Boomerang Lending Revolutionizes a 3,000-Year-Old Industry By Introducing a New Category of Loans for Affluent Consumers Seeking Quick, Easy and Confidential Access to Cash

DENVER, Sept. 28 /PRNewswire/ -- With no payments due for 6 months and costing 60 percent less than traditional collateral-based loans, Boomerang Lending's mid-term, collateral-based loans introduce a new category of lending for individuals who own high-value items and need $2,000 to $200,000 quickly to address a financial crisis or an opportunity.  

With 9.6 percent of Americans currently out of work and more than 20 percent considered underemployed, many individuals are facing mounting debt and few options for borrowing money. This includes those considered the most credit worthy. Furthermore, the National Federation of Independent Business reports that only 40 percent of small business owners had all their credit needs met when attempting to borrow money last year.

Boomerang Lending loans are similar to pawn loans in that they are made against personal assets such as jewelry. Unlike traditional pawn loans, Boomerang loans address the needs of affluent consumers with high-value luxury goods. Plus, the loans are executed discretely and securely online, with terms that last six months before a payment is required.

"It takes a minimum of six months to launch a business or to get back on your feet, and today's lending options provide too little time, are too stringent or too costly for those that just need a bridge to the other side," said Todd Hills, co-founder, president and CEO of Boomerang Lending. "We provide unique loans for the growing number of Americans with rising debt and too few appropriate options for borrowing money by doing what pawnbrokers have been doing for centuries, but online and for luxury items."

Boomerang Lending customers may be in between jobs or self-employed, which often makes it virtually impossible to tap traditional sources of capital that require consistent employment. Boomerang Lending helps them unlock the equity in the valuables they already own, such as fine jewelry, fur coats, gold, silver, collectibles, artwork and even motorcycles, cars or private jets.

With more than 25 years of experience in the collateral lending field, Boomerang Lending has developed a network of qualified brokers, dealers and auction houses to ensure customers get the maximum loan against their valuables. Boomerang Lending's internet-based model provides consumers with access to certified loan officers, who work with customers throughout the entire process.

"We specifically designed the company to ensure fast, convenient access to loans – and to be a highly personable experience as well," said Hills. "Our customers have access to dedicated loan officers who are committed to educating customers about the process and ensuring they are making the right decision for their situation."

Customers typically receive the loan within 24 hours without the requirements associated with long-term loans or the stress of having to repay short-term loans within 30 to 90 days. Additionally, the loan can be easily extended by simply paying the accrued service charge.

The Boomerang Lending Process

After filling out an online form, customers will receive a call from a loan expert who helps the consumer through the process, discusses the value of the asset and provides instructions on how to ship the item free of charge. From the moment the item is placed in the FedEx box, it is insured by Lloyds of London. Once Boomerang Lending receives the item and has performed an in-depth evaluation, the customer will receive a call back from a certified expert to discuss the item's value. The customer also receives an email with a link to a video audit of the entire evaluation process. Pending an agreement on the loan amount, the customer will receive cash the same day via bank transfer.

To ensure the safety and security of the item, Boomerang Lending catalogues, photographs, bar codes and then secures customers' valuables in a vault which has video surveillance and is audited weekly internally and quarterly by external auditors. Their certified professional staff is highly trained and thoroughly screened including drug testing and background checks.

Customers have six months to repay their loan, or have the following options. They can:

• Pay back the loan early and are only charged for the time of the loan
• Make monthly payments to lower the principal amount owed
• Extend the loan for 6 more months with an interim payment of the accrued service charge
• Not repay the loan. In which case, Boomerang Lending will sell the item and deduct principal, service charge and any fees associated with marketing and the sale of the item and then return any excess proceeds to the customer.  Defaulting on a Boomerang Lending loan does not impact an individual's credit report since the loan has been secured with collateral.  

About Boomerang Lending

A member of the Better Business Bureau, Boomerang Lending offers mid-term, collateral-backed loans quickly, securely and privately at 60 percent less than traditional short-term collateralized loans. Boomerang Lending executives have 25 years experience in the collateral lending industry. Based on its experience and proprietary valuation technology, the company guarantees premium value loans for customers' assets. Boomerang Lending provides personalized attention to its customers and maintains transparency throughout the entire loan process. For more information, visit www.boomeranglending.com.

SOURCE Boomerang Lending