Business & Economy

Monday, 06 April 2020 13:12

How to overcome a sudden Covid-19 cashflow emergency

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The onslaught of the Covid-19 pandemic is brutal on most South Africans’  finances. Not everyone has a nest egg ready for emergencies to tap into and many people are finding themselves in a very difficult financial spot.  First Advance offers a unique lending solution.

Who is First Advance you may ask?

First Advance is an asset lender that specializes in unique tailor-made deals and lending products in sub Saharan Africa. We assist people with lending money against assets like a car, motorbike, caravan, truck, aeroplane, earthmoving equipment, tractors, land and property, jewellery. However, it is our ‘pawn your car and still drive it’ option that we are very happy to introduce to the South African market during this unprecedented time in our country.

It is a type of loan that is not that widely known here in South Africa, although it has been in use in the UK and USA for more than 30 years. In short, ‘pawn your car and still drive it’ allows you the opportunity to loan money against your vehicle while you are still driving it. The old school way of doing compromised of you having to pawn your vehicle and leave it at the pawn shop until you have settled your loan.

What are the benefits of pawn your car and still drive it?You have instant access to a company that will loan you much needed money when you need it. You don’t have the extra burden of your car, motorbike, boat, caravan or even earthmoving equipment having been repossessed.  At First Advance we are accommodating and discreet and very importantly – we are fast which means that your cash flow problem can be solved in a flash.

What are the requirements of pawn my car and still drive it?

We require that you have the financial ability to be able to pay our fees every month.

Why do I have to fit a tracker to my vehicle?

The reason for this is  two-fold  – firstly, to allow us to track our asset and ensure that it is not stolen or mistreated. This kind of money lending is also a high risk for us because we give our clients the much needed cash and at the same time we hand them back the security for that very same loan Unfortunately, it does happen from time to time that we have to recover a vehicle and a tracker comes in very handy then.

What type of paperwork do you need?Send us a 6-month bank statement, a payslip as proof of income, your driver’s licence, the registration papers of the vehicle and proof of residence.

First Advance is the most reliable and safest way for you to quickly convert your assets into cash.  We have been in business in Africa for more than 25 years and will go the extra mile for you as well!

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