No doubt, the effects of the worldwide health crisis and the subsequent economic lockdown policies followed in many countries have taken their toll on individual and business finances. It has been reported that South Africans struggle more than ever to make ends meet. The superb credit records of thousands of consumers are no longer unblemished. Indeed, many people no longer qualify for quick short-term loans.
For quick short-term loans, creditors require solid credit records. This means missed payments, late or partial payments, and the inability to prove monthly income or being self-employed can severely hinder the prospects of getting much-needed capital for projects. For many, it is not even a question of finding a means to finance projects after they have lost their jobs – it is about being able to pay the rent or keep their children at university in their final year.
It is not all doom and gloom though. There is hope with the accessible solution offered by XCELSIOR financial services. What is it and how can it help you if you are in need of bridging capital or to pay study fees? Read on to find out.
Vehicles as collateral
If you have a motorcycle, caravan, truck, trailer, or an extra car in your garage, you have a way to get money without going through lengthy credit checks. Even if your credit record has taken a turn for the worst because of the economic crisis, and even if you do not have a job at present, you can access money to tie you over or to start a new business. How? We offer quick short-term loans against movable assets. It works the same as pawn transactions.
With pawning, you hand in the item that you put up as security. It is safely stored until the amount has been paid back. The item is not used or displayed. With our pawn option, your vehicle is the asset against which you can borrow money. It is safely stored in a highly secure storage facility.
As with pawning other assets, you must be the registered owner. This means it must be paid up and you must have the original registration papers to prove ownership. You also need your ID document.
You do not need proof of income, credit references, or favourable credit history. And you do not have to disclose why you need the money. It is not even asked.
Why do we say the process is quick?
If you have the required documents ready, you can complete the online enquiry form and we will call you back. The application process can be completed within 30 minutes and payout is done immediately after approval. You will need to visit one of our branches to finalise the process, but we have branches in Rivonia, Witbank, Pretoria East, Pretoria North, Boksburg, and Pinelands (Cape Town). We are also operating during the lockdown period, giving you access to cash when just about every other avenue for borrowing now makes it even more difficult for people to access cash when they need it.