Many people come across it sometimes, perhaps you do too: due to unexpected circumstances or setbacks, you are short of cash. That is of course very annoying. Especially if certain (fixed) expenses still have to be made before the salary is paid again. In such situations it is nice if there is a kind of bridging option. And that possibility also exists. A so-called flash loan can help you out. And such a flash loan can be taken out at Cashumo.
Balance loan flash loan: what is it?
A flash loan is a relatively small amount that can be borrowed and transferred quickly to the applicant’s account. With many mini-loan providers, the transfer even takes place within 24 hours after the application has been approved. Cashumo.nl also uses this term. So a flash loan is really a loan to quickly repair an (unexpected) financial gap – or a balance, if you like – in the short term. In addition, it is important to know that a flash loan must be repaid in a short term and at a relatively high interest rate.
Anyone taking out a flash loan, for example with Cashumo, must therefore be sure that the loan can be repaid on time and that the requested interest can be paid.
What can I borrow from Cashumo?
Since Cashumo is a provider of flash loans, you can of course borrow money from them. But how much can you borrow from Cashumo? That depends on a number of factors. Anyone who takes out a mini-credit with Cashumo for the first time can borrow a maximum of 400 euros. In the future, the maximum amount that can be borrowed is 1500 euros. It is also possible that Cashumo informs you that you cannot borrow the maximum amount (1500 euros) due to your creditworthiness.
Because this provider of course wants to be sure that the loan can be repaid, the organization is conducting an investigation into the creditworthiness of the person applying for the loan. Based on the outcome of that investigation, it will be decided whether the application will be approved. As an additional assurance that the conditions are met, it is necessary to arrange a guarantee.
This is possible in two ways. Either you choose a person you know (for example a friend or family member) or you let an external company act as a guarantor. In the latter case, the guarantee is offered by Global Guarantee. This company does, however, require a certain amount for arranging the guarantee. So keep in mind that you can (and must) pay that amount.
Now you may be wondering what the reason may be to go with Global Guarantee, because it costs extra money? Nevertheless, a guarantee from the outside can be quite pleasant. Many people do not find it ideal when others from their environment find out that they are a little less well off financially. And when you have to ask a friend if he or she wants to act as guarantor for you, your privacy is of course completely at that point.
Refund at Balance Dip
A loan must of course be repaid. Otherwise it is not a loan but a gift. With a flash loan it is so that you borrow a relatively low amount that you have to repay within a fairly short period of time. This is no different with this lender. The duration of a flash loan with Cashumo is a minimum of 15 days and a maximum of 62 days. You can maneuver a little yourself between these two extremes, so that you can request a duration that makes you feel comfortable.
Incidentally, it is true that a high amount has a longer minimum duration than a low amount. The same applies vice versa: if you only borrow 100 euros, you cannot use a maximum term of 62 days.
Interest at Cashumo
As usual with a loan, you are expected to pay interest on the loan amount. However, if you read the conditions for a loan with this company, you will not come across the word “interest”. That does not of course mean (however unfortunate that is) that you can get an interest-free loan at Cashumo.
The fact is that with Cashumo another term for “interest” is used. At Cashumo.nl the term APR is used. APR is an abbreviation for Annual Cost Percentage. The APR is an amount that consists not only of the interest that you have to pay, but of ‘all costs calculated that you are obliged to incur in connection with the Loan Agreement.