Bank executives pawn belongings for Christmas

According to recent reports an increasing number of executives are pawning their expensive belongings in order to raise money to fund Christmas. Many executives have suffered as a result of the turmoil in the banking and financial industries, and many may miss out on bonuses that they may have become used to over the years, and which may have normally gone on funding the cost of the festive season.

City slickers are said to be pawning all sorts of luxury items, from expensive jewellery to sports cars in order to raise the money that they need. One online pawnbroker said that there are been a definite increase in the number of executives that are pawning belongings to get their hands on some money.

An official from the pawnbrokers said: ‘Banks just aren’t lending. So clients are coming to us because we offer quick, relatively cheap short-term liquidity – and we do not scrutinize their business motives or personal financial status. We don’t need to. Our business is about making secure loans against personal valuables at the fairest valuation and best rates in the industry.’

He added that if a client defaults on the loan then the collateral is sold at auction to cover the cost of the loan. However, he added: ‘We don’t want anyone to default. We’re a lending business, not a retailer. Basically we want people to come back again and again. Nine out of 10 of our customers repay their loans and come back when they need to.’