An Overview of the Instant Money Loan Process
An instant money loan is a convenient and hassle-free option for borrowing money. It is an unsecured loan that does not require any collateral and is offered by banks, non-banking financial companies, and money loan apps.
The distinguishing factor of instant loans is the speed and efficiency of their application and approval process. Here, we break down this simplified and straightforward process leaving you with no doubt as to how money loans work and how you can avail one.
- Choose a Money Loan Lender
First things first, you choose a lender. There are many different money loan apps and online lenders such as CASHe that offer a range of instant loan products. Make your pick depending on the terms that are most favourable and flexible for you.
2. Download the Money Loan App
The next step would be to download the money loan app and create an account for yourself. The CASHe app is available on iOS and Android app stores.
Our registration process requires you to link your Facebook, LinkedIn or Google+ accounts. This is because we use your social media footprint as one of the factors in calculating your Social Loan Quotient (SLQ). Most lenders require you to have a high credit score. At CASHe, we understand that young professionals or first-time borrowers may not have a credit history. But we do not want that to hamper their chances of getting approved for a loan.
The SLQ is our holistic way of gauging our applicant’s creditworthiness. We use our proprietary AI-based algorithm that evaluates your income, financial behaviour, and digital footprint to come up with an SLQ score which we use to approve your loan application.
3. Submit Documents Online
Once you have registered on the money loan app, you will be required to submit some minimal documentation for identity and address proof. Aadhar card, Pan Card, Driving Licence, Passport, and/or utility bills are often required. Most lenders also require financial information in the form of salary slips and bank statements. Since CASHe has a 100% online process, digital documents can be submitted through the app.
Proper documentation makes it easier for your application to be processed and approved. So, ensure that your documents are genuine, updated, and legible.
4. Pick the Loan Money Amount and Tenure
After uploading all your documents, you get to decide how much money you will borrow in the loan. You can also decide the loan tenure or the amount of time you will repay the loan in. CASHe offers loans ranging from Rs 1,000 to Rs 4 lakhs. Our repayments times range from 3 months to 1.5 years. The loan amount and tenure that you will be eligible for depends on your monthly income and other factors. You will be able to check this through our website and money loan app.
Depending on the loan money amount, you will be required to pay a processing fee of Rs 500 to Rs 1,200. It will also determine the interest rate you are eligible for. Interest rates start at as low as 2.5% per month. At this stage, you can also secure your loan with CASHe’s Group Insurance Policies, which protects you if you cannot pay your monthly instalments due to job loss or health concerns.
5. Post-Application Process
Ever wondered ‘how do I check my loan status?’ Or when will my loan get approved? The convenience of CASHe’s 100% online process is that you can check your loan status through the app, anytime you like. If you meet our eligibility criteria and have submitted all the documents correctly, your loan can be approved within a day. We disburse the money to your bank account almost instantly and you are free to spend it however you like.
After which, you are required to repay the loan in monthly instalments through NEFT, IMPS, or UPI. Set a reminder to make your payments in time to avoid incurring late fees. We do offer a 7-day interest-free grace period after the deadline, after which you would be charged a 0.7% late fee.
Download the CASHe loan app and get started on your instant money loan journey today!