states of Colorado and New York.