What is a mini cash loan

Cash advance

Cash advance: Stay financially flexible thanks to immediate payouts

There are situations in life where the financial need goes beyond the current budget. Unfortunately, not all expenses can be moved just like that. There is a cash advance for such situations. With this you can easily apply for cash immediately from home thanks to express transfer.

The cash advance offers some advantages, because it is freely available, which is why no collateral has to be deposited. However, it no longer quite rightly bears its name, because the borrowed money is rarely paid out in cash or by post. Instead, it is transferred directly to your account and can be withdrawn immediately as cash at the nearest ATM.

What is a cash advance?

  • A cash advance can be applied for online like a normal online loan
  • Payment is made either by direct transfer or in cash at the counter
  • In principle, it is freely available and therefore not tied to a specific purpose or to security
  • The repayment takes place as with a normal installment loan in monthly installments

When is a cash advance worthwhile?

If you need cash immediately and want to increase your financial possibilities within a few hours, you are usually looking for a freely available cash advance. There are two main cases in which a cash advance can be worthwhile.

Fast availability for upcoming costs and invoices

At the beginning of the year in particular, utility bills and numerous insurances come into play. The electricity provider may also want an additional payment - the reserves quickly go to zero and you are already worried about how you should pay for all of this. The Cash advance helps in such a case as well as with an acute lack of money due to an unexpectedly expensive repair (or even a new purchase!) of the car.

Cash on hand immediately: an alternative to the overdraft facility

The cash advance is a good alternative to the overdraft facility (Overdraft facility). With an overdraft facility, your bank grants you an immediate overdraft facility for your current account, which is usually around 1,000 euros. However, the interest for such a tolerated overdraft of the account is often very high. Therefore, instead of overdrafts and overdrafts, it can be worthwhile to take out a cheap cash loan that has clear interest rates and a fixed monthly rate is repaid.

Credit comparisonCash advanceOverdraft facility
Loan amount5.000 €5.000 €
Repayment term12 months12 months
Eff. Annual interest4,5%*9,78%**
Total interest cost122,74 €268,82 €
Savings potential146.11 € or over 50% of the interest

* Fictitious interest rate of the cash advance - creditworthiness required
** Notional interest rate on the overdraft facility. The interest rates shown do not represent an offer. The actual interest rate on your loan depends largely on your creditworthiness.

Loan despite P-account: cash as an alternative

Another case in which paying out the money in cash is worthwhile if the consumer has a so-called seizure protection account (P account) Has. With a garnishment account it is possible to take out a loan, but there is no guarantee that amounts in excess of the garnishment protection amount will remain in the account if there are outstanding claims from creditors. This amount is currently included 1,178.59 euros, which is why borrowing from, for example5,000 euros could be more worthwhile as a cash advance.

Cash credit without Schufa: be careful with dubious providers

While recordingLoans without private credit or despite Schufa is nowadays possible without any problems, caution is advised with an advertised cash loan without Schufa. Because many dubious providers demand prepayments, which then usually come to nothing, as further offers or products are concluded. The cash is only used to lure customers. There are basically only two real alternatives to receive cash without Schufa: Taking up private money or going to pawn shops or so-called "sale-and-rent-back providers", which work differently than a pawn loan.

Borrow money from private individuals

The first alternative is to borrow the money from a private individual. With this offer, you conclude a private-law contract with the lender, who has its own criteria for lending the cash

Cash immediately on hand with Pfando and Co

The second alternative are either pawn shops or providers like Pfandowho instantly dispense cash in hand with a Sale and Rent-Back model. This happens without Schufa, since the creditworthiness is set back on the sold or pledged goods. The cash is paid out immediately.

Note: If you need cash immediately, you might be better off at pawn shops

Since loan payments in almost all cases in Germany are made via a payment to a bank account, a pawnshop may be the better alternative for people who only want cash. Because onePawn loan can be obtained directly from the pawn shop in cash against your valuable item.

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Get cash instantly: No rules on how to use the money

If you need your cash right away, you shouldn't have to think about spending it for what you want. There are loans that are actually earmarked: for example, you can't use a home loan to buy a new car because the bank wants to see estimates and later bills tied to the property as evidence of the use of the money. A car loan is also tied to the financing of the car.

A loan that promises cash immediately in hand goes hand in hand with no such regulations and is basically "freely available". Regardless of whether you use it to buy a car, repair the heating or use it for the Finance vacation: You decide how you want to use the money.

How do I apply for a cash advance?

Step 1: How much cash do you need?

Before you apply for a cash advance immediately, you should be clear about the necessary cash. Every loan also has to be paid back, which is why the first offer is not always the best. Therefore, compare your loan needs and determine your necessary budget. You can then start the application if you know whether you need 1,000 or 10,000 euros

Step 2: fill out the application and add information

In the next step, you can start the actual application and fill in your personal details as well as information about your income and your expenses in the loan application. This information should be used carefully and correctly, as sooner or later the information will be verified by proof of income or bank statements. You must either upload the evidence as a photo, send it in via Whatsapp or send it by email.

Step 3: Complete the offer and receive the payment

In the final step, your identity must be checked. Have personal documents ready, such as your identity card or your passport with registration certificate, which shows your current address. As a rule, your identity will then be checked via online ident or post coupon and you can sign the cash advance contract online or offline. Tip: If you want to have a cash advance immediately, you should use online identification with electronic signature, as this is the case