Quick pawn loans against vehicles provide a welcoming reprieve for cash-strapped individuals who need money immediately for emergency expenses. With these loans, individuals do not need proof of income, employment histories, or superb credit scores.
The reason why someone borrows money does not matter either
Everyone’s situation is unique. For one person, an emergency can take the form of a loved one that has passed away without a funeral policy. Someone must pay for the funeral and with it being an unforeseen expense, the person may not have the cash available to do so.
In another instance, a student may need to pay an outstanding amount on their tuition before their academic records can be released. Since the person is unemployed and does not have a credit standing with the bank, they most likely do not qualify for credit from the bank. Fortunately, quick pawn loans against vehicles enable individuals with no income, self-employed people, and people who do not qualify for credit because of their poor credit histories to also borrow money. The reason for borrowing does not matter.
When we say quick, we mean cash available immediately
If a person needs money fast, they do not have time to wait for bank approval after a lengthy application process. With the quick pawn option, individuals can complete the application process in 30 minutes and get cash in their accounts immediately after approval. The assessment process is equally fast and the entire process from application to money in the bank can be done in no time.
How much can be borrowed?
Any amount from R5000 to R250 000 can be borrowed based on the assessed trade value of the vehicle. Everything from cars to bakkies, boats, motorcycles, trailers, and caravans can be put up as security.
Safe storage facility
To minimise the risk of theft, accidents, or vehicle value reduction during the period of repayment, the asset is placed in safe and secure storage. It is never used during the period and is insured. The security includes 24/7 access control, camera monitoring, and perimeter fencing.
Agreement that does not affect the individual’s credit standing
With no credit checks to be performed, the individual’s credit standing is not affected by the loan. If the debtor cannot make an instalment in time, they can arrange for an extension of the loan period, provided the interest has been paid up to date. If an individual is not able to pay back the amount at all, then the vehicle is sold to recoup the money borrowed. It is not a repossession and, therefore, does not affect the individual’s credit standing. The agreement comes to an end with no adverse effects on the debtor’s credit history.
If the individual is able to pay back the amount owed earlier than agreed, they can do so without suffering penalties for the early settlement of the amount.
Quick pawn loans against vehicles fill a gap in the credit market. South Africans benefit from the fast and straightforward application process and ability to borrow money regardless of their credit standing.
If you want to borrow money against a vehicle registered in your name, use the online enquiry form to apply or SMS 41235 and one of our consultants will call you. If you refer a friend, you get 1% back from their approved loan amount.