Interested in getting a loan without proof of income in Cape Town? With Pawn My Car in the heart of the Mother City, using a vehicle to secure funds is a fast, straightforward alternative.

Using a car to get a loan in Cape Town

Pawn My Car specialises in asset-based loans against vehicles. Using a car that’s fully paid up and in your name, you can easily access funds – without having to sell the car or supply proof of income.

This is one of few readily accessible options for getting a loan if you’re unemployed or retired.

By contrast, it’s usually a struggle to get an unsecured loan (like a traditional bank loan) if you can’t furnish proof of income. This is regardless of your net worth, credit score or future ability to repay the funds.

If you can’t provide three to six months’ worth of pay slips or bank statements indicating steady income, many loan providers won’t even consider your loan application.

How to get a loan without proof of income in Cape Town

Simply contact us at Pawn My Car with details of the vehicle you want to pawn.

Note that the vehicle must be fully paid up and in your name. You can then access a portion of its resale value almost instantly, in the form of an asset-based loan. All you’ll need in terms of documentation is the vehicle registration certificate, a copy of your ID and proof of residence.

During the loan term, we take temporary possession of the vehicle as surety. It is insured and stored in a highly secure facility – and once the loan and agreed interested are repaid, it is returned in exactly the condition you left it.

Pawn and drive schemes: a no-go

So-called “pawn and still drive it” schemes sound too good to be true because they are.

See this Daily Maverick article for an explanation of why South Africans should rather avoid these types of car pawn offers. As soon as you enter into an agreement of this type, your ownership of your vehicle is compromised. Essentially, you sign over your car papers and then pay the lender “rent” to drive your own car.

The risk of losing your vehicle altogether is also simply too great.

Please note that when you pawn a car with us, the vehicle remains fully in your name. No risk applies except in the case of a serious default on the agreed loan repayments (a situation we do everything in our power to avoid).

Benefits of using a car to get a loan

Some advantages of our asset-based loans over other loan types:

• funds typically paid out within 24 hours
• no need to submit payslips or bank statements
• competitive, NCR-compliant interest rates
• no impact on credit score
• no risk to other assets or income
• the assurance of dealing with a well-established financial services provider.

Where to find Pawn My Car in Cape Town

Our Cape Town head office is in the Soho on Strand building at 128 Strand Street in De Waterkant, across from Planet Fitness. You’ll find the entrance around the corner on Rose Street.

For more information about getting a loan without proof of income in Cape Town, call us on 0861 112 866 or, to apply now, simply complete our online application form.

Complete an application now