AMS loan - various options with and without a bank

YOUR CREDIT OPTIONS WITH THE BANK

Banks require that you have a regular income from employment and a good credit rating in order to grant you a loan. In addition, your household accounts must be correct in order to be able to take out a loan from the bank. The requirements are strict and there is often little room for negotiation. If the bank does grant you a loan, it is usually at much higher conditions and rates.

You have these two options to still get a bank loan with the usual average conditions:

• You can offer the bank collateral such as property or life insurance.

• You take out your loan with a guarantor who co-signs the loan and steps in in the event of a possible payment default.

• You have already signed a new employment contract and have sufficient unemployment benefit.

YOUR ALTERNATIVES TO THE BANK

You have these individual options as an alternative to the bank:

• Credit from your personal environment (friends, acquaintances, relatives)

• pawn loan

• Car loan

• Credit from private individuals

CREDIT FROM FRIENDS, ACQUAINTANCES OR FAMILY

Asking people from your personal environment for a loan is often not easy. However, it makes a difference whether you simply want to borrow money or whether you also have a plan for your repayment or can offer insight into a planned project. We suggest you proceed as follows.

1. Think carefully about how much money you need and how you envisage repaying it. A plan is important to give your potential lender a sense of security.

2. Think about offering your private lender interest. Not only will they help you out, but they can also make a little profit.

3. Arrange the payment modalities via a private contract, you can find a template here. To be on the safe side, you can also have the contract notarized by a notary.

PAWN LOAN

At pawn shops such as CASHY, you deposit collateral such as an e-bike, cell phone, tablet, jewelry, watch, designer bag and much more as security in order to borrow money. This means that no credit check is carried out and no other lengthy processes are required to obtain your loan.

It's so easy to process your loan through a pawnshop:

1. Offer: Enter on cashy.at which collateral you would like to pawn and see immediately online how much money you can get and how much the fees are.

2. Handover: How should your collateral be handed over? You have the option of coming to one of the stores or sending your item.

3. Payout: The payout is made either in cash or as a transfer to your PayPal or bank account.

4. Extension: After 1-4 months, you are free to decide whether you want to repay your pawn loan, reduce it or extend it. This can be done online in your account from any location.

Here is an example of a €450 pawn loan for gold jewelry:*

* Please note that the example is a snapshot and not generally applicable prices. You can always find the current payout amounts online at CASHY.

CREDIT FROM PRIVATE

There are various platforms that put you in touch with private lenders. Although the interest rates are usually higher and you still pay a brokerage fee, the requirements are not quite as strict as with the bank. There are providers for whom an average credit rating is sufficient to obtain a loan. In addition, your financial situation is assessed individually and is not dependent on whether you are in employment.

Here you will find a selection of platforms that offer you an alternative to a bank. Pay close attention to the terms of use and make sure that your lender is reputable. You will be on the safe side if you sign a contract that you have read carefully.

CAR LOAN

It's so easy to process your car pawn loan:

1. Offer: Enter your vehicle details in the calculator and decide on a term. You will immediately see in real time the maximum amount of money you can borrow for your car and the fees involved. You can reduce your desired amount as you wish.

2. Handover: An expert employee will contact you after your request for an appointment to have your car checked. You can find the possible locations for the inspection here. You will need these documents on site:

   1. Type certificate

   2. Registration certificate part II

   3. §57a expert opinion (Pickerl)

   4. Duplicate key

   5. Purchase contract

   6. Confirmation of registration

   7. Official photo ID

3. Payout: You will receive your money immediately after successful verification in cash or paid out to your PayPal or bank account.

4. Continued use: You can park your car at the pawnshop or simply continue to drive it in Austria for the entire term!

5. Extension: After your desired term of 1, 2 or 3 months, you are free to decide whether you want to repay, reduce or extend your pawn loan.