Instant loans are quick financial lifelines, designed to enable borrowers to cover unexpected expenses.
There’s no guarantee you’ll qualify for a bank loan. If you do qualify, you’ll have to complete a detailed application process and wait while your application is reviewed and either approved or rejected.
To qualify for a bank loan, you generally have to meet these requirements:
Banks today are offering a number of much faster loan options than in the past. However, these loans tend to be capped at relatively low maximum amounts, from around R3 000 to R5 000.
Repayment periods for these faster bank loans also tend to be very short.
Pay day loans are near instant small loans, designed to tide borrowers over until they reach the next pay day.
In South Africa, pay day loan providers are notorious for their exorbitant interest rates, penalty fees and hidden costs. If you do go this route, beware – avoid shady, fly-by-night loan sharks.
Also, make sure you properly understand all the ins and outs (including possible penalties) before signing an agreement, and that you’ll be able to replay the initial loan within the agreed timeframe.
Asset-based loans are typically near-instant, short-term loans, backed by one or more assets you provide as collateral.
At lamna, we offer three main types of asset-based loans:
At lamna, we offer fast, discreet loans against the value of a wide range of assets, from luxury watches and jewellery to vehicles or artwork.
Some advantages of the loans we offer:
Loan repayment terms are flexible, and range from one to three months. You can also arrange to extend your loan period, provided your repayments are up to date.
Source: Funding Lamma
wordpress theme by initheme.com