Car as collateral for quick cash loan

Car as collateral for quick cash loan

Financial salvation can come in the form of a motor vehicle. Read on to find out how Lamna can give you a cash injection for your vehicle.

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Motoring STAFF

If you need some cash in a flash, but you’ve exhausted your more traditional capital sources, local short-term asset-based lender Lamna Financial may have the answer:

The company will give you a cash loan, using your car as collateral provided it has no outstanding finance in place.

“As an asset class, a motor vehicle or fleet of vehicles can suddenly become a potential route to financial salvation, as it enables the individual or business to immediately access the value of the asset,” says Charles Meyerowitz, co-founder of Lamna.

Meyerowitz says the process is confidential and efficient, offering a solution within 24 hours.

Clients apply online and an indicative offer is made, subject to an inspection and valuation of the vehicle offered as collateral.

Once the value has been confirmed, funds are immediately transferred to the client and the vehicle is stored in a high security off-site location.

Interest on the loan is payable monthly and the loan is repayable at the end of the agreed term. Interest is within the guidelines of the National Credit Act and depends on the size and nature of the asset.

Once the interest and loan are repaid, the vehicle is returned to the owner.

“The process is free of cumbersome documentation, payslips, budgets, and forecasts, and the service is discreet, swift and efficient,” says Meyerowitz.

See www.lamna.co.za for more information or to apply for a loan.

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ILLUSTRATIVE EXAMPLE

Client borrows R10,000 for 90 days.

Loan Amount
Repayment Period
Monthly Interest
Total Cost of Loan
Initiation Fee
Monthly Fee
APR
R10 000
3 months
R500.00
R2 914.50
R1 207.50
R569.00
60%

Fixed rates range from 36% to 60% APR and payment options range from minimum 3 to maximum 24 months. Apart from the initiation and monthly fees shown below, the only additional fee is credit life insurance if the borrower does not have this already.

APR & Loan Repayment Period

Fixed rates range from 36% to 60% APR and payment options range from minimum 3 to maximum 24 months. Apart from the initiation and monthly fees shown below, the only additional fee is credit life insurance if the borrower does not have this already.

Non-Payment

Non-payments may result in the matters being escalated.

Renewals

All accounts may be renewed if they are up to date.

Collection

All payments are made via EFT or direct deposits into Lamna’s bank account. There are no debit orders.

Car as collateral for quick cash loan

Apply Online

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Car as collateral for quick cash loan

Apply Online

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Car as collateral for quick cash loan

Apply Online

Car as collateral for quick cash loan

Apply Online

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