Frequently Asked Questions

The loan amount you qualify for depends on the value of the asset you are using as surety.

TLCLoans normally lends up to 50% of the current market value of the asset that will be used as surety for the loan. 

Each loan application is unique and there are various factors that will influence the final loan amount offered.

Factors that could affect your loan amount:

• Asset Value
• Asset Condition
• Market Price and Conditions

TLCLoans is registered as a Pawn Broker with the NCR, and because of that, the law requires that we hold onto the asset used as surety for the duration of the loan. This is a standard practice in the pawnbroking industry.

Unlike “unsecured loans” where the loan is not based on an asset but rather on the borrower’s creditworthiness, pawn loans or loans against your assets need a tangible asset as surety.

Once contracts have been signed and the money for the loan has been paid out, your asset will be safely locked away. 

Upon lock up, you will be sent photos of the asset in it's secure storage unit. For loans against transport vehicles, you will also  be sent a photo of the mileage.

The asset remains registered in the borrower's name until such time that the loan is settled. Furthermore, TLCLoans insures your asset so that you have peace of mind: your asset is covered should anything happen.

Our recommendation is for you to keep your existing insurance on your asset while your asset is in storage with TLCLoans.

For added security and peace of mind, TLCLoans provides additional insurance coverage for the time that the asset is stored. This is to ensure that it is protected in the event of any unforeseen events.

While your asset is securely locked away with us, no one will have access to it. It will remain parked exactly where it is until the day the loan is settled. 

Should you be unable to settle the loan within the agreed-upon timeframe, you have the option to extend the loan for an additional month. However, this requires you to pay the relevant interests and costs that are due.

Should it eventually lead to a point that the loan can’t be settled, as a last resort, the asset will be sold. The proceeds of the asset's sale will settle the amount borrowed as well as outstanding fees and costs due. The remaining amount from this sale will be refunded to you, the client.

As TLCLoans is a short-term lender, our asset-backed loans have a repayment period of between 30 and 90 days. However, loans may be extended (up to 5 times) as long as the interest and costs are paid timeously.