Same-day loans are a quick, easy and convenient way of borrowing money. They are designed to help cash-strapped South Africans through tough financial times.
In Sandton, and the rest of the country, there are dozens of lenders offering all sorts of quick cash loans – some more affordable and trustworthy than others.
When you are struggling to pay for unexpected expenses, or your small business creditors are knocking on the door, here are a few same-day loan options in Sandton to consider, together with the pros and cons.
Pay-day lenders offer low value cash loans that must be repaid in full on the next payday. Amounts range from around R500 to R5000, and directly correlate with your monthly income.
This type of unsecured same-day loan is for short-term use only, and usually has very high interest rates and fees. Failure to repay the loan can result in punitively high extra charges.
- Easy to access
- Fewer requirements
- No risk to personal assets
- Small loan amounts
- Short terms
- Lump sum repayment
- Strict debt-to-income requirements
Online cash loans offer a lot more flexibility in terms of how much you can borrow, and how long you have to repay the loan.
The entire loan application process, from submitting personal and banking details to uploading supporting documentation, is done online, and from any device.
Approval times are fast, and transactions are confidential. As online micro-loans are not secured by collateral of any kind, the cost of borrowing is high.
- Flexible loan amounts and terms
- Simple online applications process
- Relaxed qualifying criteria
- No risk to personal assets
- High interest rates
- Hidden fees
- Must be permanently employed
- Lender has access to your bank account
Car pawn loans
Car pawn loans use fully-paid up vehicles as collateral. The vehicle is handed over to the lender in exchange for the cash, and is returned once the loan is paid back in full.
The amount of money you can borrow is based on the car’s assessed valuation, and terms can range from a few months to a year or more.
This type of same-day loan is suitable for Sandton residents who either own two cars, or are willing to do without their vehicle for the duration of the loan term.
- Anyone who owns a car can qualify for a loan
- Loan amounts based on vehicles’ equity
- Flexible terms
- Quick turnaround times
- Risk of losing the car
- No use of the vehicle throughout the loan term
Asset-based loans are similar to car pawn loans. With this type of quick cash loan, Sandton residents can use a wide range of high value assets to secure a loan – jewellery, Krugerrands, Rolex watches, and so on.
Items are independently appraised, and the lender offers an amount corresponding to that appraisal. Assets are held in safe-keeping as security for the loan, and returned to the rightful owner once the cash is re-paid.
- Anyone with an asset can qualify
- Quick and easy loan application
- Transparent loan agreement
- Flexible terms
- No risk to personal property, apart from the asset
- Asset can be sold to cover the loan
Quick loans in Sandton by Lamna
Lamna offers same-day asset-based loans in Sandton. We accept luxury items that banks and other financial institutions decline as collateral – such as luxury watches, jewellery, and artworks and antiques.
We also provide quick loans against boats, cars, trucks, bakkies and motor bikes.
How asset-based loans at Lamna work
All you have to do is give us as much information about your asset as possible – either over the phone or via our online form – and we’ll call you back with an offer of an initial loan amount.
On acceptance of our offer, you can pop in to our Sandton branch to have your asset formally appraised, and to formalise the loan agreement.
Once all the I’s are dotted and the t’s crossed, we’ll store your luxury item in a secure lock up facility, and transfer the cash into your bank account. It’s that easy!
Where to get a same-day loan by Lamna in Sandton
Our Sandton branch is conveniently situated on the same site as EeziSpace Self-Storage at number 5, 5th Street in Wynberg, Sandton. Call us on 086 111 2866 and supply us with your asset’s details, or complete our online application form now!
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.