We all know the cash loan and almost all of us have the opportunity to use it. It is undoubtedly the most popular way of financing various needs. Over the years, its shape has changed significantly and cash loans are now much more available than a dozen or so years ago.Our parents, wanting to use it, had to be patient and prepared for tedious collection of documents, and often searching for guarantors. At present, we can say that we have a road covered with roses. We can receive interesting financing with very simplified procedures, and often even fully online without visiting the bank.
At present, all you need is proof and statement
Currently, by going to the bank for a cash loan, we no longer need to take with us a few guarantors, a pile of documents and certificates as before. Now it is enough to have an ID card with you and the matter is settled. Even the income certificates went into oblivion, as they were replaced by a convenient statement. The type of income its source and amount is simply given when you apply for a loan without having to document it.
These transformations contributed directly to the constant growth of its popularity. Banks have departed from rigorous formal and documentary conditions, and, above all, have reduced the prices of cash loans.
Lower acquisition and repayment costs
A dozen or so years ago, the interest rate at 20% on an annual basis did not arouse any surprise. A cash loan currently bearing interest at this level would be considered horribly expensive. At present, this is the APRC, ie the annual real interest rate, and the interest rate ranges from 5 to 10% depending on the bank and the offer. Also reduced the commission, which is currently 2 to 5 percent, and therefore more than 1/4 of what was still a dozen years ago. To keep the client and gain new banks, they are forced to give up some of their profits.
The availability of cash loans has also increased, and this is mainly due to the introduction of new ways of granting cash loans. To the group of banking offers, there was an online cash loan, which is a thoroughly modern and fast product. You can use it all over the internet without having to visit the bank branch.
What is the cash loan currently? Modern, simple, cheap and fast, which corresponds to the times in which it is offered.