Category: Uncategorized

    Dental credit with installment payment.

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    Toothache is extremely uncomfortable and painful. A good denture is usually very expensive. Not everyone has the necessary money in their bank account to pay the open bill. State dental insurance does not meet the requirements that patients generally want.

    Few would like the dentures to be visually perceptible. Private dental insurance companies are also unwilling (depending on the provider) to cover all costs. In addition, many people do not think in advance of taking out suitable supplementary insurance. Dental credit with installment payment offers a good solution for the desired prosthesis, crown, etc.

    The free dental loan

    The free dental loan

    Compared to a conventional loan from the house bank, the dental loan with installment payment is a cheaper option. Basically, the offers or brochures are in the ante-rooms of the dentists. If you want to get information online, you will have the opportunity to get a detailed overview from various providers. The various offers differ only slightly from the interest rate with a short term.

    The free dental loans prove to be interesting. However, these must be repaid within 6 months. No deposit is required to finance this. Furthermore, the term can be set individually (up to 5 years). Short installment payments are recommended, as a dental loan becomes too expensive with longer terms.

    The contractors of the dentists

    The contractors of the dentists

    The choice of dentist can prove to be a disadvantage. For this reason, everyone should inquire with their own dentist whether they can offer a dental loan with payment in installments and which company it is. Each provider has special contractual partners (dentists) who are located at different locations. Patients can choose their preferred dentist from this list. In more than 80 percent of all dental practices, there is the option to finance the denture by paying in installments. USD information is always obtained when an inquiry is made. Negative entries worsen the offer.

    Installment payments with residual credit insurance

    Installment payments with residual credit insurance

    Installment payments are a good alternative for many people. However, it should be noted that the chosen term of the loan can be kept. A dental loan with payment in installments can be claimed from an amount of 250 USD. With a few exceptions, the limit is 5000 USD. The residual credit insurance provides additional security. Here it is important to determine for yourself whether there is an increased risk of accident or illness, as this supplementary insurance increases the monthly payment in installments. As with other forms of loan, a closer comparison is worthwhile before a contract is concluded. The Internet is a good way to compare different offers.

    The fast-loan industry is already changing

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    In September, as is well known, an interest rate ceiling will be introduced for so-called high-cost loans, what in everyday life is called fast loans, sms loans and online loans, but already the industry is in full swing of changing its loans.

    What is happening is that the really small loans of any thousand dollars are more or less disappearing, as are the really short maturities of just a few weeks or a month. In addition, several lenders have begun offering flexible loans with a certain credit limit instead of regular quick loans.

    The reason for this is that the upcoming interest rate cap of 40% (as well as the reference rate) in effective interest rates means that really small loans with short maturities will not be profitable. For example, if a credit company would lend USD 1,000 in a month, the cost of borrowing would only be about USD 33 and no credit company could survive on it.

    Probably the majority of today’s high-end mortgage companies will remain, but their products will not look the same as before. Alright, there are already quite a few lenders already today who can handle the interest rate ceiling, but far from everyone. So what will their credits look like? How will credit change? Well, there are two different strategies that we at WiseOne Credit have already seen:

     

    Quick loans are getting bigger and have longer maturities

    Quick loans are getting bigger and have longer maturities

    The smallest quick loans of USD 500 and a few thousand notes disappear. We will see more sms and fast loans with a minimum loan amount of USD 5000 or 10000, in addition, the lenders’ maximum loan amount will be increased. It will also be common for the shortest maturity to be 1 year, but probably some lenders will offer maybe 6 months maturity as well. We have made these assumptions in the past and now that the industry is changing its products it has proved to be correct. Let’s give you an example.

    BuzzMind Finance AB recently launched the brand BuzzMind Private Loan, which offers loans of USD 10000 – 100,000 with a repayment period of 1 – 7 years. Despite the size of the loan, it is actually a fast loan as the borrower can get it already the same day if the application is made before. 13:15 and banking day. BuzzMind Finance also owns the Vibelend plus brand, which offers online loans, but these loans have an effective interest rate that is much higher than 40%.

    That is why BuzzMind Finance AB launched BuzzMind Private Loans whose loans will meet the new requirements. In all likelihood, BuzzMind Private Loans will be their big investment this fall and what will happen to Vibelend plus we do not know yet. Either Vibelend plus will go to the grave or they will have to change the interest rate setting and maybe even the loan amount.

    In a way, these changes are good because fast loans will have a lower interest rate, but unfortunately, it will also make a lot of borrowers borrow more than they otherwise would. In addition, the total loan cost does not necessarily have to be lower since the maturities are longer.

     

    Sms loans are converted into online credits

    Sms loans

    The other strategy used by sms companies is to remove the fixed maturities and the minimum loan amounts and convert their sms loans to online loans. Instead of lending a certain amount for a certain predetermined maturity, the customer receives a credit limit and can then repay it at his own rate. We have seen several examples of this.

    The best example of this is ViaMoney. Until September last year they offered sms loans of USD 500 – 10000 with a repayment period of 1 – 3 months, but that changed the same month. They raised the ceiling to USD 12,000 and offered a flexible refund. You in June they once again changed their product. Now you can not borrow less than USD 5000 but you can borrow up to USD 50000. The effective interest rate was substantially lowered in the same vein so that they would eventually copy with the interest rate ceiling. Today, ViaMoney’s credit has an effective interest rate of about 43 – 48%, but it is guaranteed to be lowered further in September so that it falls below the ceiling.

     

    Also changes here at WiseOne Credit

    credit loans

    We expect significantly more changes during the summer as there are still plenty of lenders who have far too high effective interest rates. Of course, this will also contribute to major changes here at WiseOne Credit. Some lenders offering high-interest loans will probably disappear from our offering, but new brands are likely to emerge, BuzzMind Private Loan is one example. Some lenders may change their name, while others will only change their products. You will thus find several large fast loans and more online credits with us during the summer.

    We will do everything possible to keep this page updated with the most accurate information possible and to update our comparisons as quickly as we can, as the industry changes. We are well prepared.

    Car loan with final payment.

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    You can finance a car in different ways. An often unknown solution for financing is car loan with final payment. For some car buyers, this type of vehicle financing can be very interesting because it offers a lot of flexibility in financial terms.

    How can I finance with the final payment?

    How can I finance with the final payment?

    With a car loan with final payment, you can variably design your own monthly charges for the car loan. The contract is concluded in such a way that a loan for car financing is concluded for a certain loan amount. This loan agreement is concluded less a final payment, which in turn must then be made at the end of the term of the loan agreement. With this form of financing, the car buyer has to take out a smaller loan amount than would be the case with full financing.

    This means that the monthly installments are lower than if the entire car price were fully financed. Especially if you expect a larger amount of money from a savings contract or similar after the loan contract has expired, the car loan with final payment can be a very good solution for buying a car, for example. Depending on the financial situation, this car loan can also be provided with a down payment on the vehicle. This form of financing can be realized with or without a down payment.

    What are the options for the final payment?

    What are the options for the final payment?

    If the car loan with final payment with regard to the installment payment is fulfilled and the remaining payment is due, there are various payment options for the borrower. On the one hand, the vehicle can be sold and the remaining payment can be repaid from the sales proceeds. The condition for this is that the vehicle is in optimal condition and the residual value can ultimately also cover the remaining payment. Follow-up financing with a subsequent loan is another way of continuing the car loan with the final payment and keeping the vehicle. Ultimately, of course, there is also the option of paying off the remaining payment in one sum and thus acquiring full ownership of the vehicle.

    In general, this loan is a very flexible way to procure a vehicle with a relatively high value, but to keep your own rate burdens low. Many car dealerships now offer this credit in cooperation with their main bank. However, as a customer, you should make a thorough comparison for this auto finance. The most convenient solution for financing directly from the car dealership does not necessarily have to be the cheapest option of vehicle financing.

    A comprehensive loan comparison is therefore important in order to finance the car as cheaply as possible. You should also check the market again when it comes to follow-up financing, because due to the great competition on the credit market, the conditions for car loans are changing very quickly today.

    Car loan banks in comparison

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    Many banks and credit institutions offer loans to finance motor vehicles on a wide variety of terms. Most car dealers also offer a wide variety of financing models for new and used cars. If you take a close look at the car loan banks before buying a car, you can almost certainly save money.

     

    If the requirements change, a new vehicle must be bought

    car loan

    A versatile motor vehicle is particularly important for families. Shopping is done by car, the children are driven to school or kindergarten and, last but not least, they take the trip on vacation. When the next generation is announced, the capacity is often insufficient and a larger vehicle or even a second car has to be purchased. Since many families do not have enough financial resources to pay for a car in cash, a car loan helps. A loan comparison is definitely worthwhile here.

    Depending on the amount of a down payment, the differences in the effective annual interest rates offered are immense. If you compare the car loan banks as a borrower, you will find that the cheapest interest rate does not always mean the cheapest loan. Processing costs, long terms and low monthly credit rates can lead to an additional loan having to be taken out after a few years to cover the remaining debt.

     

    With a credit, car dealers’ discounts can be used

    With a credit, car dealers

    Selling cars in the area of ​​new and used cars has been a very tough business for many years. Dealers must always come up with new sales strategies for their customers in order to sell a vehicle. Most retailers offer their customers not insignificant discounts when paying in cash. Unfortunately, most car buyers do not have enough cash to take advantage of the discounts offered. However, if you get cash with a cheap loan, you can save a lot when buying a car.

    In order to get the cheapest loan, car loan banks need to be compared and at ease. The credit terms need to be carefully studied and compared. Since the car purchase is a medium to long-term loan, the loan comparison should not be limited to the house bank and some branch banks. Many direct banks on the Internet, but also the vehicle dealers themselves, provide loans for vehicle financing.

     

    Financing at 0.0 percent is often a tempting offer

    Financing at 0.0 percent is often a tempting offer

    Many car dealers work with large banks or have an in-house bank. With free financing, little or no down payment and low credit rates, car dealerships are catching customers. If you compare the car loan banks, you will quickly find that many of these offers are overpriced.

    Car loan with final installment.

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    On the one hand there is the classic installment loan, in which the loan amount is fully financed and repaid during the term, and on the other hand there is a car loan with a final installment. Only part of the loan is repaid here during the term. At the end there is a final installment that can either be redeemed in cash or refinanced. Another option can be to return the vehicle to the dealer. Then the financing model is called three-way financing.

    Advantages car loan with final installment

    Advantages car loan with final installment

    While the final installment financing was only occasional at some retailers in the early 1990s, it is now an integral part of the financing offers because the type of financing has become established among consumers. The final installment at the end of the loan term does not have to be repaid during the term, which makes it possible to finance higher-value vehicles and still be able to afford the monthly rate. Small installments, even with more expensive models, make final installment financing really attractive for many customers.

    This type of financing is chosen by borrowers whose monthly income is lower, by students or trainees, but also by families in which a second car is to be financed. In principle, final installment financing is more expensive than traditional installment loans, so borrowers must always expect higher borrowing costs. Nevertheless, a loan comparison is also worthwhile here. Depending on the manufacturer, the conditions here also differ. The car loan is now being offered at the final rate not only by the car banks of the manufacturers, but also by manufacturer-independent car banks such as the Agree Bank and carcredit.de. Because it is more expensive to finance a car with final installment financing, the loan comparison is particularly important, because it can also save credit costs.

    Compare conditions

    Compare conditions

    If the rate is not a top priority when it comes to vehicle financing, car loan with the final rate is not necessarily the first choice. Since the financing offer usually comes from the dealer, you not only have to pay higher interest because it is a final installment financing, but you also miss the chance of a higher vehicle discount. Discounts of 10 to 20 percent can usually only be negotiated if car financing from the Group’s own car bank is not used, but if you come to the dealer as a cash payer.

    In order to appear as a cash payer, you don’t really have to be a cash payer, you have to apply for the loan through a third-party bank. As soon as a dealer does not have to participate in any way in the subsidized interest, he is ready to grant a discount on the vehicle price, which can usually be used to offset higher credit costs.

    Promac car loan with final installment

    Pro & Kontra car loan with final installment

    Only the small rate speaks for the financing model. Otherwise, this type of financing is expensive and uneconomical. Because not only that higher loan costs arise during the term of the final installment financing, but in the end the final installment will also continue to be financed. A new loan agreement is concluded with new costs. If you then add up all the costs incurred at the end, the vehicle price is significantly higher than what the normal financing costs. Before consumers decide to take out a car loan with a final installment, they should consider the total cost.

    Instant loan despite trial period.

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    Everyone knows that. Anyone who changes jobs first has a trial period. This way, both the employer and the employee can get an idea of ​​the situation. The duration of the trial period varies and is recorded in the employment contract. In itself, a change of employer or a new start after unemployment is not a negative thing. It can be difficult if an immediate loan is applied for despite a trial period.

    The workplace as security for the bank

    The workplace as security for the bank

    A job is also a security for the bank when it issues a loan. If payment arrears occur, the borrower’s salary can be accessed through a garnishment. But it doesn’t have to go that far.

    However, the banks are skeptical about a trial employment contract, because that does not necessarily mean that the employee will continue to work in the company after the trial period has ended. In the worst case, unemployment can threaten. It is therefore difficult to get an instant loan despite a trial period.

    It becomes easier with a surety

    It becomes easier with a surety

    However, some banks still accept an immediate loan despite a trial period if a guarantor is available. This will be included in the contract documents. For him, this means that he is responsible for repaying the loan if, for whatever reason, the actual borrower can no longer pay.

    Before a guarantee is given, however, the guarantor is carefully examined. His financial situation is put through its paces, because if a guarantor already has negative private credit checker entries, a loss can also be expected here. In these cases the guarantor is of course rejected.

    For the bank, a guarantor has the advantage that a time-consuming dunning procedure can initially be avoided. If the guarantor jumps in, there is no need for it. Anyone taking out a guarantee should have a great relationship of trust with the borrower. If a guarantee is based on coercion, it is immoral if the bank learns of it.

    Bank credit can become an expensive story

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    For the sake of change, I (the webmaster) will write a slightly more personal post that we think should be heard here at Moneyscale Finance, because the post shows how high the cost of a bank account credit and credit card credit can be. It can end up in several hundred percent of the loan amount. Despite this, no proposal for any interest or cost ceiling has been made in the Riksdag, as it has been done with regard to high-cost loans, such as fast loans.

     

    The bank credit made the stereo 3.6 times more expensive

    bank credit

    Almost exactly 30 years ago (1988) when I moved away from home, I bought something that at least at that time was called stereo, or stereo system, for USD 10,000. I worked at an egg pack and obviously did not have this ridiculously large sum of money. Firstly, I did not earn as well and secondly, 10,000 USD was much more then, a monthly salary type. But I loved music, not least loud music, to the neighbors’ horror.

    I managed to get an account credit with Sweetmoney Finance of USD 10,000 and immediately ran away and bought the facility. Yes, it was before the internet broke through, so at that time you could not order things online. My plan was to repay the credit for one for two years and then I could have it as a buffer. Twenty years later (2017) my credit was still not covered, not at all. For twenty-nine years I had to pay interest. Stupid, I know!

    Of course I paid off a few hundred kronor monthly, it was done automatically because the money was withdrawn from my personal account every month, but the good thing was that I could use the money I put back on the credit account directly. That’s how account credits work, you have to pay off every month, but then you can use the money again. It can last for the rest of your life, if you feel it.

     

    Covered up all the credit

    Covered up all the credit

    But twenty years after I took my credit, I finally covered up all the credit. It was a lovely feeling! Out of curiosity, I then began to think about how much I had paid in interest during all these years. It was a bit difficult to come to this because the interest rate has changed many times over the past 30 years, but often I had to pay 70, 80 USD in interest a month. So let’s say I pay USD 900 a year in interest. It does not sound so dangerous, nor is it if I had repaid everything within one or two years as planned, but after 29 years it will be just over USD 26,000.

    So in the end I paid USD 36,000 for a stereo that actually cost USD 10,000, it became an expensive j-vla stereo. Also, I threw it many years ago. But don’t get me wrong, I don’t blame Sweetmoney Finance at all. It wasn’t Sweetmoney Finance’s fault that my stereo got so expensive, it was my own. I could have covered my credit after only a year if I really wanted to, but no, I put money into other things instead. It did not feel so dangerous to pay type 70, 80 USD a month for a credit.

    So what do I want to do with this? Well, it makes me think of two things:

    1. It is super important that you do not use all your credit for eternity, whether it is credit card credit, bank account credit or online credit, it can be an expensive story.
    2. Why won’t bank account credits and credit card credits get a cost cap just like the high cost credits will get this fall?

     

    No cost ceiling for card and account credits

    credit cards

    Yes, that’s right, a bank credit or card credit must apparently cost as much as any, while a quick loan won’t cost more than the loan amount itself. After all, it’s not that a credit card, for example, has a cost cap of 100%. It may be understandable because a credit can be used forever, but really there should be a requirement that you have to cover up all your credit after a certain time so that people are not tempted to withdraw their debt forever.

    There are probably few who withdraw on a credit for as long as I did, but I still think that this highlights one problem: the problem with loans that have no other requirement than to pay off and pay interest once a month. The repayments are basically meaningless since you can use the money again the second after the repayment.

     

    Quick loans and SMS loans expensive?

    Quick loans and SMS loans expensive?

    The reason I address this is that it is always talked about that quick loans and sms loans are so expensive, but it is rarely mentioned how expensive a credit or card credit can be if you do not think about it. And when it comes to card loans, they usually have a much higher interest rate than the bank credit with the bank, which makes it possible to pass an interest cost even more quickly than the amount borrowed.

    What can you pay with credit cards?

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    The credit card has become an everyday means of payment these days and has largely lost its special status, which credit cards often held even more than ten years ago. While credit cards were primarily used as a status symbol in the past and were only given to wealthy private customers or companies, nowadays almost every consumer can use these special cards at the latest since the prepaid credit card. Nevertheless, there are of course still many customers who have never used a credit card and are wondering in connection with where and what you can actually pay with the cards.

     

    Shopping in shops, hotels and paying in restaurants

    Shopping in shops, hotels and paying in restaurants

    One of the key features of credit cards is that they are very flexible and can be used in many different ways. Apart from some additional services, which include premium credit cards in particular, such as travel insurance or participation in bonus programs, there are two basic functions that every credit card has. This includes on the one hand cashless payment and on the other hand you can get cash at home or abroad at the corresponding ATMs or at the bank counter.

    The credit card is still primarily used to make cashless payments. For example, it is possible to pay for purchases in the department store, overnight stays in hotels or meals in the restaurant using a credit card. In the corresponding shops and other providers, it is more and more common practice to pay for all purchases and the use of services by credit card. This also applies to refueling, for example, because credit cards are increasingly being used to pay the amount incurred in Germany.

     

    Internet purchases by credit card

    credit card

    Of course, the question of what you can pay with credit cards does not only apply to purchases or payments on site. In addition, it has been possible for many years to pay for purchases or use of services on the Internet using a credit card. More and more website operators and shops are even starting to offer credit card payment as almost the only payment method. For example, if you book a hotel or a trip on the Internet, you can often no longer do without a credit card.

     

    Have cash at home and abroad

    money loan

    In addition to cashless payment, the credit card is also often used to dispose of cash. This applies in particular to business or vacation trips abroad, since the credit card is then used conveniently and quickly in order to receive a foreign currency at the ATM. Of course, a credit card can also be used domestically to have cash at the ATM.

    How the Fast Loan Industry

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    Already in mid-October 2016, the report presented “Strengthened consumer protection in the market for high-cost credits”. The investigator and MP John Longstead presented a number of measures to strangle the fast-loan market and now these proposals have finally become reality.

     

    The bill was voted on in the Riksdag

    money loans

    On November 14, 2017, the Government decided that the Commission’s proposal should be sent out on a draft law commission and on January 23, 2018, the Government submitted a bill entitled “Interest Ceilings and Other Measures in the Market for Fast Loans and Other High Cost Credits”. On May 2, 2018, the bill was voted on in Parliament and the new law, which will include an interest rate ceiling, will take effect on September 1, 2018.

    This is not at all surprising since even before the vote there was a parliamentary majority for the proposal. And that the draft law would be stopped by the team council was not very likely.

     

    About the law in brief

    credit loans

    So we got a new law for fast loans September 1, 2018 and therefore Snabblan24.nu should give you a brief summary of the law. This summary may be good for those who don’t want to read through the 95-page bill, it’s not particularly amusing, we promise. Otherwise, you will find the bill in its entirety on the government’s website, “Interest rates and other measures in the market for fast loans and other high-cost credits (Prop. 2017/18: 72)” it states.

    The main points that affect both you as a consumer and the companies that offer fast loans look like this:

    • An interest ceiling with an annual interest rate of 40% (in addition to the reference rate) must be introduced. In the past, most sms loans had a few hundred percent interest, but there are also those that have an effective interest rate that exceeds one thousand percent. A thousand per cent interest rate is hardly justifiable, but it is not very strange that a sms loan of a few thousand notes with a 1 month maturity has a few hundred per cent interest rate because the amount is small and it is repaid so quickly. Annual interest rates and effective interest rates are misleading when it comes to short-term loans, since they are not set up in one year, but since the law was introduced, most loans and short-term loans have an annual interest rate of about 30 – 39%.
    • It is also proposed to introduce a cost cap that does not cost any quick loan more than what one has borrowed. The cost cap includes not only the borrowing costs themselves (interest plus fees attached to the credit), but also delays, debt collection and payment order fees. This would put a stop to those lenders who charged too much interest when they lent a larger sum of money over a long period of time. However, the cost ceiling did not cause any lenders to disappear as they simply lowered their interest rates. The disadvantage of the fact that the cost ceiling also includes various penalties and collection fees is that there is a risk that the lender will forward the case to Kronofogden faster. This means that many who otherwise could have received a payment plan with debt collection end up directly with the bailiff instead.
    • It should be more difficult to extend a sms loan, or a high-cost credit that they often use instead of the terms “sms” or “fast loans”. We think that at Snabblan24.nu is quite sensible because fast loans that are extended time and time again can get really expensive, even if the interest rate is 40%. On the other hand, the proposed cost ceiling still prevents the credit from becoming too expensive, so in fact this proposal may be a little superfluous.
    • The consumer must have a higher margin to live on than before, after the loan is taken. This means that customers who take a sms loan must have a better economy than before in order to get a sms loan. Lenders who do not ensure that their customers have good margins can be warned, punished and / or banned.
    • The marketing of sms loans is more moderate than before. This suggestion may be good, but the question is whether it helps so much because most people already know what risks they are taking when applying for a sms loan despite having a poor economy. In addition, the other rules will reduce the risks in any case.

     

    Regulations is to strengthen consumer protection and it is of course good

    consumer loans

    The fast loan market will probably survive this as well, since you have noted that no players in the industry have so far disappeared. Several players in the industry changed their loans even before the law was introduced and when the rules were introduced on September 1, most had lowered their annual interest rate to about 39%, some even more. Read more about it in our article Reduced interest rates for fast loans and sms loans.

    Cash credit without proof of wages.

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    If you need a cash advance, you’re probably in a hurry to get the money. The best case would be that you get the loan right away. You would like to wait a maximum of a day or two for the loan. In addition, you probably have financial problems – why else would you need money? You would not pass the lengthy process of checking your credit repayment ability. What you need in such cases is a cash advance without proof of wages. It is not particularly difficult to obtain if you know how to do it. You also have to accept some disadvantages.

    Cash Loan Without Proof Of Wages: The Potential Lenders

    Cash Loan Without Proof Of Wages: The Potential Lenders

    The “usual suspects” among potential donors generally give you a cash loan without proof of wages, i.e. banks, private individuals and loan brokers. However, it is difficult to get the loan you want. For example: Your house bank knows you and will know exactly why you don’t want to provide proof of your wages. In other financial institutions, at least your entry in the protection association for general credit protection (Credit bureau) must be clean. Prepare yourself accordingly.

    Individuals have completely different requirements. It can be easy for you to get a cash loan without proof of wages. But it can also be surprisingly difficult for you.

    You have great chances to get the desired loan from credit intermediaries. They can choose from numerous offers and are therefore also able to grant “loans in difficult cases” (like yours). However, it is questionable whether you are comfortable with the conditions that you have to put up with.

    Cash credit without proof of wages: These documents will be requested from you

    Cash credit without proof of wages: These documents will be requested from you

    It doesn’t matter who you take out the loan with, they will always ask you why you are able to repay the loan and exactly how you want it to be. Different documents will therefore be required from you in any case:
    – The completed loan application, in which you usually have to provide information about your expenses and income
    – Guarantees, including proof of creditworthiness, from additional people who are willing to repay the loan if you need it
    – Account statements from all of your bank details for the past three to six months that show that there were no chargebacks

    The disadvantages of a cash advance without proof of wages

    The disadvantages of a cash advance without proof of wages

    With a cash loan where you value the fact that you do not have to provide proof of wages, there will always be some disadvantages that you have to accept. Assume very high interest rates, some of which can be at overdraft level and even further. The maximum loan amounts are usually capped in the three-digit range. In addition, the repayment periods are often limited to a few months, so that you have to expect major burdens on your monthly budget in the following time.