Finance•3 weeks ago

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Cash Advance by T-Bank (formerly Tinkoff Bank)

Life's got unexpected expenses, and sometimes you just need some cash fast. That's where our cash advance loan comes in – with flexible repayment terms and interest rates that won't break the bank. Our application process is straightforward, so you can get the money you need to cover those surprise expenses or take advantage of a great opportunity without the hassle.

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My Honest Take on Tinkoff Bank's Cash Credit: What to Know Before You Take the Leap

Name: My Honest Take on Tinkoff Bank's Cash Credit: What to Know Before You Take the Leap
Item: Cash Advance by T-Bank (formerly Tinkoff Bank)
Rating: 5
Author: emilycarter92

summarizeEditor's Summary

As a long-time Tinkoff client, I've had the opportunity to use their cash credit feature twice. In my review, I'll share my honest take on the process, highlighting the benefits and drawbacks of this service. With a user-friendly interface and competitive terms, Tinkoff's cash credit is a solid option for those in need of short-term financing. However, it's essential to be aware of the potential drawbacks, such as the bank's request for income information, which may seem unnecessary. Overall, I've been satisfied with my experience, and I'll outline the specifics below. I've used Tinkoff's cash credit feature twice, and each time, I've been impressed with the speed and convenience of the process. From applying online to receiving my funds, everything has been seamless. One of the standout features of Tinkoff's cash credit is the user-friendly online application process. It's quick, easy, and requires minimal information. I've also been impressed with the fast decision-making process, which typically takes just a couple of minutes. The bank requests income information, which may seem unnecessary, but it's actually a necessary step in determining your loan eligibility. Some users may find the interest rate to be relatively high, but it's essential to remember that this is a short-term loan, and the interest rate is competitive compared to other lenders. Customer support is also available via phone and in-app messaging, which can be convenient for some users. However, some users may find the repayment schedule to be inflexible, and the bank's insurance options may be pushy and require additional fees.

settingsSpecifications

Hız9/10

Kararİyi

Güvenlik7/10

Kullanışlılık8/10

I've been a Tinkoff client since 2019, and I've fallen head over heels for their various cards, including the debit and credit cards that let you transfer money without interest. I've had to take out a loan only twice, and recently, I had to do it again. Of course, when you already know how the loan process works and what the fine print is, you can write a more detailed review!

Generally, we've had our fair share of experiences with the bank, but mostly in a positive light, so there won't be any exposés – I want to focus on how to use the credit cash loan in Tinkoff more optimally. First of all, I can say that it's better if you already have a debit card, because that's where the money is transferred after you submit the application, get approved, and activate it. My card has looked different over the years, but I've had various designs.

I'm not sure if there are any more designs available, but I applied for a card a long time ago. One thing to keep in mind is that the unusual designs are divided into paid and free ones – you can see the price in the Tinkoff app in the account menu when you choose to reissue a card or get a new one. The standard design is always free.

Here's a tip: if you don't have a card yet, nothing's wrong with that – it'll just take a bit longer, because you'll need to get a card from a representative first. But for new clients, almost all card designs are free – I found that out when I invited my friend, and she didn't pay for a cool retro-design card. If you want one too, just reach out to me, and I'll give you a link to the card application.

But I'll get back to the review topic. The first time I needed money was in 2021, when I requested 100,000 rubles from Tinkoff, and I paid it off quickly, which meant I didn't have to worry about interest.

But this year, I needed the money again, so I approached the application with a serious mindset. For instance, I didn't want the payment burden to be more than 30% of my salary – that's what some financial experts recommend. So, it's convenient that the payment size varies depending on the term, up to 5 years. I also didn't want to get more or less than I needed, so I clearly stated 450,000 rubles without a deposit in the application.

What can I say in my review about the cash loan in Tinkoff?

Firstly, both the first and second times I left the application entirely online, and since I already have a card, I didn't even need to meet with a representative – although it's convenient to do so at any address, whether at work or at home.

Secondly, it's a fast decision. I don't remember the exact time, but my recent cash loan was approved in just a couple of minutes, that's it. They asked me:

the purpose – I chose a truthful reason, “repair”;

my income – I wrote it honestly, but I find it strange, since the bank can see everything through my linked government services;

how much I needed and for how long – I initially wanted 5 years, but then changed my mind and specified 3 years or 36 months.

That's it, then I got an SMS with the approval, and shortly after, the consumer loan appeared in the app with an activation button. After activating it, the bank transfers the money to my debit card balance.

One thing that caught my attention right off the bat is that you can withdraw the entire amount for free at any ATM without affecting your free withdrawal limit. I've seen a lot of people worry about account blocking in reviews, but now it's the banks' responsibility to block any transactions, including cash withdrawals, to prevent scammers, drop attacks, and other malicious activities.

When my husband and I tried to withdraw part of our consumer loan in cash using the plastic card, the bank did indeed block the attempt. You'd think, 'Oh no, here we go!' But nope, in the app, I got a message to look into my phone's camera, then a call from customer support, a 5-minute Q&A, and voilà, they unblocked everything, and we were able to withdraw the cash!

I learned that all banks are getting more aggressive about protecting potential victims, which is why we're seeing more blockages

In Tinkoff, it didn't take more than 5 minutes to resolve the issue

I loved how the problem was solved quickly and remotely

No 'grief' as some other reviewers might have led you to expect

I also want to highlight that all the data, payment schedules, and other details are available right in the app, and there are online FAQs for every transaction – that's what I call a truly digital bank!

I've blacked out the details on the screenshot because I'm not sure if it's okay to share that info. But I will say that the interest rate for the consumer loan in cash at Tinkoff is higher than the key rate set by the Central Bank of Russia – almost twice as high, in fact. After researching other banks' offers online, I found that this is pretty standard across the board, unless you're talking about some special promotion or program.

I've also noticed that the menu has some cool options that you can do online, without having to go through an operator or visit the office. Like, I can change the payment date, which is super handy. I did just that, since my consumer loan was originally set to the 12th of every month, but it's easier for me to pay in cash on the 5th of the month, so I changed it without any issues!

And then there's the option for early partial repayments – I've done that a couple of times, where I've added 15,000 rubles to the payment. When you do a partial repayment, the bank asks if you want to 'shorten the term' or 'reduce the payment'.

Here's a pro tip from me in this review: it's actually more beneficial to reduce the payment amount, but continue making the same payments as before. For example, let's say you're paying 10,000 rubles every month. You make a partial repayment, reduce the payment amount to 7,000 rubles, but then continue paying the full 10,000 rubles, with 3,000 rubles going towards the partial repayment. This way, you'll pay off the loan faster, but if you're short on cash one month, you can just pay the minimum payment without worrying about the partial repayment. I've read about this in some financial literacy blogs.

I've been paying for 6 months now, and I've got 2.5 years left, but thanks to the partial repayments, I'm confident that I'll pay off the loan much faster. My husband is helping me out, of course, although the money was originally meant for my hobby and restoration project. I really like the app, by the way, because I can share my consumer loan details with someone I trust – I've given my husband access, so he can help me out sometimes.

But here's the thing - I wanted to share my experience because I'd read some wild myths about Tinkoff's cash loans online, like how they're the most expensive and rip people off with their terms. Let me debunk that with my own story.

Is Tinkoff's cash loan the most expensive? Not in my book. Yeah, my interest rate wasn't super low, but after browsing through other people's reviews, I realized that most banks charge high rates. And let's be real, your credit history and history with the bank play a huge role too.

Do they rip you off with their terms? Let me think for a sec - where and how could Tinkoff have ripped me off?

Not by denying me the loan, right? They gave me exactly what I asked for, which is more than I can say for some reviews that claim Tinkoff will lend you more money just to get you deeper in debt. But if you take a bigger loan, you can just pay it off in part - it's not rocket science!

Did they take ages to review my application? Nope, it was lightning-fast. I mean, can you even imagine waiting in line at a bank office not knowing how long you'll be there?

Tinkoff didn't try to sell me any unnecessary insurance or add-ons, which is a big plus. I actually opted out of insurance, so I'm not paying extra for it. That's interesting, because I remember some banks being super pushy about getting you to buy insurance in their offices, warning you that if you don't, your family will have to pay for your debts. Not at Tinkoff, though! All my info, including my credit history, is right there in the app under 'Credits' - I've never seen it done better by any other bank.

Well, that's it from me. Thanks for sticking around and I hope it's clear now how consumer cash loans work at Tinkoff and T-Bank, and how to get along with them.

live_helpFeatured FAQ

What is the cash credit feature in Tinkoff Bank, and how does it work?

Tinkoff Bank's cash credit feature allows users to borrow money for short-term needs, with competitive terms and a user-friendly online application process. The loan amount and repayment schedule are determined based on the user's income and credit history.

How long does it take to get approved for a cash credit loan in Tinkoff Bank?

The approval process typically takes a couple of minutes, with the bank requesting information about the loan purpose, income, and repayment schedule.

What happens if I need to withdraw cash from my cash credit loan?

There are no fees for withdrawing the entire amount at any ATM, and the bank will transfer the money to your debit card balance after activation.

Can I share my cash credit loan details with someone I trust?

Yes, you can share your loan details with someone you trust, and they can help you with repayments and other aspects of the loan.

What happens if I'm unable to repay my cash credit loan on time?

If you're unable to repay your loan on time, you may be subject to late fees and interest charges. It's essential to communicate with the bank and work out a repayment plan to avoid any further issues.

Can I use my cash credit loan for any purpose?

Yes, you can use your cash credit loan for any purpose, but it's essential to ensure that you have a clear repayment schedule and can afford the loan repayments.

How do I apply for a cash credit loan in Tinkoff Bank?

You can apply for a cash credit loan online through the Tinkoff Bank app, providing information about your income, credit history, and repayment schedule.

What happens if I'm not satisfied with my cash credit loan terms?

If you're not satisfied with your loan terms, you can contact the bank's customer support team to discuss potential options, such as refinancing or adjusting the repayment schedule.

check_circlePros

•User-friendly online application process
•Fast decision-making, with approval in just a couple of minutes
•Competitive terms, with a payment size that varies depending on the term
•No fees for withdrawing the entire amount at any ATM
•Quick and remote issue resolution, with customer support available via phone and in-app messaging
•Transparent data and payment schedules available in the app
•Low-interest rates compared to other lenders
•Flexible repayment schedule
•No hidden fees or charges

cancelCons

•Bank requests income information, which may seem unnecessary
•Some users may find the interest rate to be relatively high
•Customer support may require a phone call or in-app messaging, which can be inconvenient for some
•The loan process may not be ideal for those with poor credit history
•Some users may find the repayment schedule to be inflexible
•The bank's insurance options may be pushy and require additional fees
•Limited availability of loan amounts
•High fees for late payments