Every business started somewhere. Most business ideas are a simple dream and we all know that it is money that breathes life into the dream. As an entrepreneur or start-up business owner, you are bound to be well aware of the fact that while money should not make the world go around, it does. Without it, your business would simply flounder instead of soar like it should. But what if you don’t have the funds readily available? The answer: a small business loan.
The thing about small business loans with most financial organisations is that they need to be secured. That usually means property or investments and, let’s face it, that is not always possible when you are just starting out. Well, we have a better solution for you. We offer a simple loan model that allows individuals to use their paid off vehicle as collateral to secure a small business loan. It is easier than you think to get your loan approved with us and that is not because we don’t take the Credit Act into account – it is because we have sharpened our pencils and put our thinking caps on to come up with alternative loan options.
Normally, loans are not easy to get. Most financial institutions will require you to be employed on a full-time basis, provide proof of income, pass an affordability assessment and have a particular credit score or rating. At XCELSIOR, we always encourage our clients to make wise and affordable financial decisions, but we won’t put you through the checks and assessments. All we need for you to qualify for a loan with us is a fully paid-off vehicle that is registered in your name. Using your vehicle as collateral means that we will hold it in our safe and secure storage facility for the duration of your loan.
How Much Can You Loan When Applying for a Small Business Loan?
When taking out a small business loan, it is important to do a few calculations to ensure that you get the amount that you need. Expenses can crop up at any time and it is best to be prepared. Of course, we have our limits in place to safeguard both parties. Your vehicle will pay a big role in how much you can loan. Once our assessor has determined the actual value of your vehicle, we can pay out only up to 50% of the value. Our loan minimum amount is set at R5000 and the maximum amount is R500 000. Should you be happy with the loan amount offered to you, simply let us know and you can have the cash transferred on the very same day.
It is a simple process to apply for a small business loan at XCELSIOR and it is something that we are proud of. If you would like to discuss your options with us, send us an email or give us a call at any time. Alternatively, complete the online application form to get the ball rolling.