CASHe, an instant loan provider startup company, has launched a cash borrowing android app on Google Play store to provide short-term loans of up to Rs. 50,000, exclusively for young professionals and the salaried class.
A minimal document registration is required to get personal loan within minutes, which needs to be repaid within 15 days for an interest rate of 1.5%, after which each additional week will cost an additional 1%. After being confirmed for being eligible, an individual can avail a loan of up to 40 per cent, not exceeding Rs.50,000, of their monthly income.
A user can register for CASHe through his/her Facebook or LinkedIn account, after which he/she will be asked to fill basic details, upload identity details such as PAN card or Aadhaar card along with the latest salary slip, provide bank details and finally upload a picture. After completing the registration process, company takes a time of maximum two hours to confirm the eligibility of the user and the amount borrow limit after calculating several equations including Social Loan Quotient (SLQ) based on borrower’s social network.
Using CASHe, professionals can avail an easy 15-day loan without any human interaction, paperwork or any hidden cost. What is required is just a minimal one-time processing fee. Also, application of multiple loan is allowed, provided none of the loans are older than 15 days.