A lot of people get into a situation where they need short-term loans at some stage during their lives. It may just be to tide them over at the end of a hard month, or it may be to pay university fees or school fees at short notice after a hard December. One of the reasons most people need short-term loans is when they suddenly have to move and need a deposit for a new abode. Usually, around one to three months’ worth of rent is required as a security deposit, and in addition to this, they need to find the money to pay for the move. On top of that, it is not easy to get hold of cash in a short space of time.
Sometimes, people ask family for money, others may approach the financial services companies to help them. The tragedy is that in the current economic climate, financial services companies, such as banks, are very circumspect about who they lend money to.
It is true that almost 33% of people in South Africa today have a bad credit record. This makes it virtually impossible for some people to reach out to banks to get a loan. Often, homes are devalued, people lose their jobs, and there is nothing that they can provide as collateral that a bank is willing to accept.
At XCELSIOR, we can help. If you have a car, motorbike, truck, or caravan, you can use these assets as collateral against short-term loans to help you when you need it most. We focus on the collateral that you bring to us in the form of a moveable asset, such as a vehicle, and we lend you money against the collateral of that asset.
Our loans are easy to apply for, and we usually base our short-term loans on 50% of the value of the vehicle, caravan, or motorcycle. That means that if your vehicle is worth R100,000, we will be willing to lend you up to R50,000. The application process is easy, and our financial consultants will work with you to ensure that you fully understand the process.
If you have a vehicle and you need short-term loans, we can provide you with help that you are unlikely to find anywhere else. All you have to do is to contact us via telephone, fill in our very convenient online application, or visit our offices. Once you have filled in the online application, our agents will be in touch with you to establish your needs and to help as much as we can. Once you have applied, we will send an agent out to you.
This person will then establish the value of your vehicle, and immediately draw up the paperwork that will serve as the contract for your short-term loan. Remember that the loan will usually be around 50% of the worth of the vehicle, but our agents are experts at determining the worth of the vehicle. Once the application has been approved, our agent will draw up a contract and explain to you exactly what is needed.
If you are looking for a loan and you have a vehicle to put up as collateral, give our team at XCELSIOR a call today!