Months of lockdown have taken a toll on the South African economy and already cash-strapped consumers are struggling to qualify for short-term loans. If you are among the millions of people who are no longer credit worthy, there is hope. Read on as we explain how you can easily borrow cash against your vehicle.
What do you need?
Unlike with conventional short-term loans, you do not need proof of income. Instead, you only need the following:
- Valid South African driver’s licence
- Original vehicle registration papers
- South African ID or passport
If the car is registered in a business name, you will need the above-mentioned documents and:
- Company registration documents.
- Identity documents of all the directors.
How long does it take?
Get cash against your car and have the money in your bank account the same day. Unlike with a bank loan, you do not have to go through a lengthy application process. The application can be completed within 30 minutes and the money paid into your account immediately upon approval.
Against which types of vehicles can you borrow money?
We lend money against caravans, cars, trucks, trailers, boats, and even motorcycles. That caravan gathering dust under the shade net or the boat that you have not used in over a year can come in handy. The best part is that you do not have to sell it. Instead, you can put it up as security and benefit from it being stored in a secure facility where it is protected against the weather elements and theft.
Where do we store your asset?
It is stored in a highly secure facility that boasts access control, camera surveillance, and electric perimeter fencing. Your car is not driven for the entire period and it is insuredI while it is our possession
How much can you borrow?
You can qualify for between R5 000 and R250 000, depending on the assessed trade value of your car. It is a short-term loan and is payable in instalments over the agreed period. In the unfortunate event that you cannot make a payment, you can have the loan period extended, subject to the interest and fees being paid up.
How does it affect your credit record if you cannot pay back your loan?
It does not. Since it is a pawn transaction, the asset is sold to recoup the money owed. This then brings an end to the agreement with no effect on your credit record. You do not risk ending up with a negative credit rating because of it.
What is the process?
The process could not be easier. Simply complete the online enquiry form and we will call you. Make sure you have the required documents ready. We assess the trade value of your car, and based on the assessment, offer an amount. If you accept the offer and the approval is complete, the money is paid directly to your account. The car is stored in our secure storage facility
How to get started
To borrow cash against your vehicle now, fill in the short online enquiry form, or SMS “Quick Cash” to 41235, and we will call you.