Cash credit – a short term solution

There are many situations in life in which a loan helps. A loan can be used, for example, for a repair or a household purchase. A move or a trip can also be financed with a loan from a bank or a financial service provider. A cash loan, which can be obtained particularly cheaply with good credit conditions, helps particularly quickly.

The cash loan is offered to solvent loan seekers by the house bank as a credit facility

The cash loan is offered to solvent loan seekers by the house bank as a credit facility

In a financial emergency, many people go to their house bank first. There are often very good business relationships with the house bank over many years. In addition, these banks usually keep all the accounts of their bank customers and are responsible for the execution of all financial transactions. To apply for a cash advance, the bank customer must make an appointment with his clerk. The current financial situation can be discussed on this date. A short-term solution is a cash advance in the form of an overdraft facility.

The overdraft facility is a credit facility that is granted to a bank customer by his bank. With this credit, the checking account can be overdrawn by a contractually agreed amount of money. The amount that can be overdrawn depends on the monthly income of the account holder. Usually, one, two or even three monthly salaries are agreed as a credit line. The bank customer does not have to pay monthly loan installments for this loan. However, high interest rates are due, which are usually calculated on a quarterly basis. For many banks and savings banks, the effective annual interest rate for a credit line is between 10 and 12 percent.

Of course, it is also possible to apply for an installment loan. Whether and in what amount this loan form can be approved depends on the Credit Bureau information. With a positive Credit Bureau and sufficient creditworthiness, a loan is easily possible. Since the house bank has stored all the necessary documents on their computer, the borrower usually only needs a valid identification document. After approval, the cash credit is paid into the current account of the bank customer and can be used for the specified projects.

Cash advances are available from direct banks on the Internet

Cash advances are available from direct banks on the Internet

If you want to use a cheap online offer, you can contact banks or financial service providers on the Internet. Cash advances are available from direct banks and banks that offer their financial services online. Credit Bureau information is usually always obtained for online loans. With a positive Credit Bureau, loan seekers can take advantage of the loan offers of direct banks on the Internet. Since these banks do not maintain a branch network, the loans from these banks are only offered online. Advice on the loans offered is also not possible. In direct banks, personal contact is limited to the telephone or letters and emails.

A cheap loan from a direct bank is easiest to find on a consumer credit portal. These online portals are equipped with easy-to-use loan calculators that simplify and narrow down a search. For the search, the loan amount, the loan term and the purpose are entered. The loan seeker is shown an extensive list of banks that are eligible for a loan. Anyone who has opted for a bank loan will be immediately redirected to the website of the direct bank. The loan is paid out in cash to the checking account.

In the case of credit brokerage, cash loans are also offered without Credit Bureau

In the case of credit brokerage, cash loans are also offered without Credit Bureau

By working with many different banks in Germany and abroad, credit agencies can offer different loan and loan models. Cash credit also belongs to these credit models. This loan is also available as a Credit Bureau-free loan from credit agencies. No Credit Bureau information is obtained when applying for a Credit Bureau-free loan. Even after approval of the loan, no notification is made to Credit Bureau. Since the summer of 2016, Credit Bureau-free loans have been offered at many loan agencies up to a total of $ 7,500.

The application for a cash loan is made online at a credit agency. It does not matter whether the loan is applied for with or without Credit Bureau. The applicant must truthfully complete the online application and then print it out. If you do not have a printer available, you have to wait until the loan agency sends the application by post. The signed loan application, including the required credit documents, is sent back to the financial service provider. These documents include, for example, pay slips or bank statements. If the loan is approved, the current account is paid out. Some credit agencies also pay the cash advance by post.

The payment of the cash loan depends on the bank or the financial service provider

The payment of the cash loan depends on the bank or the financial service provider

Cash loans are offered by many banks and financial service providers. It is available from the house bank in the form of an expensive overdraft facility. The credit is available immediately after approval. With a cash loan from credit intermediaries or direct banks, the payment can take several days. Some credit agencies also postpay loans. A credit comparison is advisable for cash loans.

Cash credit immediately to the account

Again and again we get unusual requests. Interested users can find out whether you could also get a cash loan into their account immediately. The banks you asked about mostly reacted with lack of understanding, these people report. If you have also struggled with this problem, you can be assured of two things: First, your request is not as unusual as it may seem at first glance. On the other hand, there are of course solutions on how this can be achieved.

Cash credit immediately into the account: That is why banks react with lack of understanding

Cash credit immediately into the account: That is why banks react with lack of understanding

But let’s first shed some light on why banks react with a lack of understanding to the question of whether the cash loan could be transferred to the account immediately. The mistake is mostly on the part of the lender as well as that of the potential borrower.

First of all about the bank’s mistake: the cash loan is actually a construct that was specially developed in the event that someone does not want to have money transferred to their account immediately, but needs it in cash. Finally, there is the instant or lightning credit as a corresponding alternative. What banks employees, who are very caught up in the logic of their offers, hide from the fact that it is not your account that you would like to deposit the money into – but that of a friend or, for example, a creditor. Alternatively, many banks are not even concerned with the question that you might simply be afraid that with other types of loan it could take too long for the money to be credited.

Potential borrowers’ mistake is usually due to the fact that they simply don’t describe what they want well enough. The compulsion to take out a cash loan is considered shameful by many people. In many cases, this unfortunately means that requests are formulated very vaguely.

Cash credit immediately into the account: there are these possibilities

Cash credit immediately into the account: there are these possibilities

The easiest way to transfer a cash credit directly to any bank account is to make a direct deposit. Ideally, you go to a branch and deposit the funds. The money is booked immediately. Alternatively, you can also use the ATMs with deposit function. The effect remains the same: the money is directly in the account.

It gets more complicated if it is not a branch bank, but a direct bank with which the account is located. However, such financial institutions also cooperate with other financial institutions that have ATMs. This way of depositing should therefore remain possible.

Cash immediately into the account: from one bank to another

Cash immediately into the account: from one bank to another

However, it becomes much more complicated if you change banks and the cash loan is to be paid into an account with another financial institution. At branch banks, in extreme cases you can simply carry the money personally from one place to another or use the option via an ATM again.

It is different if the money is to go to an account abroad. Then either use the bank transfer function from which you take the loan. To do this, however, you need a current account with that. The step will also cost fees. Or consider whether it makes sense that you take the cash loan directly from the foreign money house.