Did you know that you can get a quick 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 vehicle. Unlike with a microloan where you need a salary or proof of income, you can get a quick loan with collateral even if you do not have proof of income. This certainly comes as good news for self-employed people who normally struggle to get finance from banks or micro lenders.
So, what do you need to get a quick loan with collateral?
- A vehicle registered in your name.
- Original vehicle registration papers to prove that you are the owner.
- Your ID and valid driver’s licence.
Can it really be that simple?
Yes, the vehicle is the collateral against which you borrow money. As such, we already have the security we need should you not be able to pay back the loan. You will not lose your asset if you are unable to pay an instalment. In such an instance, take the proactive step to arrange for an extension of the payback period. You do need to pay the interest in full to make use of this arrangement.
No effect on your credit score or history
With it not being a traditional credit agreement in which you must meet affordability criteria, but it being similar to pawning an item, the agreement does not affect your credit standing. Indeed, even if you should default on all payments, we simply sell the vehicle to recoup the money owed. You do not owe anything else, not even on a shortfall. We take the risk.
Your vehicle is insured for the entire period
We take out insurance on the vehicle while it is in storage at our secure facility. In the unlikely instance that something does happen to the vehicle, the insurance will pay out to repair the damage or replace the vehicle. With this assurance in place, you can sleep peacefully, knowing that your asset is in safe storage and covered by insurance.
Get a quick loan with security for up to R250 000
You can borrow between R5 000 and R250 000 against the vehicle. The amount you can borrow is not dependent on your credit rating or whether you have proof of income. Instead, it is calculated based on the assessed value of your vehicle.
We lend up to 50% of the assessed value. If you thus have an extra vehicle, such as a motorcycle, truck, trailer, or caravan taking up space or for which you currently pay a storage fee, why not get cash in hand fast by using it as security instead of applying for more credit on your credit card or an overdraft facility?
With such, the vehicle is placed in secure storage and you can use the money to pay off debts, fund studies, pay for home renovations, or even buy a food truck for an additional income.
Easy process
With no lengthy forms to complete, the application process is straightforward and fast. Complete the online form, and one of our consultants will call you to help you through the process. Once the vehicle assessment has been finalised, documents submitted, and the agreement in place, the cash can be in your account within 30 minutes.
We are a registered credit provider and, as such, adhere to strict codes of conduct. Your vehicle is placed in secure storage and never driven during the time period. The storage facility includes electric perimeter fencing, camera surveillance, and gate access control. The asset is protected against weather conditions. Once the amount is paid, you take possession of the vehicle.
Access funds quickly with your vehicle as collateral. Start the process by completing the online form for a loan application.
