Bank loans: far from instant

There’s no guarantee you’ll qualify for a bank loan. If you do qualify, you’ll have to complete a detailed application process and wait while your application is reviewed and either approved or rejected.

To qualify for a bank loan, you generally have to meet these requirements:

• Good credit record
• Permanently employed
• Proof of regular income
• Active account at the lending bank

Banks today are offering a number of much faster loan options than in the past. However, these loans tend to be capped at relatively low maximum amounts, from around R3 000 to R5 000.

Repayment periods for these faster bank loans also tend to be very short.

Pay day loans: instant but risky

Pay day loans are near instant small loans, designed to tide borrowers over until they reach the next pay day.

In South Africa, pay day loan providers are notorious for their exorbitant interest rates, penalty fees and hidden costs. If you do go this route, beware – avoid shady, fly-by-night loan sharks.

Also, make sure you properly understand all the ins and outs (including possible penalties) before signing an agreement, and that you’ll be able to replay the initial loan within the agreed timeframe.

Asset-based loans: instant and secured

Asset-based loans are typically near-instant, short-term loans, backed by one or more assets you provide as collateral.

At Lamna, we offer three main types of asset-based loans:

• Moveable asset loans are quick and easy instant cash loans for individuals. Luxury assets – jewellery, boats, cars, watches, luxury handbags, artworks, and antiques – are appraised to determine the value of the loan, and held as collateral.
• Bridge finance provide finance against the sale of your property or an active claim against the Road Accident Fund.
• Property loans are designed to unlock company capital by using unbonded business premises as security.

Why use Lamna as your instant loan provider

At Lamna, we offer fast, discreet loans against the value of a wide range of assets, from luxury watches and jewellery to vehicles or artwork.

Some advantages of the loans we offer:

• No maximum loan amount
• Flexible payment terms
• Extended loan periods
• Access to cash within 24 hours
• No qualifying criteria

Loan repayment terms are flexible, and range from one to three months. You can also arrange to extend your loan period, provided your repayments are up to date.

For more information about using an asset to secure a short-term instant loan, contact us on 086 111 2866 or simply complete and submit our online application form.