Options Financial Services Introduces Car-for-Cash Loan

Options Financial Services unveiled a new asset-backed lending product called Car-for-Cash on Friday at the Radisson Blu Hotel in Ikeja. This product allows eligible vehicle owners to secure cash loans using their cars as collateral without surrendering possession.

The facility offers an interest rate of 4.5% and is aimed at individuals and businesses needing funds for expansion, working capital, or urgent financial commitments. Chief Executive Officer Habeeb Fasuyi stated that the product helps customers unlock liquidity from their assets while still using their vehicles for transportation and other daily activities.

The Car-for-Cash facility is designed to cater to the growing demand for alternative financing options among Nigerian households and small businesses. Prospective borrowers must meet eligibility requirements, submit documentation, and have their vehicles valued before financing is approved.

The loan amount and repayment terms will vary based on the vehicle's assessment and the facility's conditions.