Payday Loans in Cairo – Bad Credit History? You Could Try a Micro Loan
Is it lawful to apply for payday loans in Cairo? The answer to that question is: No, it’s illegal! But because this question tends to arise, it’s worth mentioning again that this subject isn’t discussed on Georgian television at all. Probably, such legislation would only be applied in very serious instances of default and fraud. On the other hand, when you’re looking to get instant cash, sometimes things are a little bit less clear-cut, and if you happen to live in Cairo, you may find yourself in need of cash very quickly.
Payday loans in Cairo are perfectly legal. However, the same cannot be said for most (if not all) other parts of Egypt. If you want cash loans online in Cairo – as you probably do if you need quick cash – make sure you take a look at your own credit history first. Sometimes, there are some companies who do not ask about your credit history.
It is important to note that not all countries have a free market. In certain countries, especially developing countries like Egypt, credit companies are highly regulated. In these places, any kind of transaction involving credit can get you jail time (as they did with a previous article on this topic). This is why it’s a good idea to check out your own country’s laws before applying for payday loans in Cairo or anywhere else. There may be better ways to get money without breaking the law.
In some countries, payday loans are popular. In others, they’re not. Take, for example, Sweden. The last time I had any questions about their laws regarding cash advances, the top government advisor suggested that anyone who needed money urgently should consider getting a payday loans in Stockholm. And that is exactly what he said.
Here’s the thing: in order to legally take out a payday loan in Cairo or anywhere else in Egypt, you would need to abide by very strict laws. First of all, you would need to have proof of Egyptian citizenship (this is to avoid paying a tax on it when you leave the country). Then you would need to ask for a registration number from the concerned agency. And you would need to wait long hours for your money to be approved before you could withdraw it.
In Georgia, similarly, you could take out a payday loans in Georgia but you’d have to have a bank account to use as collateral. This is because in Georgia, you cannot use your personal credit company (the one that normally deals with regular people taking out loans like you do in Egypt) to obtain a loan. The only option available to you is to get your bank account verified by the state before you can withdraw cash. You cannot take out a loan in Georgia with your credit company.
Of course, you could try to work around the law by just taking out payday loans from non-bank companies. However, they are not as readily available. In addition to being harder to obtain, these companies usually charge exorbitant interest rates as well as fees for the processing of the loan request. The fees charged by the credit companies in Georgia are in addition to the tax imposed on your paycheck.
If you’re planning on taking out a payday loans in Cairo or anywhere else in Egypt, you might want to think twice about doing so, especially if you have a bad credit history. It’s not impossible, but it’s a long shot. On the other hand, you can always look into the possibility of getting a microloan, which would be easier to obtain since it doesn’t require a credit history check.