The instant cash loan promises quick access to cash. In advertising, these loans are often presented in a “brilliant” manner. On closer inspection, they are, as a rule, a completely normal installment loan with accelerated application processing. The special feature is the cash payment option by post for online banks.
Local institutes also sometimes advertise with this slogan. Your payment can be made practically the same day. If you see this advertisement on the Internet or in the newspaper, for example with the addition “without Credit Bureau”, then there are offers from credit brokers and foreign banks.
The instant credit in cash from German providers.
Both Cream online banks and local financial institutions offer “instant credit in cash” in their advertising. People with a good credit rating who need quick cash are addressed. A purchase should be made and time is short. A short-term special offer could be the reason for the quick cash requirement.
Immediate loans are characterized by the accelerated processing after receipt of all necessary documents. For banks operating online, the processing time is often only one day. With the approval, payment to the postal service takes place practically at the same time. A realistic time frame from applying online to the applicant actually holding the money in hand can be less than a week. Swiss Post’s services, which are fast in a global comparison, are the reason for the “long” period.
Not everything can be done online, without a branch network, payment in cash is only possible through a service provider. The strength of the online bank is not the short payout time, its strength is the cheaper price. The price advantage is mainly due to the lack of a branch network and the severely limited number of employees.
The faster loan payment comes from branch banks.
A trip to the local chain store saves time. If all the necessary documents are available for the interview, the clerk carries out the examination, usually in the presence of the applicant. The instant credit in cash really does what the advertising promises. It can be paid out immediately in cash. The way to immediate payment is through the overdraft facility. Booked internally by the bank, this small detour does not cause any significant costs. However, it guarantees the immediate availability of the money in cash.
The instant cash credit can be “hidden” from the Credit Bureau and the house bank.
People who have no creditworthiness problems but are planning a larger investment, for example building a house, would prefer not to have any credit entries entered in their Credit Bureau information. These could reduce the credit rating and thus make the mortgage significantly more expensive.
Foreign banks therefore offer the option, with good creditworthiness, of almost immediately, at no additional cost, the instant loan in cash, without having to enter this into Credit Bureau. Payment is conveniently made via the postman. If the installments are now paid without using your own account, the loan is practically invisible. Neither the house bank nor the Credit Bureau is aware of this.
If the creditworthiness is already very limited due to the income situation, the Credit Bureau registration of a credit obligation can have unpleasant consequences. For example, the overdraft facility is downgraded. Financial leeway is lost, an overdraft above the new border increases dramatically. Applying for an immediate loan in cash and hiding it as described prevents such unpleasant consequences.