Being blacklisted and knowing that you do not qualify for credit at local lending institutions can be disconcerting. It can be especially worrying if you do not have a financial safety net in place for emergencies and unexpected expenses. Loans for bad credit profiles are not usually granted in the traditional money-lending market, but if you are looking for a short-term financial solution to cash flow shortages or those emergencies and unexpected expenses that crop up, we are your first stop.
Loans for bad credit – those that are pawn loans – don’t work on typical loan models. In fact, they are based on almost opposite loan models. Those with bad credit, applying for a pawn loan, won’t need to prove their source of permanent income or meet with affordability regulations. It’s as simple as being able to provide a form of collateral that is paid off and registered to the applicant’s name. Of course the applicant must also be a resident of South Africa, but that’s about as far as it goes in terms of admin and collecting of financial data. No affordability assessments are carried out and there’s no need to carry out a credit check.
Here is what you will need if you want apply for a loan at XCELSIOR:
- A fully paid-off vehicle in your name. Some of the vehicle types accepted include motorbikes, passenger vehicles, bakkies, trucks and jet skis. Unfortunately we do not accept boats as collateral.
- Registration papers of the vehicle and a copy of your identification document.
We have worked hard to make the loan application process with us as straightforward as possible. All you need to do is complete a quick online application or give us a call. One of our consultants will be in touch with you as we need to assess the value of your collateral vehicle. When planning your finances, remember that we can only loan you up to 50% of the assessed vehicle value. If you agree to all the terms and conditions, you can have the cash you need, paid directly into your bank account within 24 hours. It is a quick and easy process – we do not want you to stress or wait around for much-needed financial assistance.
As a blacklisted applicant or one who has a poor credit rating, it is important to take the management of your new loan seriously. Do not take on a loan that you are unable to afford and ensure that you make each monthly payment on time as this can have a positive effect on your existing credit score. If you are unable to repay your loan, let us know and we will let you know what your options are.
What is going to happen to your vehicle for the duration of your loan? We are going to safely store it at our secure facility. You can either drop it off or we can collect the vehicle from you – let us know what you prefer.
