Car pawn for cash: convenient access to funds when you need it
Have you seen an advert for a business opportunity, but already know that the bank will not lend you the money? Don’t want to miss out since the income potential from the opportunity is huge? Don’t have anything of sufficient value to sell in order to get the funds quickly? What if you don’t have to sell, but can pawn your car for cash?
It is possible, and you can do so without having to wait days for the cash. Read on to discover the many benefits of the “car pawn for cash” option.
Forget about credit checks
Whereas the bank or a micro-lender performs credit checks, with the car pawn option, the vehicle is the security. Instead of it being a non-secured loan, and it being crucial that you have a clean credit record, the asset forms the collateral for the amount. If you are unable to pay back the loan, the vehicle is sold to recoup the amount. It doesn’t affect your credit history or rating. You don’t owe us anything after the vehicle has been sold.
With no credit checks involved, the application process is quicker. The forms are shorter and the application process is not invasive of your privacy. Nobody calls to check whether or not you work at a specific employer. You don’t need any references. So, what do you need?
Fewer documents required
You don’t need proof of residence, a previous credit record, a salary slip or proof that you can pay back the loan. Instead, you only need:
- Original registration papers of the vehicle as proof that it belongs to you and is not encumbered by loans.
- Your ID/South African passport.
- Valid South African driver’s licence.
Borrow an amount based on the assessed value of the vehicle
As with any pawn transaction, the asset value determines how much you can borrow against it. We assess the vehicle’s value. Based on the assessment results, we offer you a loan amount. You can borrow from R5000 to R250 000 against the vehicle.
The money is paid into your account immediately after approval. If you need money within now , then this is a safe and secure way to do so without having to jump through loops in the process.
Pay it off earlier or arrange for an extension
It is not a fixed-term loan that entails excessive penalties for early settlement. If you are able to pay off the loan in a shorter period you can do so. In many instances people borrow money against their vehicles for emergency cash-flow situations. Two or three months down the line, they are able to pay back the full amounts without incurring the hefty penalties associated with fixed-term loans.
The interest is calculated in accordance with the regulations of the NCR. If you cannot make a payment for a particular month, arrange for an extension of the payback period, subject to the interest and fees being paid up to date.
Safe storage for the period of repayment
Your vehicle is safely stored in a secure and neat storage facility while you pay back the loan. It is never driven. The facility has state-of-art-security, and we insure the vehicle for the period.
How to get started
Use our online enquiry form for more information about the “car pawn for cash” option and a friendly consultant will call you. Refer a friend to get 1% back of the approved loan amount.