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.
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:
- luxury watches
- diamonds or jewellery
- artworks and antiques
- bakkies or trucks
- 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.
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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