Why use your vehicle as collateral for secured short-term loans?
Unsecured short-term loans and overdrafts entail lengthy credit applications. For one, your credit history must be checked. When you use your vehicle as collateral for credit, you do not have to go through the extensive background and financial status checks associated with unsecured loans. Your credit history is not taken into account as you are […]
Did you know you can use your car as collateral for a loan?
If your vehicle finance has been paid in full and you have the original registration papers as proof of ownership, you can use your car as collateral for a loan. Instead of applying for a micro-loan or an overdraft facility at the bank, you can pawn your car for cash. How does it work? The […]
How collateral loans against vehicles work
Collateral loans refer to arrangements in which applicants borrow money against assets. The best-known example is the home mortgage. The bank keeps the title deed to the property until the debtor has paid the full amount borrowed plus interest. The agreement entails instalments to be made on a monthly basis over a set period. Pawning […]
How to quickly get a loan with collateral even if you are self-employed
Did you know that you can quickly get a loan with collateral even if you have a poor credit history? And did you know that you can get the money in your bank account within 30 minutes of approval? Though it is a relatively new concept in South Africa, you can borrow money against your […]
Loans with car as collateral
XCELSIOR offers loans where you use your car as collateral as an alternative to conventional loans Financial institutions, such as banks, due to the credit crunch and many credit regulations in South Africa, are reluctant to lend money to people who do not earn salaries and have less than perfect credit scores. Small business owners […]