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Finally, an App That Lends Actual, Hard Cash

Finally, an App That Lends Actual, Hard Cash
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You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

From phony schemes that encourage clickbait spam, to getting paid in fractions of a buck to write fake reviews on apps, the internet is full of ways that claim to help you earn money without actually working. If you’re hard pressed for cash as
a young millennial, the rational decision would be to take time off and apply for a legitimate loan. But practically, that’s almost impossible to pursue in the world we live in. Given the hectic working schedule that leaves barely one day off a week, which is closed for banking, you’re in no position to go through the formalities of applying for a loan. Even though
most banks offer applications for loan approvals online and offer virtual background checks for approvals, the process hasn’t  been streamlined in an actually effective manner – until now. Enter CASHe, a product of Singaporebased
TSLC Pte Ltd, a fin-tech company promoted by serial entrepreneur and private equity investor V Raman Kumar.
Now you can literally borrow actual hard cash anytime, from the convenience of your cell phone through an app. With the
millennial crowd as its target audience, the app completes the cumbersome process of application within a few short
minutes, without moving a muscle. 

How Does It Work?

Loans will be approved on the basis on one’s social profile, and earning potential using propriety algorithms. You basically have to provide verified proofs of your employment, your personal details and  then click a selfie as your photograph and then your application is sent for processing. Approval usually takes place very quickly. 

Who Cannot Use The App?

If you’re not employed in a salaried job, you unfortunately won’t be able to utilize the app. You also have to obviously
provide only legitimate details which will be verified upon your application’s processing. 

How Much Can You Borrow?

Upon confirming eligibility, these employed individuals can avail a loan of up to 40 per cent of their monthly income instantaneously at a rate of interest on par with credit cards. Right now the loan amount is limited to Rs. 50,000, but the company plans to expand it to Rs. 1 lac soon as the process takes off. 

What are the interest rates?

The interest is at par with usual credit card rates along with One-Time Processing fees. If you re-use the app’s services in the future again, you need not pay this OTP fees anymore. Loans are however, limited to 15 days strict return liability.

Who is the target audience?

Millennials and youth who are employed, but need an emergency cash loan for lavish expenses, such as a birthday party,
gift to family or loved ones, vacation or other unaccounted immediate expenses are the TA group.Claiming to avoid the cumbersome processes for loans and narrow down the borrowing period, the app aims to replace traditional unaccounted borrowings from friends. The algorithm mines a user’s social network and reaches a loan approval amount, providing inclusion to young professionals. Currently available only on Google playstore, the app has majority of positive reviews with some users complaining the process of application being “more elaborate than applying for a Visa!” If the app truly
works as advertized, it could definitely be a game changer for millenials throughout the nation.

Edition: November 2016

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