Short-term bridging - your options at a glance

Where can I borrow money at short notice?

If you need money at short notice, there are various options available to you:

• Credit from the bank

• Overdraft facility from the bank

• Take out apawn loan

• Take out acar loan

• Private loans via platforms

• Loan from friends or family

WHAT REQUIREMENTS DO I HAVE TO FULFILL?

Depending on the loan option, you have to meet different requirements. It is also important to know what you want in terms of your pay out:

• Duration until pay out

• Loan amount

• Credit without a monthly salary?

• Credit without a credit check?

• Loan without collateral?

To help you choose the right loan for you, we have created an overview table (as of February 2023):

HOW MUCH MONEY CAN I GET?

Here, too, it depends on which option you choose:

Bank loan: Depending on your collateral, income and credit rating, you will receive a loan amount tailored to your individual needs.

Overdraft facility: You get up to a maximum of three months' salary.

Pawn loan: The amount of the loan depends on the value of your item.

Car pawn loan: The amount of the loan depends on the value of your car, motorcycle or fleet of vehicles.

Private loan: You can get up to €50,000 on most platforms.

Loan from friends or family: Depending on what options your lenders have and what amount they are willing to lend you.

WHAT REQUIREMENTS DO I HAVE TO FULFILL?

We will tell you in detail below which requirements you need to fulfill for the individual forms of credit.

• Bank loan: You must have been in permanent employment for at least 3 months and have a good credit rating. Your household bill must still work even with a loan installment.

• Overdraft facility: Monthly income from employment.

• Pawn loan: An item ofcollateral that you can deposit as security.

• Car loan: A car or vehicles from your fleet or a motorcycle. Your vehicle must not be leased or financed.

• Private loan: Medium to good credit rating, regular income (also possible from self-employment)

• Loan from friends or family: Find someone who has enough money to lend you.

WHAT DOCUMENTS DO I NEED? HOW DO I PROCESS MY LOAN?

Regardless of which loan you take out, you can usually decide whether you want to process it online or on site. However, the maximum amount for online processing is lower in some cases.

Bank loan

Documents: As a rule, you will need a salary confirmation from your employer for the last 3 months, an official photo ID, a policy if you have insurance and an income and expenditure statement (budget). In the case of debt rescheduling, you will also need a confirmation of residual debt. The maximum amount for an online loan is usually €4,000.

Processing: Contact your bank advisor online or on site and state the intended use for your loan. Once you have provided all the necessary data and received approval, the loan is usually signed in the bank branch - however, many banks also offer processing via video call.

Overdraft facility

Documents: You do not need any further documents from your bank, as they can check your incoming salary directly in your account.

Processing: You can request an overdraft facility either by email, in person, by phone or in the banking app. After a review and approval, you can usually use the line the next working day.

pawn loan

Documents: All you need for a pawn loan is an official photo ID and a collateral that you can use as security.

Processing: You will be shown your offer anonymously on cashy.at before you register. Select your desired delivery method (in person, by mail or by pick-up service) and the payment option (cash, PayPal or bank transfer). As soon as your item has arrived at CASHY, you will be paid out your money. You can access, extend, repay or reduce your pawn loan in your account at any time.

We show you the fees for a pawn loan for a tablet in a fee example:*

Loan amount: € 1,000.00
Issuance fee: € 15.00
Custody fee: € 2.00
Interest: € 30.00
Total fees: € 47.00

*As of February 2023

Car loan

Documents: For a car loan, you will need the following documents for your vehicle or the vehicles in your fleet at the inspection appointment:

• Type certificate

• Registration certificate part II

• §57a expert opinion (Pickerl)

• Duplicate key

• Purchase contract

• Confirmation of registration

• Official photo ID

Processing: Enter your vehicle details in the loan calculator and find out immediately the maximum amount of money you can borrow for your car. If you would like to pawn your entire fleet, use the practical form for your request. You can take out your car loan for 1, 2 or 3 months and continue to drive your car or fleet the whole time. At the end of the term, you can extend, reduce or repay your loan in full to redeem your vehicle.

Credit from private individuals

Documents: Most providers only require an official photo ID and proof of income. The chances of approval are much higher with the following documents: payslip (as a PDF), information on existing loan instalments and a household statement.

Processing: Once you have decided on your desired provider, in most cases you fill out a form with your personal details and the intended use for your loan. The more detailed the information you provide, the faster you will receive approval for your loan. If you are approved, processing takes place via video call and the contract is signed using SMS-Tan.

Loan from friends or family

To create security for both sides, we recommend that you proceed as follows:

1. Let your potential lenders know what you need the money for and create a clear repayment plan.

2. If possible, offer fair interest rates and a private loan agreement.

3. For larger amounts of money, you should have your loan agreement notarized by a notary. This also provides security for you.

HOW QUICKLY WILL I GET MY MONEY?

Below you will find the average payout period for each loan variant:

WHERE CAN I GET AN INSTANT LOAN?

You have various options for an instant payout:

Bank loan: If you have regular salary receipts and a positive credit rating, you can take out an instant loan of up to €4,000.

Pawnshop: You will receive your money immediately after handing over your item in cash, via PayPal or as a bank transfer.

Pawning a car or fleet: Immediately after checking your vehicle or fleet, you will receive your money immediately in cash, via PayPal or as a transfer to your bank account.

Loan from friends or family: You can get your money immediately if you find someone who can lend you their money right away without waiting.

WHAT TERM CAN I CHOOSE FOR MY SHORT-TERM BRIDGING LOAN?

Here you will find a clear table with the possible terms:

WHAT FEES DO I HAVE TO PAY?

We will inform you below about the current average fees per loan variant:*

Bank loan: 3.67 to 7.10% per year (depending on loan amount, term, credit rating and variable or fixed interest rate).

Overdraft facility: 6.8% to 13.75% per month.

Pawnshoploan: 3.50% fixed per month.

Car loan: 4.00% fixed per month without continued use of the vehicle, 6% fixed per month with continued use of the vehicle.

Private loan: 6% to 10% per month.

Loan from acquaintances: Usually interest-free or by agreement.

*As of February 2023

IMPORTANT QUESTIONS

Can I get a short-term bridging loan even if I am unemployed?
Yes, your income situation doesn't matter with a pawn or car loan.

Are there also alternatives to a loan?
You can also sell items directly to a dealer and get your money paid out immediately.

Will I get my approval immediately?
Many providers require certain conditions and cannot guarantee you immediate approval. If you have a good credit rating and a regular salary, you can also get quick approvals from banks or personal loan platforms. Pawn shops such as CASHY will give you an instant offer online.

Can I use an online calculator for my loan?
Yes, all providers give you the option of calculating your loan online - however, instant approval is not always possible.