While obtaining quick loans from us is simple, we always recommend that our clients prepare themselves for managing one responsibly. As we do not carry out affordability and credit checks, we would like to provide some advice on how to determine if you can afford to repay your intended loan amount. You need to make sure that you have enough free cash every month to service your debt. In order to determine if you can afford a loan, you will need to take a look at your income, expenses, and the interest rate attached to your loan amount.
Current Expenses
Firstly, it is important to make a tally of all of your expenses. This includes absolutely everything you pay for each month, from your rent to your toiletries. Add everything up and subtract the total from your monthly income. If you find that you are spending more than you earn, it is a bad idea to take on a new debt. If you are making enough to cover your expenses and have some left over to pay off a loan, then you are in a much better position to take on a loan.
The Interest Rate
Loans are not just given without interest attached. Interest is how the bank or lending institution makes its money. Work out how much extra money will be added to your requested loan amount in interest. Remember to check if the loan comes with variable interest (this can change during the span of your loan) or fixed interest (an interest rate that stays the same for the entire duration of the loan). When calculating the true cost of your loan – this is the loan amount plus the added interest – you will need to determine if it is a viable option or not. If you have a good credit score, you can probably negotiate a favourable interest rate, but if you do not, you might be stuck with a higher rate.
Our Loan Model
At XCELSIOR, our loan model is unique, and you can apply for the loan online or give us a call. We will put everything in place for you. Requirements are kept to a minimum; we will need you to provide us with collateral and that can be in the form of a truck, car, caravan, jet ski, motorbike, or SUV. If the vehicle is paid off in full and in your name, and if you are a South African citizen residing in the country, we can get started on providing you with your loan.
We loan a maximum of 50% of the value of the vehicle, which means that the vehicle needs to be assessed by one of our professional consultants. Upon approval, you could have the cash you need paid into your account within just 45 minutes.
If you are looking for quick loans and know that you are in a good financial position to afford the monthly repayments, it is time to get in touch with the team at XCELSIOR. Simply give us a call or apply for your loan online. It is that simple!
