| Interest Rate | 33% |
| Duration | From 14 Days |
| Access Level | Public |
| Company Name | Cash Advance |
| Phone 1 | |
| Phone 2 | |
| Website or Store | |
| Address | |
| Category | Dangerous Loan |
| Company Email | |
| Views | 85 |
In today’s fast-paced financial environment, having access to quick and reliable financial solutions is crucial. The Cash Advance app stands out as a premier platform for young professionals across India to meet their financial needs effortlessly. Whether you need a small amount for an emergency or a larger sum for significant expenses, Cash Advance offers a range of loan options designed to cater to diverse requirements.
Loan Amount, Interest Rates, and Tenure
- Loan Amount: ₹1,000 to ₹200,000
- Interest Rates: 0% to 29.95% per annum
- Tenure: 91 days to 15 months
Why Choose Cash Advance?
Cash Advance is a comprehensive platform facilitating loan transactions between borrowers and Non-Banking Financial Companies (NBFCs) or Banks. All loan applications are approved and sanctioned by NBFCs/Banks registered with the Reserve Bank of India (RBI), ensuring transparency and regulatory compliance. One of our primary partner NBFCs, Krazybee Services Private Limited, is a Systemically Important NBFC within the group companies carrying the Cash Advance brand.
Types of Loans
1. Flexi Personal Loan: A flexible option allowing you to avail loans within 10 minutes as a direct bank transfer. All you need is your PAN Card and Address Proof to avail amounts between ₹1,000 to ₹50,000 for tenures ranging from 91 days to 6 months.
2. Personal Loan for Salaried Individuals: Designed for salaried professionals, you can avail amounts from ₹10,000 to ₹2 Lakhs as a direct bank transfer for tenures ranging from 3 to 15 months. Required documents include your PAN Card, Address Proof, and Salary Proof.
3. Online Purchase Loan: This loan allows you to buy now and pay later in EMIs. Avail e-vouchers on the Cash Advance app to purchase from partner platforms like Flipkart, Amazon, and more, and repay later in convenient EMIs.
Example Loan Scenarios
1. Personal Loan for Salaried Example:
- Loan Amount: ₹50,000
- Tenure: 12 months
- Interest Rate: 20% per annum
- Processing Fee: ₹1,250 (2.5%)
- New Customer Onboarding Fee: ₹200
- GST on Fees: ₹261
- Total Interest: ₹5,581
- EMI: ₹4,632
- APR: 23.2%
- Disbursed Amount: ₹48,289
- Total Repayment Amount: ₹55,581
2. Flexi Personal Loan Example:
- Loan Amount: ₹10,000
- Tenure: 3 months
- Interest Rate: 27% per annum
- Processing Fee: ₹500 (5%)
- GST on Fees: ₹90
- Total Interest: ₹453
- EMI: ₹3,484
- APR: 34%
- Disbursed Amount: ₹9,410
- Total Repayment Amount: ₹10,453
Key Features
- 100% Online Process: Complete your loan application entirely online without visiting any branch.
- Fast Approval: Quick verification and approval process.
- Immediate Bank Transfer: Receive funds directly into your bank account instantly.
Eligibility Criteria
- Indian Resident: Must be a resident of India.
- Age: Above 21 years.
- Monthly Income: Should have a regular source of income.
How to Get Started
- Install the Cash Advance App: Download from the Google Play Store.
- Create Your Account: Sign up with your basic details.
- Check Eligibility: Fill in basic details to check your first-level eligibility.
- Upload KYC Documents: Provide ID proof, Address Proof, and PAN card.
- Avail Loan: Choose to receive the loan as a bank transfer or an e-voucher as per your preference.
Fees and Charges
- Interest Rates: Range from 0% to 29.95% per annum with equivalent monthly rates of 0% to 2.49%.
- Processing Fee: Varies from 0% to 3% for low-risk customers and 2.5% to 7% for high-risk customers.
- Service Fee: One-time fee during onboarding or upgrades, ranging from ₹20 to ₹350 depending on the risk profile.
- Penalty Charges: Only applicable for delayed payments.
Cash Advance offers a comprehensive, user-friendly solution for your financial needs. With flexible loan options, competitive rates, and a fully online process, Cash Advance ensures you can access funds quickly and conveniently. Whether you need to cover an emergency expense, finance a purchase, or manage your cash flow, Cash Advance is here to help. Download the app today and experience a seamless way to secure financial support.
Expert Counsel
Loan apps can provide quick, accessible credit with minimal documentation and fast approval. However, many come with high-interest rates, hidden fees, and even predatory practices. Here’s how to avoid loan apps and protect yourself when using them.
How to Avoid Relying on Loan Apps
- Build an Emergency Fund: Save up enough to cover 3-6 months of essential expenses to avoid needing quick loans.
- Create and Stick to a Budget: Track your spending, prioritize necessities over wants, and allocate funds wisely to avoid financial shortfalls.
- Explore Alternative Credit Sources: Consider reputable options like banks, credit unions, or peer-to-peer lending platforms with more favorable terms.
- Improve Your Credit Score: A strong credit score can open doors to lower-interest borrowing options.
- Cut Down on Unnecessary Expenses: Reduce discretionary spending to lessen the need for loans.
Precautions When Using Loan Apps
- Review Terms and Conditions Carefully: Understand interest rates, fees, repayment timelines, and any penalties to avoid surprises.
- Verify Lender Legitimacy: Check the lender’s reputation, licensing, and regulatory compliance before borrowing.
- Borrow Only What You Need: Limit borrowing to essential needs to avoid excessive debt.
- Set Realistic Repayment Goals: Plan your repayment strategy to avoid late penalties and high-interest charges.
- Monitor Your Credit Report: Keep an eye on how loan app transactions affect your credit profile.
Smart Strategies for Loan Repayment
- Make Timely Payments a Priority: Paying on time helps you avoid penalties and additional interest.
- Develop a Repayment Plan: Break down debt into manageable amounts that fit your budget.
- Use Automatic Payments: Set up automatic transfers to ensure payments are made on time.
- Consider Debt Consolidation: Combine multiple debts into a single loan with a lower interest rate to simplify repayment.
- Communicate with Your Lender: If you’re experiencing financial difficulties, reach out to discuss potential extensions or revised payment plans.
What to Do in a Financial Crisis
- Seek Professional Financial Advice: Consult with a financial advisor or credit counselor for guidance.
- Prioritize Essential Expenses: Focus on covering necessities like rent, utilities, and food.
- Negotiate with Creditors: Discuss the possibility of payment extensions or reduced payments with lenders.
- Explore Government Assistance Options: Look into programs like unemployment benefits or financial aid for temporary relief.
- Consider Debt Restructuring: Work with a credit counselor to explore debt reorganization options.
Red Flags to Watch for When Using Loan Apps
- High-Interest Rates: Interest rates above 36% APR are generally considered predatory and should be avoided.
- Hidden Fees: Be cautious of fees for origination, late payments, or prepayment penalties that can inflate costs.
- Unclear Repayment Terms: Ensure you fully understand payment schedules, amounts, and potential penalties.
- Lack of Transparency: Avoid lenders who don’t provide clear, detailed information about their terms.
- Aggressive Marketing Tactics: Be wary of loan providers who use pushy or deceptive advertising.
Additional Tips for Safer Loan App Use
- Know Your Regulators: Familiarize yourself with relevant regulatory bodies, like the Central Bank of Nigeria, to report suspicious lenders.
- Research Loan App Reviews: Check feedback from multiple sources to gauge a lender’s reputation and practices.
- Build Financial Knowledge: Educate yourself on personal finance basics and responsible borrowing to make informed decisions.
By staying informed and cautious, you can navigate loan apps responsibly, protect your finances, and make better borrowing decisions.
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