If you are strapped for cash and have nowhere to turn, chances are that you will not be too keen to apply for official loans via regular lending and financial institutions. This is especially the case for those who are blacklisted, unemployed, or with a poor credit score. Of course, applying for a loan at the bank is not your only option. You can also use your car for cash advances and we will show you how. The process is simpler than you might think and before you know it, you could have the cash you need, with no hassles or hold-ups.
One of the first things you need to know when using your car to obtain a cash advance is that it needs to belong to you, in other words, the vehicle must be paid off and in your name. You must also be a South African citizen and of legal age. That is it. The rest of the process is very easy as well. The first step to applying for such a loan is to make contact with us. You can apply online if it is more convenient or you can give us a call so that we can organise everything. Very little paperwork is involved in the process and once you have provided us with just a few details, you can simply wait for one of our assessors to visit you to ascertain how much your vehicle is worth. Keep in mind that failing to repay your loan will result in the car being sold to defray outstanding costs. However, if the vehicle is sold for more than the outstanding debt amount, you will receive the difference.
While applying for a loan with us is quick and simple, it is similar to other loans in that the amount of the loan is determined by the value of your car. While we are limited to paying out 50% of the value of the car, we also have a minimum loan amount set at R5000 and a maximum amount of R500 000. We accept certain vehicles as acceptable collateral and these includes cars, motorbikes, SUVs, bakkies, trucks, and jet skis.
If you have used your car as collateral for cash loans with us in the past, you can benefit from a 10% discount on the interest of your next loan. And if you refer family and friends who end up taking out a loan with us, you will receive 1% of the loaned amount. We love to give back to our customers and this is just another way that we are making you a part of the XCELSIOR family.
We are not just another loan house. We are a private equity-funded institution and we are serious about revolutionising the loans industry in South Africa. We do not want to saddle our clients with lengthy affordability assessments and credit checks. We want to get the process moving quickly and efficiently so that there is no waiting around for the money that you need. The longest you will have to wait for your money to be paid out once you have accepted the advised loan amount based on your vehicle value is just 45 minutes.
We ask no questions have no hidden costs; we just look forward to helping you gain financial freedom once again. Our mantra is to do well while doing good and you will see this mantra shine through in our excellent customer services and attention to detail.
If you want to get things started, now is the perfect time to apply. If you need any more information and advice, simply contact us via email or telephone. Alternatively, complete the online application today.
