Zillidy launches in time for the holiday shopping season
-New lending model expects to change the image of today's pawn industry -
TORONTO, Nov. 26, 2012 /CNW/ - As eBay changed perceptions about flea markets, Dollarama changed the image of dollar stores, and FanXchange changed the concept of ticket scalping, Zillidy is now doing the same to the pawn industry in Canada by transforming personal asset lending with its company launch.
Gone are the days of walking into a sketchy pawn shop and saying goodbye to grandma's ring for less than its full value. With Zillidy, clients apply online for a loan from the comfort of their home, leverage the full value of their jewelry, watches or precious metals, and rest assured that their asset is fully insured from the time it leaves their possession until the time it is returned. Clients can even view their asset throughout the loan period by webcam from a fully secure vault facility under 24-hour surveillance.
Designed for modern times, Zillidy was created for people who demand excellent customer service, want total convenience and seek larger loans. Until now, people who were 'stuff rich' but cash strapped only had the option of applying for bank loans, using credit cards, or turning to family and friends. For many, these options are not available or attractive for reasons including credit score impact, timing, loan size or confidentiality.
"Clients borrow money using their high-end valuables without having to sell them," said Zillidy founder and CEO, Steven Uster. "Our clients have jewelry, watches or gems from when they were first married or gifts they inherited. They are asset rich but low in short term cash."
With the 2012 BMO Holiday Spending Outlook showing Canadians expect to spend an average of $1,610 this holiday season, quick cash and total convenience are messages Zillidy is banking on shoppers wanting to hear.
Service driven, online personal asset lending for larger loan sizes is new to Canadians, but increasingly popular in the U.K. and the U.S. where start-ups such as Borro and Pawngo are attracting customers and investors. "There is a lot of innovation happening in the alternative lending space globally," said Uster. "The category has been adding lots of creative ways to fund since banks are increasingly more stringent. Now Canadians are starting to benefit from this change. Using personal assets as collateral for a loan, or pawning, is losing its stigma and Zillidy will play a leading role in bringing personal asset lending into the mainstream."
Zillidy provides a pre-paid shipping label and immediately deposits cash directly into its client's bank account. Once the client has repaid the loan, the asset is returned. In the unlikely event the loan cannot ever be repaid, Zillidy will manage the entire process of selling the asset for its full value and return the balance to the client.
About Zillidy: Zillidy is a Canadian alternative finance company that provides personal asset loans using jewelry, luxury watches, gold and precious metals as collateral. The company offers complimentary appraisals and shipping as well as a flexible loan repayment schedule and impeccable client service. For more information, or to apply, visit www.zillidy.com.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/November2012/26/c3051.html
CO: Zillidy ST: Ontario NI: FIN FIN
-0- Nov/26/2012 14:00 GMT