Instant loans are quick financial lifelines, designed to enable borrowers to cover unexpected expenses.
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.
Client borrows R10,000 for 90 days.
Total Cost of Loan
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.