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Pawnshops for the posh

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    New stores court high-end borrowers

  • Duration 2:52
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Other called -- -- for the posh high end dealers are loaning out millions of dollars for -- personal items.

You know what in a down economy these lenders are seeing quite a lot of business is booming -- black is the CEO and founder of borrowed dot com a company that provides short term loans in exchange for luxury items he joins us right now.

With some of those items welcome.

Thank you -- a little about what about this climate make sure we -- make sure stuff perfect.

But I think that clearly the banks not lending as much they used to and people look at full time since there's lots of other.

We'll sense -- -- out that would just one happens to be lending against these types of types of assets and get typically.

If we've -- legs was Mike who consider selling NASA needs -- gets lost -- -- a lot of your businesses are a lot of your business is small business owners who were just kind of pinch they can use anybody for a couple of months -- -- a second right and you know we -- customs come back again and again and again because that's sometimes -- where they may have.

I cash -- issue sure to tell us how monsters showing his gorgeous ring right here yep which is diamond and and is it released yet let's revisit some sort -- -- half kind of sort of being.

Twelve and half thousand -- so I know that I walk into your place what do you it.

Well you find some logs for coming on line we've got offices in -- -- -- -- and -- -- that we've -- -- who -- -- -- who -- houses.

Will basically give you an offer for loan -- and purely to take on off if you take care of you penny of interest each month and then -- and Clinton when you comprise about him on board.

And indicted by tonight's sent people pay back OK so what's the percentage rate when he what are you paying interest float it ranges anywhere from two and a half to 4% -- -- which sounds expensive but if you sell a -- that you're gonna give away a lot of -- because of the commissions to auction sites.

But also how the whole idea is it short term.

Absolutely 45 months and a great thing -- you take all sorts of stuff you in addition to the ring like I Gretchen -- there's a Patrick Philippe watch.

A right here we've got Salvador Dali.

Any change in what is blue and final here so this is this rules once official it's now piece -- -- I spun off to -- -- his friends in the open and you for faulty -- views.

Thoughts about a 101000 -- -- we do a lot of different types of fine art antiques.

False cause turbine wind to convert colonists -- still it's a win win.

You got it.

I'm you know you're you're investing -- taking the -- and yet you're providing money with a -- -- -- and -- the united I think the clearest indication of it being a win win is the level repeat customers.

-- -- repeat right up to eighteen months which is extraordinarily only.

So its borrow without the WOR.

RO dot com right policy in the CEO and founder creating a fascinating new business ideas thanks so much can mama I might -- my clarinet -- -- though that I awakenings you've got candidates -- -- those -- -- that.

I thank you very much at fault really like -- --

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