Unbolted Store Loans | www.unbolted.com
Unbolted is a brand from Open Access Finance Ltd that has been operating through www.unbolted.com since November 2014. They have tended to fly under the radar since launch, although we have noticed increased ad spends throughout 2016. They were also discussed in an article from The Guardian back in 2015. In this article they were headed as a Wonga-style pawnbroker. I think this is a daft headline to call, since they target high-end goods only and so they are never going to appeal to the mainstream. We have grouped this firm in the pawnbroker store loan category, but they do only have a single office that you can visit in London.
This service is certainly one of a kind. Where else can you find a peer-to-peer pawnbroker that specifically requires your luxury goods? They have also gone ultra niche with their product line. The main offering of interest here is their personal asset bridge loan. Other loans in the line include bid now pay later, sale advance and small business. Starting with personal asset, they are seeking classic cars, diamonds, fine art, musical instruments, watches etc. They head 80% loan-to-value on a term of 6 months. They charge between 1.10% and 4% monthly depending on the item’s value and there is a 3% fee. Funding starts from £500 and there is no upper limit cap.
Sale advance differs in that your item is sold outright. They advance between 40% and 70% of the auction reserve price with interest charged at 1.50% monthly that increase at 2 months to 3% (some sales can be scheduled for weeks or even months). The key feature with this product is that no commissions are charged. Bid now pay later is an unusual product where you’ll be acquiring an item through their partner auction house. You’ll need to pay at least 30% as a deposit. Funding covers 70% of the hammer price. The term is 7 days up to 6 months and the interest is simply 1.50% monthly. Few details are provided on their small business funding option.
When pawning you’ll be asked to upload a picture with the items then being sent by next day courier that is free and fully insured. Once accepted, they quickly pay. An Unbolted login is in place at www.unbolted.com. The lending as noted flows in from the general public. Returns are headed as 8% per year (Gold Trust) or 10.5% (Provision Trust). A combination of each is possible. Their office is located at Lloyds Avenue (EC3N 3AX). Visits must be made by appointment only. Their opening hours are not disclosed. There are some impressive features seen in this service, but the problem is that they don’t have much of a track record as someone like Borro does in this space.