Unexpected expenses crop up all the time. For example, geysers burst, roof leaks need fixing, cars break down and have to be repaired and medical or dental emergencies have to be dealt with.
Typically, there’s no option to pay off these kinds of expenses in instalments – you’re expected to cover them straight away.
As an example, consider how one of our clients was affected by a simple accident. There’s simply no way to budget for this sort of event.
“It actually happened to me while I was jogging along a rocky mountain trail.
Half way through the run, a dog tripped me from behind. I went sprawling, face down, onto the trail. The end result? Cracked ribs, a slight concussion, two broken teeth and a gash under the chin.
I managed to get down the mountain, and off to the clinic. As it was a Sunday, I was charged double for the initial treatment; R1 950 for seven stitches and a tetanus injection.
The next day, I had to have a CT scan and chest x-ray, outpatient procedures that cost R10 500 and R850, respectively. Reconstructive dentistry set me back a further R9 500, leaving me with a total medical bill of R22 800.”
To cover unforeseen costs like the medical expenses faced by our client, it may be necessary to secure a loan.
Unfortunately, an unsecured bank loan may not be an option if you need a loan quickly, or if you have a less than stellar credit rating.
Qualifying for a bank loan can be a long and tedious business. The recent ratings downgrade of South Africa’s big five banks has exacerbated matters. Reams of paperwork have to be completed, and credit checks must be performed to determine your credit rating and associated risk.
If you have a tarnished credit record, are unemployed or your monthly income is low, it’s unlikely your loan application will be approved. Even if you are in good standing with local credit rating agencies, there’s no guarantee you’ll automatically qualify for a loan.
If you need funds quickly, one alternative is to secure a short-term, asset-based loan.
To qualify for this type of loan, you provide a personal asset, such as jewellery or a vehicle in your name, as collateral. The loan amount will depend on the value of the asset.
Same-day loans are offered because the loans are backed by the value of the assets. There’s no guess work and no need for time-consuming fact finding or invasive background checks.
At lamna, we offer same-day cash loans against the value of a wide range of personal assets, from luxury watches and jewellery to vehicles or artwork. Our interest rates are competitive, and we’re fully compliant with the National Credit Act.
For more information about using an asset to secure a short-term loan, contact us on 086 111 2866 or simply complete and submit our online application form.
Source: Funding Lamma
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