Pawn for the rich who need money

June 9, 2014
11:44 am

Even the rich have issues with cash flow. Find out how discreet money lenders like Lamna help see the well-off through their trying financial times.

FORBES AFRICA

01 Feb 2014,p.11

PAWN FOR THE RICH WHO NEED MONEY

Yes, the rich have cash flow issues too. But you won’t see anyone bringing in their old CD player so they can borrow a few dollars to get them through the end of the month. Instead, lenders offer loans that range from thousands to millions.

Nestled in a quiet street in Sandton, Johannesburg, Lamna is among the few private lenders that provides short-terms loans against personal valuables. Clients are offering expensive jewelry, wine collections, art collections and luxury vehicles, such as the Aston Martins and Ferraris, as collateral for immediate access to cash.

Although traditional baking is still the most important conduit for money, there is a gap that businesses such as Lamna are willing to fill. Clients are flocking through their doors because of the ease and the speed at which these macro-loans are handed out.

So, private lenders say business is good and the rich list keeps growing. And for the asset-rich hoarders, it is always good to know that access to quick cash is just a Ferrari or Rolex watch away.

Representative APR 68.3%

REPRESENTATIVE EXAMPLE

Amount of Credit	Duration of Agreement	Rate of Interest	Total Amount Repayable
£10,000	6 months	60% (Fixed) P.A.	£13,000 (In one instalment)

APR & Loan Repayment Period

Average representative APR 68.3% and 6 months loan.

Renewals

If you wish to renew the loan at the end of the loan period, if we agree and you pay off the interest you can renew the contract immediately.

Collection

All payments are made via EFT at the end of the loan period.