Many consumers think of a cash advance that is paid quickly, in cash. That’s not right. A cash advance is a loan that is transferred to the account like any other loan. The process of a cash advance may sometimes be faster, but the customer will not be able to go to the bank counter to get the cash in hand. Unfortunately this is always confused. The term cash advance is more of an internal bank word.
The cash advance, which is paid out quickly, can be, for example, a dispo. This is hanged to the account of the applicant, so to speak, so that he is always at leisure. The dispo is not the same for anyone, it always depends on the salary of the customer. In addition, it can be a call-off loan. The customer is provided with a loan amount that he can access at any time. For these loans, the customer must always make a minimum repayment, which is debited monthly.
Who can take this loan and who is rejected
For a loan that can be applied for quickly, there are people who receive the loan and others who are denied. This can have many reasons. The bank clearly classifies every client as solvent and not solvent.
Customers who have no income, are unemployed or receive social assistance will not receive a cash advance quickly. These persons are excluded from lending. There are reasons for this, because those who have no income will have no opportunity to repay the money.
Moreover, the law does not allow it, because payments are always social benefits. Should a loan be taken, the unemployment benefit or the social assistance would be deleted immediately. There would be no point in taking the loan because the money would be missing elsewhere.
It may be a paradox, because customers who need the money urgently do not get it. Others who have a fixed income receive money. But there is a strategy behind. It serves as protection for the bank and the customer. The bank ensures that they also get back the borrowed money and at the same time the customer is protected, he is not highly indebted.
Those with low income can apply for a loan quickly. It should be noted, however, that the bank only lends the loan if it has other collateral than the salary. Since this is often below the seizure allowance, the bank will demand the lack of security as a guarantee.
However, trainees, part-time workers and low-wage earners can apply for at least a small loan. Especially in emergencies and financially difficult situations, this small loan is suitable to escape from a debt trap.
Persons with a fixed salary and a permanent employment contract are the customers who most want to see banks. Here, the credit limit can be more than a small loan, so often waived further collateral.
The customer has a high income, which alone can be the security. If you are still positive about the Schufaprüfung, you will not have any problems if you want to apply for a loan quickly.