Due to the challenge of accessing traditional finance, many entrepreneurs in South Africa have turned to pawnbrokers for financial assistance.Charles Meyerowitz, CEO of Lamna Financial says many small and medium enterprise owners make use of assets such as trucks, vehicles, luxury watches, fine art, and high-end vehicles.Meyerowitz says pawnbrokers usually provide entrepreneurs with short-term solutions to fund projects.
“It’s no surprise to learn that 35% of all loans made to SMEs are in the form of personal loans or asset-backed loans, as these entrepreneurs find it too difficult to access funding as a business.” “Loan sharks who demand upfront payment, charge excessive annual interest rates, make repayments overwhelming for borrowers and trap consumers in a cycle of debt, leaving them struggling to pay off the loan while amassing additional fees, are on the increase.”
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