Household debt is estimated at around P33.5 billion nationwide. As a result, more and more Gaborone residents are under debt review. This makes it difficult or impossible to borrow money from banks and building societies, or to apply for credit.
If you own a personal asset of value, however, you can get an asset-based loan from lamna Botswana – legally, easily and without paying exorbitant interest rates or hidden fees.
Just some of the reasons you might need a debt review loan
Particularly if you already have significant debt, taking on more debt isn’t advised. However, life happens – and sometimes a short-term loan really is needed.
Pay for unbudgeted emergencies
Life is unpredictable, so even with the best restructured debt repayment plan and the best intentions to manage your finances, you may need cash to cover expenses you haven’t budgeted for.
The geyser in your house may burst, or your roof may spring a leak. You or a family member may need expensive medical or dental treatment. You might have to cover either wedding or funeral costs. Or perhaps a child in the family is offered a once-in-lifetime opportunity to participate in a cross-border competition or tour.
Survive a cash flow crisis in your business
Small companies may face cash flow problems for a number of reasons, from late client payments to unexpected cost increases.
That doesn’t mean they can stop paying staff salaries or refuse to cover monthly expenses, like rental, internet and phone use, warehousing space and so on. Instead, they have to come up with a solution or face possible financial ruin.
Asset-based loans
If you’re under debt review and need access to funds, an asset-based loan may be the answer. This is a type of secured, short-term loan.
You provide an asset of value – such as a car or a high-value item of jewellery – as collateral and a loan amount is offered, based on appraisal of the asset’s value. The loan provider then keeps the asset until you’ve repaid the loan and agreed interest.
An asset-based loan is the one legitimate loan option available to Batswana under debt review.
How to get a debt review loan in Gaborone
At lamna Botswana, we offer fast, discreet loans against the value of a wide range of assets, from luxury watches and jewellery to vehicles and valuable works of art.
Because a loan we provide is backed by the value of an asset, we have no need to run credit checks, share information with credit bureaux or conduct time-consuming investigations into your current financial status. A loan from us won’t affect your credit rating or have negative repercussions if you’re currently under debt review.
Our interest rates are fixed and in line with industry standards, our terms are flexible and we do not impose early settlement penalties.
For more information about using an asset to secure a short-term loan in Gaborone, contact us on 71 388 088 or simply complete and submit our online application form.