Quick loan - 5 alternatives to a bank loan

YOUR QUICK ALTERNATIVES TO THE CLASSIC BANK LOAN

1. Increase overdraft limit

2. Online small loan without a bank

3. Loan in kind

4. Credit from private individuals

5. Car loan

1. INCREASE THE OVERDRAFT FACILITY AT THE BANK

To get money from the bank quickly, you can also increase your overdraft facility instead of taking out a loan. With this limit, you can withdraw more money from your account than is available. The bank will determine the maximum limit with you before setting it up.

Your overdraft facility, also known as an overdraft facility, is primarily dependent on your salary. You can use it immediately and at any time after setting it up, but the interest rates are usually higher than with other forms of bank credit.

Before your credit line is set up, banks will check your financial situation. They can also change or cancel the line if your situation changes. You can always repay the money flexibly, usually through incoming salary payments.

The prerequisite for setting up an overdraft facility is, of course, a current account with the bank. You must also have a regular income and, as a rule, a positive credit rating.

• Processing usually takes no longer than one working day - an online application is possible.

• You can overdraw your account with most banks by up to 3 net monthly salaries - in exceptional cases, less or more is possible.

• The average interest rate is currently 12.06% per year*.

According to research from March 2024

*Source: Stiftung Warentest

2. ONLINE SMALL LOAN WITHOUT BANK

Platforms such as Der faire Credit offer small loans online in Austria. Although there is still a bank in the background, the processing takes place exclusively online via the provider. So you save yourself the bureaucracy and can take out your loan directly. Your money will be available to you shortly afterwards.

• You must provide your personal details and information about your financial situation. The loan is not earmarked for a specific purpose and can generally be used freely.

• You must have a good credit rating.

• Your loan will be transferred to your account within a few days.

*According to research from March 2024.

3. LOANS IN KIND

With a tangible asset loan, you deposit collateral such as jewelry, a watch, a tablet, a smartphone or much more and can borrow money for it. Your credit rating doesn't matter, because your financial status remains anonymous - you can pay out the money immediately in cash or as a transfer via PayPal or to your bank account.

This is how it works:

1. Offer: You can check your possible loan amount online at cashy.at.

2. Handover: Bring the item to a store or simply send it to the pawnshop.

3. Pay out: Immediately in cash or as a transfer to your PayPal or bank account

4. Extension: Possible at any time after 30 days. Partial repayment is also no problem.

The fees for a tangible asset loan for a 1 ounce Philharmonic EUR are as follows:*

*As of March 2024.

4. CREDIT FROM PRIVATE

In Austria, there are very strict guidelines for lending, which is why providers such as Giromatch or Auxmoney are not represented in this country. In Austria, you have the option of borrowing money from friends or family. You could also consider having your employer pay out a salary advance to you privately.

Normally, neither friends & family nor your employer charge interest on these private loans. Creditworthiness is also not usually checked.

5. CAR LOAN

So you can borrow money against the value of your car and still keep driving:

1. Offer: Enter your vehicle details at cashy.at/autopfand and receive your loan offer immediately online.

2. Handover/appointment: You will be contacted by an employee to make an appointment for the inspection. The inspection of your car will take place in Vienna, Graz or Linz.

3. Payout: You will receive your money immediately in cash after a positive check, but you can also have it transferred to your account or via PayPal. For legal reasons, a cash payout is only possible up to € 9,999. If your credit is higher, the rest will be credited to your PayPal or bank account.