How Does Cash Crusaders Loans Work

Cash Crusaders is a South African franchise that specializes in buying and selling second-hand goods. They also offer a loan service that allows customers to access cash quickly and easily. If you are considering taking out a loan from Cash Crusaders, here’s how it works:

Firstly, you will need to visit your local Cash Crusaders store to apply for a loan. You will need to bring a form of identification, such as your ID book or driver’s license, and proof of income, such as a payslip. You will also need to bring the item that you would like to use as collateral for the loan.

The loan amount that you can receive will depend on the value of the item that you are using as collateral. Cash Crusaders will assess the value of the item and offer you a loan based on that value. You can use items such as jewelry, electronics, musical instruments, and even power tools as collateral for the loan.

Once your loan application has been approved, Cash Crusaders will hold onto the item that you have used as collateral for the duration of the loan. You will be required to pay back the loan within the agreed-upon time frame, which is usually between 30 and 90 days.

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When you repay the loan, you will also need to pay a fee for the loan service. The fee is a percentage of the loan amount and varies depending on the length of the loan. For example, if you take out a loan for R1,000 for 30 days, you may need to pay a fee of R150. If you take out a loan for R1,000 for 90 days, you may need to pay a fee of R300.

If you are unable to repay the loan within the agreed-upon time frame, Cash Crusaders will sell the item that you used as collateral to recover the loan amount. If the item sells for more than the loan amount, you will receive the difference. If the item sells for less than the loan amount, you will still be responsible for paying the difference.

One advantage of using Cash Crusaders for a loan is that they do not perform a credit check. This means that even if you have a poor credit history, you may still be eligible for a loan from Cash Crusaders. However, this also means that the loan service is more expensive than traditional bank loans, as the fees charged by Cash Crusaders are higher than the interest rates charged by banks.

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Another advantage of using Cash Crusaders for a loan is that the process is quick and easy. You can receive cash within minutes of your loan application being approved, which can be helpful if you need money urgently.

In conclusion, Cash Crusaders loans can be a useful option if you need cash quickly and have an item that you can use as collateral. However, it’s important to keep in mind that the loan service is more expensive than traditional bank loans, and you will need to repay the loan within the agreed-upon time frame to avoid losing your collateral. If you’re considering a loan from Cash Crusaders, be sure to read the terms and conditions carefully and ensure that you can afford to repay the loan before applying.

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