Each of us sometimes needs extra cash. After the holidays, when the account is empty, the washing machine suddenly breaks down, the car does not want to light, and the children catch bronchitis. It is a scenario that I do not wish you, but you know – misfortunes like to walk in groups.
In this situation, if you do not have savings that you can / want to use, choose a cash loan. If this is your first adventure with this product, I will tell you what to look for, what a cash loan agreement should look like and what the procedures should look like.
Importantly – banks usually do not want to grant loans to people without creditworthiness. If you’ve never had any loan, credit, or anything bought on the installment plan, learn how you should go about building a credit history.
Cash loan – who can get it?
Anyone who is over 18 years of age and has creditworthiness can get a cash loan. The bank you apply to will start by counting the so-called scoring.
Creditworthiness is the ability to repay the loan (principal and interest) within the period specified in the contract.
The creditworthiness analysis is carried out by the bank. Most often it divides it into two parts – quantitative and qualitative. The quantitative analysis includes checking the financial situation of the potential borrower. The bank checks:
- earned income
- monthly maintenance costs (rent, utilities)
- current debt (currently repaid loans, amount of credit card debt, available limits, guaranteed loans)
Qualitative analysis is an analysis covering all other aspects, such as:
- traits such as age, marital status, number of dependents, housing status, education, seniority, occupation, a position held
- the credit history of the potential borrower.
The bank will download a report from GFCI to check your obligations and what your credit history looks like. It will also check that you have paid all your previous liabilities on time and that you have no more than 30 days of arrears.
In order for nothing to surprise you, you can check your credit history yourself – all you have to do is generate a free report in the Good Finance Credit Information (GFCI).
If you want to check your credit standing yourself, you can use our credit standing calculator.
Cash loan – documents needed for a cash loan
You need literally several documents to get a cash loan.
- a document confirming your identity – based on which your data, age and nationality will be verified. In the credit form you will have to enter the data that matches those in the document.
- income statement – it will be the basis for assessing your creditworthiness. You will receive an income certificate from your employer. If you are a pensioner, you should confirm your status by providing the last pension slip. The bank may also ask you for additional income confirmation, e.g. your bank account statements for the last three months. You will show that you are financially stable and receive a regular income.
Online cash loan – no earnings certificates
Some banks grant loans based on a statement. Most often, applicants for a small loan can get such a cash loan without certificates. Although the amount of such a commitment may be lower, it also requires fewer formalities.
Cheapest cash loan – comparison of offers
Be sure to read at least a few offers so that you can compare them with the costs of the loan you intend to apply for. First of all, compare products in different banks so as not to overpay in the world. Instead of browsing dozens of offers, check how the cash loan comparison tool for Richard III works.
How do you find the best online cash loan?
Choosing the right loan should depend on several key factors. First, think about your purpose of lending (buying a car, renovation, repairing equipment, etc.).
No borrowing is too high an amount if, in fact, you do not need so much extra money, and you know that you will have problems with their devotion. However, if you need extra cash quickly, opt for a quick cash loan online.
Simple procedures, quick credit decisions are its definite advantages. Below you will find some of the most popular offers among our users.