Second, cash loan is cash credit! That is, when consumers need cash for various reasons, they can borrow from financial institutions as long as the use is legal! Consumers get cash, and the main body of credit is financial institutions. Retail credit limits transactions to specific commodities, while cash loans enable consumers to buy any commodity and use it more widely, but cash is legal and compliant.
Three, the types of cash loans are the same as retail credit, cash loans can be divided into installment loans, single payment loans and general credit cards because of different repayment methods.
1. Installment loan is a loan agreement. It is agreed that the borrower will repay the loan in a fixed and regular way in the future. The borrower must provide proof of income and financial stability so that the lender has confidence in the borrower's future loan repayment.
2. The one-off loan is a short-term loan, and the loan term is usually shorter than 1 year, and it is stipulated that at the end of the term, the borrower shall pay off all the loans in one lump sum.
3. Universal credit cards are issued by banks, finance companies or financial departments of large companies, and are loan vouchers pre-approved by card issuing companies for cardholders. This kind of loan usually has a credit limit, that is, the maximum limit for the cardholder to use the credit card to buy goods or pay fees.