Pawn loans have earned themselves quite a positive reputation amongst those who need cash fast. Unfortunately, it is quite hard to take out a loan with a financial lending institution such as a bank and often that leaves those in desperate need of financial aid in a difficult position. Pawn loans work differently to regular loans. They are designed to be quite simple to achieve as the applicant uses collateral. Collateral is usually in the form of an asset which is already paid off and actually belongs to the person applying for the loan.
Some of the many benefits of pawn loans include:
- There is no credit checks involved in applying for a pawn loan. Your financial history has no bearing on the application. The only thing that matters is the value of the collateral that you are using. If you default on your loan, the collateral will be sold to cover the outstanding amount.
- You will receive immediate access to the required cash. There is no time required to process loan documents and receive approvals. Once the value of the collateral item is ascertained and both parties agree on the amount offered it, the cash can be made immediately available in your bank account.
- You don’t stand the risk of being blacklisted or having a negative credit history if you are unable to repay a pawn loan. If you default on your payments, the collateral item will be sold and nothing will be reported to the credit bureau.
Pawn loans are ideal for those who are faced with an emergency or need bridging cash. Where can you acquire such a loan? You can apply for a pawn loan at XCELSIOR of course. We offer the market access to such loans where the loaned amount can be repaid in fixed monthly instalments or in one lump sum by a pre-agreed date. We ensure that our interest rates are kept low and that you are fully aware of the process and what is expected before the cash is paid over.
Of course, we require collateral in order to get the process started. At XCELSIOR, we accept various types of vehicles as suitable collateral. These include cars, trucks, bakkies, vans, LDVs, motorbikes and even jet skis.
The first step to acquiring financial aid from us is to apply via our website or telephonically. A representative will then be sent in order to evaluate the vehicle. Once the vehicle’s value is determined, we are only able to offer you up to 50% of the value. We have a minimum loan amount of R5 000 and a maximum loan amount of R500 000 set in place. The vehicle being used as collateral will be stored at our safe and secure facilities for the duration of your loan contract.
If you feel that taking out pawn loans is the answer for you, turn to a loans company that has your best interests at heart. Contact us at XCELSIOR via email or telephone to learn more about taking out a loan with us today.
