| Interest Rate | 45% |
| Duration | From 7 Days |
| Access Level | Public |
| Company Name | Betterman |
| Phone 1 | +91 8904881187 |
| Phone 2 | |
| Website or Store | |
| Address | 39, NGEF Lane, 2nd Floor, Suite No.694 Indiranagar, Bangalore Karnataka 560038. |
| Category | Dangerous Loan |
| Company Email | gaodi3344@gmail.com |
| Views | 114 |
Loan Term and Duration When considering taking out a loan, it is crucial to understand the terms and duration associated with the loan. HooCash offers flexible loan terms ranging from a minimum tenure of 92 days to a maximum tenure of 360 days. This flexibility allows borrowers to select a loan period that best suits their financial situation and repayment capabilities.
Loan Amount HooCash provides a range of loan amounts to cater to different financial needs. Borrowers can apply for a minimum loan of ₹5,000 and a maximum loan of ₹50,000. This wide range ensures that whether you need a small amount for an emergency or a larger sum for a significant expense, HooCash has you covered.
Annual Percentage Rate (APR) The Annual Percentage Rate (APR) for HooCash loans is capped at 36%, which is determined by the customer's risk profile. This APR includes all the costs associated with the loan, making it easier for borrowers to understand the total cost of borrowing.
Processing Fee and GST HooCash charges a one-time processing fee based on the loan eligibility, which ranges from 5% to 15%. This fee covers the service fee, payment fee, e-sign fee, and risk audit fee. Additionally, the Goods and Services Tax (GST) is charged at 18% of the processing fee. For example, if a borrower takes a loan of ₹5,000 with a processing fee of 10%, the total processing fee and GST payable would be ₹590.
Loan Examples
- Example A:
- Installment Plan: 3
- Loan Amount: ₹5,000
- APR: 36%
- Loan Term: 92 days
- Processing Fee: 10%
- Total Processing Fee and GST: ₹590 (₹5,000 * 10% + ₹5,000 * 10% * 18%)
- Monthly Interest Rate: 3%
- Total Interest: ₹453.69 (₹5,000 * 36% / 365 * 92)
- Amount Payable on Due Date: ₹5,453.69
- Example B:
- Installment Plan: 4
- Loan Amount: ₹6,000
- APR: 30%
- Loan Term: 120 days
- Processing Fee: 5%
- Total Processing Fee and GST: ₹354 (₹6,000 * 5% + ₹6,000 * 5% * 18%)
- Monthly Interest Rate: 2.5%
- Total Interest: ₹591.78 (₹6,000 * 30% / 365 * 120)
- Amount Payable on Due Date: ₹6,591.78
Eligibility Criteria To qualify for a HooCash loan, the following criteria must be met:
- Indian Resident
- Age between 21 and 45 years old
- Valid mobile number
- PAN and Aadhaar Cards
- Active bank account
- Stable monthly income
Features of HooCash Loans HooCash offers a seamless and secure loan application process. Borrowers need only to fill in their identity information and submit the required documents for approval. The application process is designed to be quick and hassle-free, with loans being disbursed directly into the borrower's bank account shortly after approval.
Key features include:
- Ease of Access: Loans can be applied for and received anytime, anywhere.
- Confidentiality: All loan applications are processed with the utmost confidentiality.
- No Additional Documentation Required: Once approved, no further documents are needed.
- Credit Card Not Required: Borrowers do not need a credit card to apply for a loan.
- Privacy Protection: Borrowers' privacy is fully protected.
HooCash stands out for its user-friendly loan application process, flexible loan terms, and commitment to customer privacy. Whether you need a small loan for an urgent expense or a larger sum for a significant financial goal, HooCash provides a reliable solution tailored to meet diverse financial needs.
Understanding the terms, fees, and eligibility criteria is essential for making informed borrowing decisions. With HooCash, you can rest assured that your financial needs are met with transparency and professionalism.
Expert Counsel
Loan apps may seem like a quick solution for cash, but they often come with serious risks. Here are 10 important tips to keep in mind when dealing with online loan apps:
1. Only Download Loan Apps from Official Sources
Never download loan apps from sources outside the Google Play Store. Downloading from unofficial sites increases the risk of cyberbullying, as these apps may misuse your personal information, including contacting people in your address book without consent.
2. Be Prepared for Harassment if You're Late on Payments
Even if you’re just a day late, you can expect to receive a barrage of aggressive and unpleasant messages, particularly on WhatsApp. If the harassment escalates, don't hesitate to block the sender to protect your peace of mind.
3. Extremely Short Repayment Periods
Most loan apps offer repayment periods between 6 and 14 days, making it difficult for borrowers to meet their payment deadlines. This short repayment window often traps people in a cycle of debt
4. High Overdue Interest Rates
If you miss a payment, expect daily overdue interest rates between 5% and 7%. These high rates make it incredibly easy to spiral further into debt.
5. Reputation Damage is Their Leverage
Once a loan app has publicly shamed or tarnished your reputation by sending messages to your contacts, their goal has often been achieved. At this point, some borrowers choose not to repay the loan since the damage is already done. You can also generate a disclaimer to counter any false claims made by the app.
6. Don’t Borrow from Other Loan Apps to Repay Your Debts
Taking out new loans from other apps to settle existing debts will only worsen your financial situation. This strategy leads to a deeper cycle of borrowing and repaying.
7. Use Truecaller to Block Harassing Calls
Truecaller is an effective tool for screening and blocking calls from loan apps. This will help you avoid unnecessary stress and harassment from lenders.
8. Break the Cycle by Stopping Borrowing Altogether
The best way to escape the clutches of loan sharks is to stop borrowing entirely. It may be difficult, but cutting off access to these predatory loans is key to regaining control of your finances.
9. Block and Report Harassers
If you receive harassing messages on WhatsApp, block the sender and report them directly to WhatsApp and the Google Play Store. This helps prevent others from becoming victims of the same predatory practices.
10. Avoid Loan Apps Altogether
Loan apps are often designed to trap you in a cycle of debt, ruin your finances, and exploit your personal information. The safest option is to steer clear of them entirely and seek more secure financial alternatives.
By following these tips, you can protect yourself from the damaging effects of predatory loan apps and safeguard your financial well-being.
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