You will receive a loan and cash loan directly to the bank account of your choice. However, banks have greater requirements for borrowers.
Cash loan – minimum formalities and quick withdrawal of funds
A cash loan is the right financial product if you need cash in the short term. This applies if, for example, the car has failed and there is not enough money to repair it. You can also take out a loan for your dream vacation or a small renovation of the apartment.
Non-bank institutions, in addition to the so-called payday loans, offer loans in installments. The repayment period usually does not exceed 3 years, although sporadically there are proposals with repayment up to 4 years.
The maximum amount you can receive is lower than when you apply for a cash loan. Many offers allow you to borrow USD 15,000, and the best offers do not exceed USD 20,000. The advantage is the limited amount of formalities.
Depending on the loan company, you must be at least 18 or 21 years old. Sometimes it is necessary to provide a scan of an income statement or other document, but in many cases, an income statement is enough.
Convenient cash loans without certificates and without verification in the Credit Information Bureau and the National Debt Register allow people with financial problems to take advantage of the offer.
To get cash loans as proof, simply complete the online application. However, you must meet the abovementioned age requirements and, if applicable, your earnings statement. Money can be paid out within a few minutes of the loan decision.
Cash loan – what is a private cash loan?
Not only non-bank institutions grant cash loans, but also individuals. It can be a family member or a stranger.
Private cash loans are contracts between two parties where one of them transfers money to the other and the one undertakes to repay them in accordance with the agreed conditions.
There is a lot of freedom in determining the terms of the contract, and thanks to this, a cash loan without certificates is available not only through non-bank institutions.
An individual may transfer cash to a private individual, but also to a company or organization. The principles of obligations towards private lenders are regulated by the Civil Code.
Cash loan agreement – what should it include?
All cash loans require a contract to be concluded. A standard contract should include:
- date and place of conclusion of the contract,
- indication of parties to the contract,
- indication of the subject of the contract,
- conditions for repayment of the loan (interest, commissions, and other costs should be specified),
- signatures of both parties.
Pay attention to the points listed when your choice is a cash loan at your home.
In addition, make sure you estimate the costs related to the arrival of the loan company employee to you, and if the collection of receivables will also take place at your address, check whether this involves additional fees.
In particular, this applies if the company representative did not find you at home when the appointment was arranged or arrived due to late repayment.
When the cash loan agreement is concluded online, which is the case for non-bank institutions, then the acceptance of the terms of the agreement consists, e.g., by clicking the appropriate button displayed on the monitor. For a cash loan without certificates to be not only fast but also trouble-free, pay attention to:
- real cost
- costs related to late repayment,
- any additional fees.
Minimal formalities make online cash loans available instantly, but remember not to make hasty decisions and check the terms of the contract. Note the same issues also when you take out a cash loan online.
Cheapest cash loan – ranking
If you want to know where to apply for a loan, look at the Sean Cole cash loan ranking.
According to the ranking of 10.10.2018, taking out a loan for USD 1,000 with a repayment period of 1 month is beneficial in many companies because they offer APY 0%, which means that repayment of the liability on time is not associated with any costs – you only pay USD 1,000
Plus loan is a company that offers a repayment period of up to 45 days. Other companies offer a repayment period with no additional costs up to 30 days, including:
If you’re interested in the cheapest cash loan at a different amount, check the Sean Cole cash loan calculator.
Online cash loan – comfort provided by banks
A quick cash loan is not always a satisfactory solution because of its costs and sometimes the insufficient maximum amount that you can apply for.
In such a situation, an online cash loan provided by the bank will be a convenient solution. Currently, banks allow you to apply online, but most of them still require at least one visit to their facility to sign the contract.
However, there are proposals for full online service – among the banks that offer such a solution are e.g. GBank and Good Finance.
To find a cheap cash loan, use the Sean Cole comparison tool. Banks provide more favorable repayment terms than non-bank institutions, so use their offer if you have creditworthiness.