14 May Covid-19 spurs calls to unlock value in assets
In a potential sign of the strain the Covid-19 lockdown is having on the economy, we have seen an increase in the number of individuals and businesses seeking to take advantage of asset finance.
Premier, is seeing a steady growth in clients who have never previously used its asset finance facility, as well as significant strategic positioning by its large portfolio of existing customers.
And while the pandemic emergency lasts, Premier is also extending its discreet and preferential alternative service to employers who are facing short-term liquidity problems while they deal with the immediate costs of shutdowns.
Premier believes its offering is more relevant now than ever before, particularly in assisting the cash-flow of employers who are keeping workers on the books through the Government’s Coronavirus Wage Subsidy Scheme, thus “doing the right thing” by their staff.
“By level 3 of the crisis, we were seeing a definite increase in contact from individuals who have never previously used our services.
“In these times, our product is extremely viable for the challenges faced by many individuals and business owners, so we are expecting things to get steadily busier.
“As far as employers are concerned, it is clear that many people whose businesses have been affected through no fault of their own are facing serious cashflow headaches.
“While the Government’s intervention is very welcome, it is anticipated that some form of cash flow is going to be needed long past the wage subsidy leaving a significant period for them to fund.
“While we all hope to get through this, it would be hard if businesses with a viable long-term future were irretrievably harmed by a temporary funding shortfall, and we are keen to help them meet the challenges they are currently facing.”
Premier Pawnbrokers are willing to advance up to 60% of the value of a very broad range of assets worth in excess of $3,000. They must be personally owned, as company-owned assets are not eligible.
The immediate attractions of the service include:
- Discretion– asset finance loans leave no trace on credit ratings and all enquiries are treated with strict confidentiality;
- Speed– decisions are made on the application;
- Availability – while many asset finance organisations have closed their doors, Premier Pawnbrokers remains open for business;
- Rates– already industry-leading monthly rates, with no minimum loan terms, no up-front fees.
“At times like this, when people are in isolation, assets such as second cars, luxury watches, pleasure boats and motorcycles can be used to quickly realise funds. Rather than selling them at a loss, they can be safely lodged with us and recovered when the immediate cash needs recede.”