In this article, we will explore the Cashloan App. If you are considering taking out a loan through the Cashloan App, this article may prove helpful to you. This is because, in today’s digital age, obtaining a loan via a mobile app has become quite easy; however, there are also fraudulent loan apps present in the market. Therefore, it is your responsibility to thoroughly analyze any loan application before applying for a loan. In this article, you will be able to determine whether the Cashloan App is genuine or fake, and decide whether or not you should take a loan from it.
What is the Cashloan App
Cashloan is a lending platform that claims to offer loans of up to ₹300,000 using just an Aadhaar card and a PAN card, with a repayment tenure of 365 days. However, both of these claims are completely false. After taking out a loan through this app, we discovered that it actually provides a loan of only ₹4,000 for a duration of just 7 days. If you take out a loan of ₹4,000, only ₹2,320 will be credited to your bank account, and you will be required to repay the full ₹4,000 after 7 days. The Cashloan app is not registered with the RBI; it is a scam designed to defraud people into paying processing fees.
For example
If you take out a loan of ₹4,000 for 7 days from the Cashloan app, you can view the calculation below:
- Loan Amount: ₹4,000
- Loan Term: 7 days
- Service Fee: ₹1,200
- Interest Amount: ₹480
- Bank Disbursement Amount: ₹2,320
- Total Repayment: ₹4,000
Cashloan App – Signs of a Scam
Before downloading the Cash loan App, it is crucial to be aware of certain important warnings and red flags.
Hidden Fees
If you take out a loan of ₹4,000 from the Cashloan App, only ₹2,320 is actually deposited into your bank account, while the repayment amount remains ₹4,000. This means you are required to repay an additional ₹1,680 within just 7 days. You must verify this fact.
Exorbitant Interest Rates
Cashloan charges an interest amount of ₹480 within a 7-day period. However, collecting such a high sum as interest over a 7-day duration constitutes a violation of RBI regulations.
False Claims
The Cash loan App promises to provide loans of up to ₹300,000 with tenures ranging from 91 to 360 days. In reality, however, only loans of ₹4,000 are being disbursed, with a tenure of merely 7 days; this is a violation of RBI policies.
Coercive Recovery Tactics
Some users have reported coercive recovery tactics—including unauthorized access to their contact lists—methods frequently observed in fraudulent loan applications.
Verification with the RBI
Users of the Cashloan App are strongly advised to verify the registration status of this NBFC on the official RBI website.
Points to Keep in Mind When Applying via Cash Loan Apps
- When applying for a loan, be wary of apps that request excessive permissions—such as access to your contacts or photo gallery—as this information could be misused.
- Before applying for a loan, ensure that the loan application is registered with the Reserve Bank of India (RBI).
- Prior to accepting any loan offer, carefully read through all terms and conditions, interest rates, fees, and other essential details.
- Always avoid loan apps that demand payment before processing your application.
- Opt for loan apps that provide transparent information and offer clear contact details for customer support, and are registered with the RBI.
Cashloan App: Real or Fake
According to the Cashloan app, a loan of ₹300,000 is offered with a repayment tenure of 360 days. Both of these claims are completely false. After obtaining a loan through this application, we discovered that the actual loan amount is merely ₹4,000, and the repayment period is a mere 7 days. Incurring additional costs ranging from ₹1,500 to ₹1,700 for a loan tenure of just 7 days proves that the sole objective of this app is to trap people in a vicious cycle of processing fees and interest charges.
Note: This article is for informational purposes only. If you decide to take a loan from the Cash loan app, please exercise your own discretion and proceed with caution.
FAQ
How can I download the Cashloan app?
This loan application is available on Google. You can download the Cash loan app from there.
Is the Cashloan app safe?
After taking out a loan, we discovered that this loan application was a scam designed to defraud people into paying processing fees, and that it was not registered with the RBI.
What happens if you do not repay a Cashloan on time?
If you fail to make a timely payment, your mobile phone number may be compromised—potentially exposing your contact list—and personal and family photos stored in your mobile phone’s gallery could be misused.