The cash loan without proof of income is a real challenge for the lender as well as for you as a borrower. This form of payment is considered very unusual, also because many direct banks do not have their own branch network in exchange for favorable conditions and therefore do not have a cash desk for cash payments. However, you can solve this part of the problem very quickly if you plan well in advance: Read our tips on payment and possible credit settlement.
Proof of income is essential for low interest rates
A cash loan without proof of income would mean a double risk for a lender if he paid it out immediately and in cash on demand. If only a very low salary, pension or unemployment benefit II is available for repayment, then the lender is solely dependent on the borrower’s benevolence: the monthly income would be close to the seizure allowance or the subsistence level, so that in the event of repayment disruptions, it is not robust Mandate would be possible.
Nevertheless, some banks have decided to grant a loan even with low income: the higher risk is offset by a very high interest rate. Hoping that the repayment may sometimes be stuttering, but ultimately complete.
However, even the loans with high interest rates usually provide for payment to any bank account:
Bank transfer as a common form of loan payment
There are many risks associated with a cash loan, think of high cash holdings in a credit contact point. This actually happened once and was called “credits shop” by the bank. So cash to take away! Our editorial team has only seen this a few times in advertising, but it was not noticed in the cityscape.
Therefore, with the exception of depositing valuable items (e.g. pawnshop), taking cash is very rare. If you get a cash loan without proof of income, the terms “credit today” or “immediate payment” refer to a normal transfer (credited the next day) or an express transfer (the same day).
Terms and Conditions: You must redirect the transfer
If you as a borrower want to get money immediately, then you may want to pay an invoice while the current account is still or already in the red. Here, however, there is a credit trap unknown to many people within the terms and conditions of many banks. To compensate for an overdraft facility (or other claim), they can also use the balances of the other accounts of the same customer.
So have the almost cash advance transferred to your “current account bank” without proof of income: The following can happen: There is a risk that the bank will offset part or all of the transfer amount against outstanding claims. So the urgent financing needs must be covered elsewhere.
You should therefore open a SparCard or an account with another, completely separate bank in good time. And then have the almost cash loan redirected there without proof of income. You can then dispose of this amount and withdraw cash or make a cash payment into an account of your choice.
It is best that you have an additional account with another bank regardless of a cash loan without proof of income. As an emergency account for all cases, so to speak.
Other forms of credit financing without proof of income
Since an instantly disbursed cash loan can be difficult without proof of income, you could think of several alternatives: With the legally regulated pawnshop, there is also money at normal costs, so you would not have to go to a loan shark or dubious provider when financing is urgent. Pledging or mortgaging an existing life insurance unfortunately takes much longer and would not be classified in the “instant loans” category.