secured loans in Cape Town

When you need cash quickly, you don’t have the time it takes to get a personal or business loan from a bank.

Secured loans in Cape Town allow borrowers to get access to cash without needing to meet the rigorous requirements of a bank loan.

What is a secured loan?

A secured loan is a loan that uses a valuable asset as collateral. The loan amount is based on the value of an asset and not on your monthly income or credit score.

An unsecured loan is a personal loan from a bank that requires you to submit proof that you’re employed. Also, you need to have a good credit score.

Secured loans in Cape Town

At lamna, we offer secured loans in Cape Town based on the value of a range of assets. Once your loan has been repaid, your asset is returned to you and your investments are unaffected.

To get a secured loan in Cape Town, contact our City Centre branch on 086 111 2866. You can also submit your application online and then visit our offices to finalise the loan.

What assets you can use to get a loan

In the worst-case scenario, where you’re unable to repay your secured loan, the asset you used as collateral is sold to recoup the loss. This means you can use most physical assets to get a loan, as long as the value is sufficient.

The type of assets we accept at lamna include:

  • cars
  • luxury watches
  • gold
  • diamonds or jewellery
  • artworks and antiques
  • bakkies or trucks
  • motorcycles
  • yachts and boats.

We accept other assets as well, providing they have sufficient value. If your asset doesn’t fit into the above categories, contact us and we’ll let you know if you can use it to get a secured loan in Cape Town.

Advantages of secured loans

Secured loans are just as legitimate as unsecured loans. They simply have different qualifying requirements. There are many advantages to getting a secured loan from lamna. These include:

  • finalised within 24 hours
  • quick and discreet application process
  • no credit check
  • doesn’t affect your credit score
  • no need to be employed
  • competitive rates and NCR compliant.

At lamna, we offer secured loans based on a range of assets. We’re a registered credit provider and have well-established branches in most major South African cities and Botswana.

To find out more about getting secured loans in Cape Town, contact us on 086 111 2866 or start your application online and we’ll get in touch with you to complete the process.

Complete our Online Application Form

Illustrative example

Client borrows R10,000 for 90 days.

Loan Amount Repay Terms Monthly Repayment Total Repayment Initiation Fee Monthly Fee
(Interest + Service charge)
APR
R10 000 3 months R568.40 R12 902.20 R1 197 R560 60%

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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.

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.

Non-payment

Non-payments may result in the matters being escalated.

Illustrative example

Client borrows R10,000 for 90 days.

Loan Amount Repayment Period Monthly Repayment Total Cost of Loan Initiation Fee Monthly Fee
(Interest + Service charge)
APR
R10 000 3 months R568.40 R12 902.20 R1 197 R560 60%