There are several loan providers in Gaborone where you can borrow money quickly and easily over the short term. To ensure you get a loan from a reliable source, we’ve unpacked personal loans from banks, micro-lenders and payroll loan providers in a little more depth.
We also explore a short-term lending model that has only recently been launched in Botswana.
Personal bank loans
You can borrow money from a bank in your personal capacity. Short-term bank loans have flexible repayment terms, fixed monthly instalments and comparatively low interest rates.
As this type of lending product is unsecured, the bank will assess your credit history to determine whether you qualify for a loan, and at what rate of interest. You will also have to provide proof of income.
The approvals process is quite lengthy, and if you fail to repay the loan, the bank is entitled to seize your assets in lieu of payment.
Online microloans
Web-based micro-lenders offer fast ‘little’ loans ranging from P100 to P10 000. You’ll benefit from a convenient online application process, and a fast approvals turnaround time.
You’ll usually have to be permanently employed for at least 6 months to be eligible for an online microloan. You will also have to upload bank statements or salary slips as proof of income.
The interest charged on microloans is much higher than that of banks, and there are often exorbitantly high fees and penalties hidden in the fine print.
As micro-lenders operate exclusively on the internet, and seldom provide a physical address, there’s a heightened risk of being scammed by dodgy loan providers.
Payday loans
Payday or payroll loans are unsecured loans designed to help you settle those unexpected expenses your salary cannot cover – medical bills, school uniforms and house or car repairs.
The borrowed money has to be repaid in full on the next payday, and you’ll usually be charged a high rate of interest on the capital amount.
If you default on the repayment, the provider is entitled to report you to the credit reference agency and hand you over to the collections team. You will also face punitively high extra costs.
Asset-based loans
At lamna Botswana, we offer fast, discreet loans against the value of a wide range of high-value assets, from luxury watches and jewellery to vehicles or valuable works of art.
Simply contact us, tell us about your asset and we’ll make a loan offer. If you decide to proceed, you’ll need to bring in the asset for appraisal. Our Gaborone branch is conveniently located near Adcock Street, in Gaborone.
We’ll make a final offer, complete the paperwork and transfer the funds to your account, often on the same day you applied. We don’t perform credit checks (there’s no need because your asset secures the loan) so a loan won’t affect your credit rating.
We don’t charge any hidden fees or early settlement penalties, and we comply with interest rate regulations. This makes an asset-based loan from lamna a safe, instant loan option in Gaborone.
For more information about using an asset to secure a short-term loan, contact us on 71 388 088 or simply complete and submit our online application form.