What Are Asset Loans And How Do They Work?

If you need a loan, you have many options, but few are as quick and easy as asset loans. Personal loans may be too risky, because they are not secured against an asset. As a result, financial-services institutions such as banks are often reluctant to offer personal loans without carefully assessing the income, credit rating, and general financial standing of the applicant. The application process at a bank also tend to be long and tedious, and reams of paperwork and a lot of patience are required before a decision is reached.

Asset loans, however, are easier and faster. An asset loan is a loan taken out at a loan company, and the loan is secured against some asset that is temporarily surrendered to the loan company by the applicant. Typically, asset loans are secured against a moveable asset such as a vehicle. This makes it easier for the loan company to recoup their money by selling the asset if the loan is not repaid according to the loan agreement.

XCELSIOR offers fast and easy asset loans to those who need a lump sum of money in a hurry. The application process is easy and very little paperwork is required. However, an asset is required, and we accept vehicles, caravans, motorcycles, and trucks as collateral to secure asset loans. We do not care if you have been blacklisted or are unemployed; all we require is your asset to serve as the collateral.

To apply for our asset loans, all you need is your ID or passport and the registration papers of the vehicle to prove that you are the rightful owner. All you have to do is to complete the online form or visit us, and the application process can start. Once we have the required paperwork, our assessor will inspect your asset (the vehicle) and determine its value. You will be able to borrow up to 50% of its assessed value. The minimum you can borrow using our asset loans is R5000, so the vehicle must therefore be worth at least R10 000.

Once the value of the vehicle has been determined, we make a decision regarding the amount of money you can borrow. A loan agreement is compiled that sets out all the terms and conditions of the asset loan. It states the interest rate, how much money was borrowed, the value of the vehicle, the repayment terms, and the deadline for paying off the loan. Once the agreement is understood and signed by the borrower, the vehicle is taken to safe storage by a member of our team. The asset is then kept as collateral until the loan has been paid off.

The best thing about asset loans is that they can be processed quickly and easily; it is often possible to apply for the loan and have the money in your account within an hour. If you are looking for a quick and fast cash boost, the asset loans offered by XCELSIOR are the best! Just apply online or give us a call, and we will arrange everything from there.