Is your account balance in a “worrying state” with insufficient funds for you to survive financially until the end of the month? Have you heard about one of our digital banking products – Fast Cash? If you’re facing issues and are concerned with your account balance of late, then consider Timo’s Fast Cash and continue reading the following article to discover just the solution to your problem.
Open a Timo account to use Fast Cash here.
1/ How to apply for Fast Cash?
Timo Fast Cash can simply be called an overdraft loan – a common loan product offered by many banks in Vietnam. However, instead of having to travel to your bank to apply for a loan, the outstanding difference with Timo Fast Cash is the fact that it’s can be applied for anywhere with a smartphone that has an internet connection.
Here’s how you can apply for Timo Fast Cash with the following 4 steps:
Step 1: At the main Menu, tap on Wealth and choose Fast Cash
Step 2: If you are qualified to use Fast Cash, continue to fill in all required information
Step 3: Crosscheck all your personal details and and choose Activate My Fast Cash
Step 4: Read all terms and conditions related to Fast Cash before submitting your application
Your application will be reviewed within 30 minutes if it is sent within the hours of 8:00 to 16:00 from Monday to Friday. If you apply for Fast Cash outside of this time frame, your application will be processed on the next working day.
Open a Timo account to use Fast Cash here.
2/ Qualification criteria
Before applying for your Fast Cash, you can quickly check to see if you are qualified. There are 4 criteria you need to meet in order to apply for Timo Fast Cash, as follows:
- You are a Vietnamese citizen above 18 years of age
- You have an active Timo Spend Account for at least 180 days
- Your Timo Spend Account and Goal Save have a minimum balance of at least 500.000 VNĐ over the past 180 days
- Having at least 3 credit transactions and average spend account credit transactions in the past 180 days greater than or equal 5,000,000 VND
Open a Timo account to use Fast Cash here.
3/ Limit, interest rates and available time of usage
To meet a variety of different needs, Timo Fast Cash offers a flexible and competitive overdraft loan limit from 10 up to 100 million VND based on their credit rating and needs. You can also increase your Fast Cash limit easily based on the average amount of Money credited into your Spend Account over the past 180 days.
In terms of interest rates, your Fast Cash will come with a fixed annual interest rate of 24%. Once your Fast Cash is activated, you will have a year to use your overdraft loan limit.
Open a Timo account to use Fast Cash here.
4/ How to use and pay for Fast Cash
After successfully applying for Fast Cash, you shall use the remaining balance in your Spend Account. When it reaches zero, your approved Fast Cash limit will be activated and you will be able to see the available limit for use there. According to the State Bank of Vietnam, you cannot withdraw cash from overdraft loans. However, you can still freely use your Fast Cash to pay bills online, transfer money or pay via any POS terminal.
When you top up your Timo Spend Account, this amount will then be automatically deducted to repay for your Fast Cash and agreed interest fees. Once you deposit enough to cover your Fast Cash limit, the rest will remain untouched in your Spend Account for you to use as usual.
Open a Timo account to use Fast Cash here.
Should you use Timo Fast Cash?
Timo Fast Cash tends to act as a “financial savior” in situations where you still need money to pay for your daily expenses when your account balance is low. To make it easy for customers, we make sure that the application process is fast and convenient without requiring income proof or mortgage assets. Those who should use this feature are those who are in need of a loan to support their daily spending. If this is you, find out more about Timo Fast Cash here.
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Did you know?
To help you save time and money so you can live your life instead of spending it at a bank, Timo digitalizes the majority of regular banking transactions so you can bank anywhere and anytime. Here are some of the highlights that you can look forward to:
Free ATM withdrawals/money transfer
Free annual fee for Timo Debit cards
Smart online saving tools with competitive interest rates
Convenient Timo Mastercard with attractive benefits
Get an overdraft loan within 30 minutes via the Timo app
Send a payment request, lock/unlock your cards, pay bills right within the app
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