Using a Personal Item of Value to Get a Loan in Gaborone

Unexpected costs can crop up any time. Short-term loans are a common way to cover these costs, but they can be time-consuming, complicated and negatively impact your credit history.

An alternative is to use an asset or personal item of value as collateral on a short-term loan. These loans are simpler and faster than traditional options.

Fast, easy access to cash, with no credit check or lengthy approval process

Loans using a personal item of value don’t require credit checks because the loan is secured by the resale value of the item.

For example, if you use a luxury watch to secure a loan, the loan amount will be a percentage of the resale value of the watch. This is why the item needs to be valued.

Our loans are quick and simple. You don’t have to disclose your income or submit payslips. In fact, you can be unemployed and get approved for a loan.

Personal items of value that can be used as collateral include vehicles, such as cars, truck or boats, luxury watches and jewellery, designer items such as handbags, and gold coins or bullion.

When it makes sense to get a personal loan in Botswana

Short-term personal loans make sense when there’s a temporary cash-flow crisis. This means you need money now but you know you’ll be able to repay the loan within a few months.

An asset-backed loan makes sense when there’s a once-in-a-lifetime or limited opportunity to invest in something or expand your business.

For example, equipment on sale to expand your offering or to buy goods in bulk for resale. You may have secured a tender or new project but need funding to get started.

Benefits relative to getting a bank loan

Going to a bank to get a loan is an option, but there are a few benefits to using an asset to secure a loan instead:

• no credit checks and your credit history is unaffected
• the asset remains yours (as long as the loan is repaid)
• no hidden fees or costs
• apply online and get provisional approval
• simple and quick process
• funds are usually transferred within 24 hours
• no need to be employed or disclose your income.

Getting a personal loan against an item of value in Gaborone

Start your application online and give us details of the personal item you want to use to secure the loan. We’ll give you a provisional loan quote based on this information.

If you want to go ahead, you’ll bring the item to our offices for final appraisal and confirmation of the loan amount. You’ll need to submit a copy of your ID and proof of residence, as well as proof of ownership (such as an invoice).

Once approved, we take temporary custody of the personal asset and the funds are transferred into your account. Once you’ve repaid the loan in full, the item is returned to you.

For more information about using a personal item of value to get a loan in Gaborone, contact us online or call 71 388 088.