Top 5 myths about cash loans
With the advent of fast and easy cash loans come the myths that surround them. Will lenders require collateral? Are there going to be heavy interest rates? Do I need a bank account before I apply for a cash loan?
Let us debunk the top 5 myths about cash loans!
1. Cash loans need collateral
Here’s the good news: cash loans are unsecured loans, meaning that lenders won’t require you to submit any collateral in order to get a loan.
Instead, lenders will look into your creditworthiness as the basis for granting you a cash loan.
2. Cash loans require tons of documents
Digital advancements have made it easier for borrowers to apply for loans in a snap. Lenders have streamlined their process of granting loans -- they no longer require tons of paperwork and a visit to a physical branch.
You can apply for a cash loan online using one or two valid IDs and something as simple as an application form and a proof of income.
3. Cash loans have high interest rates
Interest rates can be scarier than the act of loaning itself, but it doesn’t have to be. Cash loan companies can offer flexible interest terms based on your creditworthiness. In addition, the repayment schedule can range from one to six months depending on your chosen terms.
4. Cash loans need an existing bank account
Good news for those without bank accounts! Banks are not the only ones that offer cash loans -- there are lots of non-banks out there that would be happy to extend you one! You can apply for a cash loan even if you are unbanked. You can repay your loan through accredited payment channels.
5. You cannot reapply for a cash loan
Cash lenders do allow repeat loans, but they can have varying rules of eligibility for reapplying.
Let UnaCash debunk any other myths that you may have regarding cash loans! We can guarantee you a seamless loan experience through our flexible interest rates, payment terms, and an app where you can easily submit your application and supporting documents.
Download the UnaCash app from Google Play now!
