There are many options for getting a loan in Gaborone. Banks, building societies and online lenders offer express loans, instalment loans, short-term loans and payroll loans.
Most of these loan types are unsecured, meaning you don’t provide any form of collateral. As a result, lenders don’t grant the loans without ensuring you meet certain eligibility requirements – such as proof of steady employment and a clean credit record.
Application processes can be time-consuming, and if you default on a loan, it’s likely you’ll face stiff penalties and compromise your credit record.
A much faster, low-risk alternative is getting an asset-based loan.
Getting an asset-based loan in Gaborone
An asset-based loan is secured by an asset of value that you provide as collateral. This makes it unnecessary for the lender to investigate factors like your financial standing, credit rating and current employment status. They’re not relevant because your asset secures the loan.
The loan amount you’ll be offered will depend on the market value of the asset, as appraised by a professional.
You surrender the asset for safe-keeping. Once you’ve repaid the loan and agreed interest, it’s returned to you.
What assets can you use to get a loan in Gaborone?
The best Gaborone asset-based loan providers accept a wide variety of valuable assets as security.
At lamna Botswana, we accept assets ranging from fully owned vehicles – including cars, bakkies, and even yachts – to luxury watches, jewellery, artwork, antiques and more.
Risks of borrowing money in Botswana
Borrowing money from unsecured lenders in Botswana comes with substantial risk. If you can’t settle a debt within the agreed term, a lender may be entitled to:
- impose punitive fees
- report defaulting debtors to the credit reference agency
- institute legal proceedings, which could result in a garnishee order against your salary or even your family’s assets being seized.
Why are asset-based loans low-risk?
Asset-based loans in Gaborone are guaranteed by your asset. If you fail to pay back what you’ve borrowed, the only element at risk is that one item you’ve put up as collateral.
Your credit rating remains intact, your income is not raided to cover the debt, and no-one, including your employer, knows anything about your personal financial situation.
Where to get an asset-based loan in Gaborone
lamna Botswana is the leading provider of asset-based loans in the country. Our Gaborone offices are centrally located in Phuti Crescent, off Chuma Drive.
We’re the Botswana division of a registered financial services company and comply fully with national credit regulations. We accept the full gamut of luxury assets as collateral, our interest rates are fixed and we don’t apply any hidden fees or early settlement penalties.
Typically, you can accept the funds you need to be transferred into your account on the same day you apply for a loan.
At lamna Botswana, we offer fast, discreet loans against the value of a wide range of assets, from luxury watches and jewellery to vehicles or valuable works of art. For more information about using an asset to get a loan in Gaborone, contact us on 71 388 088 or simply complete and submit our online application form.