Will cash payout loans still be offered in 2016? Who are potential providers, what are the alternatives?
All over Europe, cash is on the political “hit list” as a means of payment. Some payments, the most prominent example of which are broadcasting fees, can no longer even be paid in cash. We summarize all the key aspects when people are looking for a cash loan and list the possible options.
Cash Payout Loan – Why Cash?
The main reason why people are looking for a cash payout loan is a missing checking account. On June 19, 2016, the legislator reacted to the problem of lack of access to the current account. Section 31 of the ZKG “Entitlement to a basic account contract” is in force. No citizen, who is legally in Germany, is allowed to refuse credit institutions a basic account.
With the “Everyman Account”, at least the theoretical requirement would be given to apply for a loan and to process approved loans via an account. However, there is an argument against real credit opportunities that, unlike a credit account, there is no legal claim to credit. In the absence of creditworthiness for lending, credit institutions neither grant a cash credit nor a loan based on book money.
Another reason to look for cash with credit could be to hide lending from third parties. The wish to hide the loan would be conceivable for a variety of reasons. The partner should not know anything about the loan, the house bank should not notice the loan, up to the concealment of credit in front of the Credit bureau. Politicians think even further and do not rule out a criminal concern.
Officially, the concern about criminal offenses has become so great that cash as a whole is being put to the test. In mid-2016, the ECB started pulling 500 USD out of circulation. In fact, it’s probably just a matter of not passing money earned past the tax authorities. The change in monetary policy was already announced in 2014 for loans with cash payments without Credit bureau.
Credit without Credit bureau – no cash payment since 2014
Probably the most common cash loan in advertising was the loan without Credit bureau, which used to come from Switzerland. Today, the lead bank is based in Liechtenstein. Small loans over USD 3,500 or USD 5,000 loan amount are given free of charge.
Until 2014 it was possible to apply for the loan payment by post. Loan with cash payment from Liechtenstein was canceled without replacement because the payment procedure repeatedly caused problems.
Cash payment – the hallmark of fast lending
Another reason to look for a cash advance is to hope for quick cash. With a sufficiently good credit rating, there are various options for getting cash quickly. The key to fast credit is the current account. The overdraft facility offers the fastest way of obtaining cash. The account may be overdrawn without further inquiry.
Above the disposition, provided that the creditworthiness is sufficient, a simple call to the house bank is often sufficient. The account manager increases the discount rate. At the same time, the money would be available in cash at the machine or at the counter. It’s not that easy when creditworthiness is limited. A credit account with the usual house bank cannot be overdrawn by a cent.
It would be different if there was a credit account with Cream Bank. Even in real time, the fast loan over 100 USD would be possible with the current account on a credit basis with Cream Bank. A button is available on the website for emergency calls. The credit request is checked in real time. If the borrower passes the automatic credit check, the software immediately pays out to the checking account. This credit would now be available in cash at the ATM.
Microcredit – up to 3,000 USD
With a cashless payment to the checking account, the mini credit or micro credit offers quick access to money. A provider for this real short-term lightning loan would be, for example, Cream bank. Interested parties who usually do not get good loan opportunities from banks may feel addressed. – Pensioners, low-income earners, people in precarious employment or in poor Credit bureau.
A microcredit would be conceivable from a monthly net income of $ 500 or more. Depending on income and personal creditworthiness, between USD 100 and USD 3,000 can be applied for. For the first application, the credit limit is limited to 500 USD, the term is 30 days. It’s quick with the first application anyway. The money can be (cashless) on the way to the current account within 24 hours.
Real credit with instant cash payment provider
Real cash advances, where the money does not make the detour via a checking account, only offer traditional pawnbrokers as commercial loan providers. For the loan with cash payment in the local pawnshop, neither the Credit bureau nor proof of income are requested. Only the mortgage lending value is decisive for the loan amount.
Other alternatives could be the cash credit in the traditional wage advance in the employer’s pay office. As an alternative to the “real” loan with cash disbursement with poor creditworthiness, we recommend submitting the loan application via Best Lender. Fast, large-volume loans are possible if a bank agrees to finance through Best Lender.