Need Money Urgently?
Do you need money urgently to cover vet, dental or medical bills, a school outing or car repairs? Or does your business require a quick cash injection to keep it ticking over?
The truth is unexpected expenses crop up all the time. But, unless you’ve got a slush fund at your disposal, the only way to meet your financial obligations is to borrow money over the short-term.
Options for short-term loans in South Africa
When you need money urgently, you obviously want the type of loan that’s quick and easy to process. That cancels out any unsecured loan, a type of loan that’s dependent on information provided by your credit report and financial history, like a personal bank loan, overdraft facility or line of credit.
Carrying out a credit check, and assessing bank statements and pay slips, takes time – a commodity that’s obviously in short supply.
So, with banks out of the picture, what are your options for a quick cash loan?
Payday loans
Payday loans are short-term loans of nominal value that have to be paid back by the end of the month. Only the gainfully employed, who can provide proof of income, qualify for payday loans.
Lenders of this type of unsecured loan usually charge exorbitant fees and high rates of interest. Default and you’ll be charged a stiff penalty and handed over for collection.
Accessing the mortgage bond
If you have an access bond on your home, and sufficient equity in the property, you can borrow money from your home loan. As your monthly repayments are automatically adjusted to reflect the loan, you must be in a position to repay the higher monthly amount until the end of the term.
Borrowing money from your mortgage bond may be an immediate solution to your financial woes. However, it increases the risk and the amount of interest charged on the loan.
Borrowing from family or friends
You can always leverage your relationship with a family member or friend by asking them for a cash loan. This is easily the cheapest and easiest ways of borrowing money.
But should things go awry and you can’t pay back the loan, your relationship is likely to be a major casualty. Who’s going to bail you out then?
Pawning a vehicle
Pawning a fully paid-up vehicle for cash is a type of asset-based loan. Any vehicle in good condition – be it a car, boat, motor home, bakkie, motor bike or ten-ton truck – can be used as collateral.
Once the value of the car, boat or bakkie has been appraised, and the vehicle has been handed over to the lender, the emergency funds are instantly available. At the end of the term, and provided the loan has been paid back in full, the vehicle is returned to its rightful owner.
Since this type of loan is secured by an asset no bank statements or pay slips are required.
Vehicle pawn loans are an affordable, discrete and same-day solution for South Africans who need money urgently, but don’t have a suitable credit record to qualify for a bank loan.
With Pawn My Car, you can use a car, bakkie, truck or boat that’s in your name to secure a loan quickly and easily, with no delays. For more information, contact us on 086 172 9648 or simply complete and submit our online application form.
