Cash offers are not just a marketing slogan in non-bank companies’ offers, but an actual offer that can be used while completing the minimum formalities. Are banks able to withdraw cash loans just as quickly?
What is a cash loan?
The cash loan is granted for any purpose, not related to any business or professional activity carried out by the borrower. The borrower signs a loan agreement for a specific period, committing himself to repay the money borrowed with interest.
Cash loans over the internet are becoming more common – you can get them in a very short time and really few formalities.
If you have been a customer of a particular bank for a long time, you can have an online cash loan without certificates, because the creditworthiness will be checked and verified by the bank based on your personal account history.
Cash loan – credit application assessment procedure
The credit process is a comprehensive procedure for granting a particular type of loan, and it lasts until the client’s commitment is fully repaid. The assessment of the loan application is a very important element of this procedure.
Such analysis usually consists of three parts in banks:
- formal and legal,
It may take up to a month to fully analyze the loan application. The bank may allocate 21 business days for this. The analyst must be certain, especially in the high amount, that the client will be able to repay the loan in full. Appropriate checking of the potential borrower in various bases and calculation of his creditworthiness helps to minimize the risk.
Technical analysis consists in assessing the proposed collateral in terms of market values. The formal aspects of the contract and the data entered in the loan application are then checked.
Also read: Equal and decreasing installments in cash loans
The formal and legal part of the analysis consists in checking the creditworthiness of the potential borrower. Even a cash loan without certificates cannot do without checking the client at BIK – Credit Information Bureau. The bank also needs to know if the name of the person wishing to take a loan does not appear in the databases of economic information offices.
The financial part finishes the credit analysis and consists in checking the creditworthiness of the customer. The bank wants to know if it can afford a given loan and whether it will be able to repay it.
Finally, after analyzing the applicant’s creditworthiness and creditworthiness, after calculating the risk level of signing a loan agreement with him, he makes a decision. If it is positive, the loan will be paid after signing the loan agreement.
How fast are cash loans paid out?
Before a cash loan can be withdrawn, a credit decision must be issued. The cash loan calculator will not check your creditworthiness, but it will allow you to check the installment amount. Use it so that the amount does not surprise you. The cash loan ranking will show you the best offers. The ranking will not only take into account the installment amount and show you the best cash loans selected from all offers on the market.
For some customers, the fact that the bank declares the transfer of funds from the loan even on the same day the application is submitted is the basic criterion for the selection of the offer. If you do not care about getting the cheapest cash loan or if the low interest rate on the cash loan is not important to you, but the most important is the speed of issuing the credit decision and how quickly the money will go to the customer’s bank account, choose a bank that guarantees instant withdrawal.
Good to know: Where to look for a cheap cash loan? Advise!
The cheapest cash loans are not always the fastest. Sometimes you have to choose – cheap cash loan or fast cash loan.
The fastest loan will be granted when you apply for it online. You can know the credit decision even within 10-15 minutes. All you have to do is make a simple comparison of cash loans over the internet and choose the one that will be the cheapest. You can also use the cash loan calculator, which will show how much monthly installments we will pay for given loan parameters.
Current ranking of cash loans
Below you will find a comparison of cash loans in terms of how quickly banks issue a loan decision and how soon after it can be issued, a loan withdrawal can be expected.
The above comparison of cash loans shows that even on the same day as the loan agreement is signed, you can get a cash loan payment.
Sometimes, the best example is mBank, that existing customers of this bank have a chance to get cash right away – the credit decision will be delivered online through 3 minutes from the moment of application, and the loan is paid directly to the customer’s account within 15 minutes.
Cash in stock can be available not only in non-bank companies, but also in banks that grant cash loans.