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Obtaining loans in cash: the main advantages and disadvantages

Getting a loan in cash: the main advantages and disadvantages

Loans issued by cash, are misused, because the borrower may dispose of the money at its discretion.

This includes the acquisition of goods and services, and start their own business, and tuition.

Everyone has their plans made inloan funds. The credit organization will never verifies that what it spent the money. For the bank, the main thing that the loan was fully repaid in due time.

Advantages of credit

  • Rapid decision-making. Financial institutions considered for a loan for a few days, but in this case the decision can be made in a couple of hours.
  • Minimum package of documents. Amounts issued in this way, are small, which means that the bank needs to provide only a passport and a statement.
  • No need for guarantors. Often, when a man asks his relatives or friends to act as a guarantor, they meet rejection, that spoils the relationship between people.

Loan cons

  • Cash loans are accompanied by highinterest rate. This percentage is 1-2 times higher than that which would have been in the provision of the statement of earnings. And since there is no co-signer of the document confirming the solvency of the citizen and the collateral, the bank begins to hedge their risks through high interest rates.
  • Potential requirements for minimum age zaemschika.Obychno crediting 18 years of age. Also, banks and set the maximum age for the issue of loans - from 60 to 75 years.

If the borrower's salary comes to a bank card,it is better to arrange a loan in that bank that caters to this map, as the majority of credit institutions provide favorable conditions for obtaining credit to its customers.

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