If you take the definition of “cash advance”, most consumers understand a loan that is paid out in cash. A cash loan has nothing to do with the cash payment. However, the cash loan is actually quick and easy because the cash loan has already been approved. A cash loan is a current account credit, a line of credit that has already been set up in an account. So every overdraft facility can be called a cash advance. But what about the cash loan with Private credit checker?
The cash loan with Private credit checker through a credit broker
When financial resources need to be available quickly, many customers like to look for a cash advance. Banks have also reacted to the availability of a cash loan and are providing a quickly checked installment loan with brisk payment. Although a cash loan, as mentioned before, is actually something else, namely a credit line that is available on an existing account, similar to the overdraft facility.
A cash loan with Private credit checker is not approved by reputable banks. Conventional banks only grant a cash loan with a Private credit checker query. That is why a cash broker with Private credit checker needs an intermediary who contacts banks and finds the right lender for his customers. Then, however, there is not much left of the cash loan, because credit agencies do not work for nothing.
The customer should know that even well-known credit intermediaries such as Maxcredit and Lite lender credit advise against a cash loan with Private credit checker. The reason these loans have a handsome interest rate. In addition, the loan amounts are limited.
In most cases, only 3,500 USD are approved. If the creditworthiness is good, 5,000 USD and 7,500 USD are also approved. The interest rate is in the double-digit range around 11-12%, depending on the credit rating, even higher. The terms of the loans are 40 months.
If the customer chooses a credit broker, he should do so with reputable credit brokers as mentioned above. Because there are a lot of black sheep in this industry that are after one thing, the money of their customers. There is no credit, but prepayment or prepayment is often required. Whoever pays this will never see this money again. Therefore, a loan should always be selected with care, whether with Private credit checker or without.
The overdraft facility as a cash loan
A cash loan with Private credit checker can also be an overdraft facility. In the best case scenario, the bank has already made it available. Banks approve the overdraft facility if the customer has a regular income. Then three net monthly salaries are often granted. If the overdraft facility has not yet been set up, the customer should inquire, often a call to the bank is sufficient.
The overdraft facility can always be used up to the approved credit line, the credit line. If the credit line has been overdrawn, then there is no more cash, then the bank calculates additional interest at the expensive interest rate that has a overdraft facility. An exhausted overdraft facility always entails a high interest charge.
The customer should know that the interest rate on the overdraft facility equals that of the cash loan without Private credit checker. There are banks that charge up to 15% interest. Due to the high interest rate level, the overdraft facility should only be used for a short time. If you do this and always cover it with the incoming salary, you have a good solution for a short-term financial shortage.
But quite a few customers have to convert the overdraft facility into an installment loan. There may be various reasons. The credit line was overdrawn over and over, the bank gives up the overdraft facility. But the bank also tempts the customer to terminate the overdraft facility in the event of payment irregularities such as direct debits due to insufficient funds in the account. In the best case scenario, she suggests converting the overdraft facility into an installment loan.
The credit marketplace
The new trend in the credit business is undoubtedly credit marketplaces, where private investors are lending money to credit-seeking customers. How does the customer have to imagine that? The customer registers on a credit portal such as Trucredit or Centiloan and presents his or her credit request publicly and in a trustworthy and understandable manner.
So the money comes from a private individual and not from the bank. In the background, a bank manages the money for the loans and regulates the payment transactions when a loan is concluded.
However, Centiloan does not refrain from asking Private credit checker, and there will be no cash credit with Private credit checker from this provider. But Trucredit offers this loan. In general, the income situation is seen somewhat looser with this provider. But, of course, so much accommodation has its price and that can be found in the interest rate level, which can be more than high.