If you are thinking of taking out a loan CashBean, there are a few things that you need to consider. One of them is the amount of interest you will be charged. Another one is the possibility of you defaulting on your loan. You should also be aware of how you will be able to pay back your loan. Fortunately, there are some options that you may be able to choose from.
CashBean is a digital lending platform launched in January 2019. It provides loans in various formats, such as Personal loan, Private loan, Salary advance loan, and Online loan. The platform aims to cater to the financial needs of millions of people, who do not have access to bank credit.
However, the company’s illustrious operations were marred by several mishaps. For instance, the company flouted the Know Your Customer (KYC) norms, and it also imposed usurious rates of interest on its customers. In addition, it used the Reserve Bank of India’s (RBI) logos in an apparent violation of the governing body’s directives.
Additionally, Cashbean’s operations were never smooth, as its customer representatives often resort to harassment tactics. Even if a user has not missed a payment, he or she may receive a call from a representative who will insist on verification.
If you decide to go with a CashBean loan, make sure to read the fine print. The platform offers an annual rate of interest not exceeding 26%. This rate of interest is higher than the daily rate of interest charged by some competitors.
As for the interest rate of a CashBean loan, there is no fixed rule that states the higher the amount, the higher the rate. To give an example, a personal loan of Rs.1000 paid within 91 days will come with a total of Rs.1,317. Moreover, the processing fee for this loan will vary from Rs.90 to Rs.2000.
Although the interest rate of a CashBean personal loan is relatively lower than the average rates of other lending platforms, its repayment schedule is not. You must repay the loan within 15 days to two months. Otherwise, the company will turn over your unpaid loan to a collection agency. A failure to pay back a CashBean loan will be reported to the credit bureau, which will affect your credit score in a negative way.
Lastly, it’s important to mention that CashBean is under investigation by the Enforcement Directorate. The government agency has seized more than INR 106 crores from the company in August of last year.
If you are in the market for a loan, you may want to look at an instant loan app such as CashBean. This innovative app aims to make financing your dreams easier. However, you might want to be careful when it comes to lending money.
While the company isn’t exactly known for its transparency, it did manage to get a slick app out there. It also makes use of your smartphone to disburse a loan. As a result, you can expect your money to arrive in no time.
The app is available to download on Google Play and provides a multitude of loans. These loans range from a few thousand dollars to a few hundred thousand dollars, and come with a few different repayment options.
But before you sign up for an instant loan, make sure that you understand the terms of the deal. For instance, you might be surprised to know that some loan apps charge a hefty daily interest rate. Also, if you don’t make a payment on time, your credit score could take a dive.
The company has a devoted customer support team that can help you out. You can even contact them through their helpline number, which is available 24 hours a day.
CashBean is one of the largest digital lending companies in India. In fact, they have a presence in almost all major cities in the country.
Their motto is to help you out of your financial woes. They offer a range of loans including short-term loans, marriage loans, and advance salary loans. All of these loans are designed to meet your short-term financial needs.
The company also has an interesting app called the PayMe. This product is the latest entrant in the personal lending space. They have raised $2 million from investors in Singapore. Using the app, you can apply for a short-term loan, and in return you’ll be assigned a personal loan advisor. The nifty thing about this service is that you can repay the loan through your PayTM wallet.
Finally, it’s worth noting that despite all of this, the company is currently under investigation from the RBI. Several investigations have found that the app is using the logos of the Reserve Bank of India, but this isn’t necessarily a good sign.
If you have taken a loan from CashBean or other instant loan app, you may have been wondering how to report your default. These loans are unsecured and your credit score will be affected if you default on your repayments. You can contact a lender specialist if you have any questions about the impact of your default.
There are a number of instant loan apps on the market, some of which are owned by Chinese companies. Others are local firms in India. Unless you have a good credit score and a stable income, you will not qualify for these loans.
Defaults on CashBean loans can be reported to the three major credit bureaus – Equifax, TransUnion and Experian. This information can be used by lenders to validate your creditworthiness and to help them make more accurate credit decisions. Moreover, it can also provide clues about fraudulent activity.
According to the Save Them forum, an online community for defaulting borrowers, borrowers are receiving official-looking fake documents, including court summons, downgrade alerts from credit-scoring services and signed Reserve Bank of India warnings. Borrowers have also complained of aggressive recovery tactics.
Thousands of people have posted complaints about harassment on social media. CashBean has responded to these complaints, dismissing them as a hoax. However, the company is under investigation by the Enforcement Directorate.
A spokesman for the company told Business Insider that the company had “zero-tolerance policy” for violations. He said the firm had fired an employee who broke the code of conduct.
In addition, CashBean has submitted a detailed investigation report to the RBI. Investigations found that the lender was engaging in “unfair” practices. Among other things, the company was imposing usurious charges.
Another problem was that CashBean was not checking the CIBIL score of borrowers. Some of the users who took the loans were unaware of the effects it would have on their credit scores.
Ultimately, lenders must tighten their eligibility requirements to ensure they are lending to those who can pay back their loans. They must also check the job security of applicants.
CashBean is a web and mobile platform that offers loan solutions to people. It was launched in January, 2019. It is a wholly digital NBFC, which is operated by PC Financial Services, a 100% subsidiary of Opera Limited.
CashBean provides loans to users in minutes. It claims to offer fixed interest rates of 33-36%. The company is also known for its 24×7 customer support. Besides, it does not require a credit history or good score. However, users should ensure that they repay their loan within 15 days or two months. In addition, it waives late repayment penalties for its customers during March and May.
Despite the positive aspects of the product, there are some negative things that users have reported. For example, some borrowers allege that they face terrifying threats when they default on their debts. Also, a spokesman of the company says that the company has a “zero tolerance policy” when it comes to violations.
Another concern is the security of customer information. Some investigations revealed that the company violated its code of conduct and used fake letters to contact borrowers. Moreover, the company employed representatives who used harassment tactics against its users. Additionally, there were allegations that the company made illegal use of its logos. As a result, the Reserve Bank of India (RBI) revoked PC Financial’s Certificate of Registration.
With the increasing demand for short-term loans, many instant-loan apps have sprung up. Some are owned by Chinese companies, while others are partnered with local firms in India. Regardless of which app you choose, the process is similar. You need to provide your Aadhar details and other documents before you get approved for a loan. Moreover, you need to be a resident of India, or else you are unable to qualify for a loan. This can be a big issue, particularly for those who are not able to secure a good credit score.
In addition, some users report that they have been offered loan amounts that are too high. While most apps make it easy to apply for a loan, there is a possibility that you will be contacted by a representative who will be trying to intimidate you.
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