Cashe Loan Review
| Feature | Details |
|---|---|
| Interest Rate | 2.25% to 2.50% per month |
| Loan Amount | ₹1,000 to ₹4 Lakhs |
| Tenure | 90 days to 540 days |
| Processing Fee | Up to 3% of the loan amount |
| Eligibility | Salaried individuals |
| Disbursal | Instant |
| Credit Scoring | Social Loan Quotient (SLQ) using alternative data |
I am giving a Cashe Loan Review and also some pros and cons of a well-known Indian fintech company called Cashe, which gives personal loans to help people get through some small problems. But it is very important to know that you need to learn everything about cashe loans before you take a loan.
Cashe gives personal loans between ₹7,000 and ₹4 lakh. They mostly target young, tech savvy people who need to get money very quickly and easily. You can do the registration process online, through their website or app, which is very easy to use. Cashe uses its own system that looks at your credit score to decide if you are eligible or not.
Pros of Cashe Loans
- Fast and Convenient: In a few minutes, you can finish the application process, which is very quick and easy. Very quickly, loans are approved, and in some cases, the money is sent into your bank account within 24 hours.
- Possible Ways to Pay Back: Cashe loan gives you various ways to pay back, like equal monthly installments (EMIs), a single payment, or a mix of the two. And you also have five days to pay off your EMI before interest starts to climb.
- No Prepayment Penalty: You do not have to pay extra if you pay off your loan too early.
- Eligibility Check without Credit Score Impact: You can check to see if you are eligible or not for a Cashe loan without affecting your credit score. This is so different from traditional loans where checking to see if you are eligible will affect your credit score.
Cons of Cashe Loans
- High Interest Rates: If i compare Cashe Loans to other regular banks, Cashe Loans have very high interest rates, around 2.5% per month, which works out to 3.71% per EMI on a reducing balance basis. This can very easily make the total cost of getting money much higher.
- Processing Fees: If you get a loan, there may be fees for processing that will add to the total amount you have to pay back.
- Risk of Debt Trap: Secured loans with very high interest rates can be both good and bad. And also not properly managing them can cause a debt trap, where you have trouble making payments and keep borrowing money.
Cashe Loan Customer Reviews
Most banks, like Cashe, have mixed reviews from users.
- Positive review: There are many users who like how quick and easy it is to apply, how easy the app is to use, and how many financing choices are available.
- Negative review: But some users say they have many problems with very high interest rates, secret fees, and very bad customer service. And concerns have also been raised about the harsh collection methods used when payments are in arrears.
But online reviews are not always accurate. So if you need to make a choice, you should always do your own research.
Cashe Loan vs. Traditional Bank Loans
Cashe Loan vs. other traditional Bank Loans
| Feature | Cashe Loan | Traditional Bank Loan |
|---|---|---|
| Loan Amount | ₹7,000 – ₹4 lakh | Varies depending on the bank |
| Interest Rates | Higher (around 2.50% per month) | Lower |
| Processing Time | Faster (within 24 hours in some cases) | Slower (can take several days) |
| Eligibility Requirements | More flexible (considers factors beyond credit score) | Stricter (relies heavily on credit score) |
| Repayment Options | Flexible (EMIs, lump sum, or combinations) | Typically fixed EMIs |
My Opinion
Cashe loans can be very helpful for people who need money very quickly, especially if they do not have a lot of credit history. But because of the high interest rates, this loan is not good for the long term.
If you need more information you can apply for a loan, And you can visit the official CASHe website.
You can also visit some more pages of this website for more information