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Cash advance loans are not so simple as it may seem. They have many features that affect the cost and possibility of registration.
Cash advance loans – are money that you borrow in the bank for any needs. You can take the cash advance loans on the different purposes: on training payment, repair of housing, purchase of household appliances, furniture. Banks offer to consumers a lot of cash loans.
All of them differ under terms of crediting that will include the following parameters:
The terms. The main elements are the interest rate and term of a loan. As a rule, the interest rate has the minimum and maximum borders – concrete figure will be defined on the basis of your solvency. The term of the credit can begin of 1 month and be limited by 5 years.
Loan sum. It is money that you ask bank. The size can be various: from several thousand to several million dollars.
Requirements to the borrower. More than 90% of all banks lend only to people of working age from 21 to 60 years old which are registered in the region of the bank location. The important thing is having a job and a stable source of income, that should be enough to repay the loan. If a large sum of the credit, the bank may ask for collateral, co-borrowers or guarantors. Banks will not give money if you have a negative credit history.
Documents. As a rule, you need to provide a passport to the bank. As additional it can be used: copy of the service record, international passport, military ID, certificate of INN, driving license, etc.
Consideration of a credit application takes place in a period of several hours to several days. In the positive case, it is issued a loan agreement, the result of which is the cash advance.
To receive funds for any purposes – is very tempting prospect, however it costs much. In spite of the fact that clients are enticed quite often advertising leaflets with huge figure "0", actually the overpayment on a loan makes more than 50%. The amount of debt expands thanks to the numerous commissions (one-time and monthly, for registration of the credit, for his service, etc.). Some banks offer credit at 0.0001%, but the effective rate is 65%. Thus, the indicator can show the real picture, waiting for the borrower.
Advantages of the cash advance loans are: rather fast registration (in comparison even with a car loan), granting the credit for the different purposes, a possibility of receiving quite large sum (according to some programs). Lacks of loan are high interest rates and commissions.