At the very beginning let’s lighten the nomenclature a little. Many people put an equal sign between a loan and a cash loan. After all, here and here we receive cash, which we can use for almost any purpose. Analyzing both forms of obtaining additional funds, it can be seen that they are not equal in legal terms. The cash loan is a banking service and cannot be granted by any other institution, including parabanks. Now that we know what we’re talking about, let’s get to the point.
We spend the obtained money
As a rule, the bank is not interested in what we will spend the money on. Simply put, for the money we can buy new kitchen equipment, pay off outstanding liabilities or simply support the household budget. We do not need to specify it in the contract, which is extremely convenient and allows you to dispose of money according to our current needs. This is a huge advantage of cash loans that you should keep in mind.
A loan for everyone?
Applying for a cash loan is very easy. The bank does not require any collateral, but only sometimes asks for a certificate of employment and income achieved. However, in many situations, a statement in which we declare our earnings is enough. As we have already mentioned, the bank also does not require a declaration as to what purpose we will allocate the funds to. Nowadays, we can easily apply for a loan via the Internet, which is extremely convenient.
We choose a cash loan
The offer of cash loans is extremely large and we should get acquainted with it in detail before making a decision. First of all, let’s try to narrow down the box, rejecting the offers of banks that do not suit us for any reason – choose banks with a good reputation. Then we analyze the offers in terms of interest, additional fees such as commission on granting the loan, loan period and other additional options offered by the bank. First of all, let us use common sense and try not to incur debt if it is not necessary.