The Cashfish Loan App can help you out a lot if you are looking to apply for a loan. However, before you do so, there are a few things you should know. These include how the loan works, the application process and the interest rate.
Application process
When you want to apply for a loan, you will have to undergo a process. You will have to put in all your personal information in order to get approved for the loan. The loan application will then be processed and the amount will be transferred to your account within 24 hours. If you default in repaying the amount, then you will have to face a stiff penalty.
There are many loan apps that offer loans to people, based on online verification. These loans range from Rs 10,000 to Rs 20,000. The interest rates are also lower than other traditional loans. In order to be eligible for a loan, you will have to be an Indian citizen.
Moreover, you must be at least 18 years old and have a monthly income of less than Rs 15000. Lastly, you must have an address proof. Applicants must also be able to provide their PAN card and identity proof. Depending on your loan amount, the interest rate will be 182-365% per annum.
Interest rate on taking a loan
The rate at which you get an interest on taking a cashfish loan is not the only thing to consider. You also need to take into consideration the amount of money that you will have to repay in the end. For example, if you decide to take out a loan, you may need to make an initial deposit of anywhere from five to thirty percent of the total amount.
The annual interest rate, or APR, is a good place to start when comparing your options. However, you should not forget to include other hidden costs such as administration fees, administrative charges, and other penalties. These can be as steep as fifty percent of your total repayment.
While you are looking for the best rate, you should not be afraid to ask for a higher number if you have an excellent credit score. You should also avoid working with an unreputable loan lender if possible. This way, you can ensure that you are getting the most for your money.
Extortion of money using morphed photos
A woman from Delhi had filed a complaint against a loan application named Cash Advance. This application had extorted her of money by sending morphed pictures of her to her contacts.
The loan app supposedly offered easy loans to people. But, it was later used by the fraudsters to blackmail them. They would call the victims 700 times a day, asking them to pay them a sum of money. Once the user gave permissions, the money would be transferred.
The gang used online servers to hide their activities. In fact, they had multiple accounts receiving daily transactions of more than Rs 1 crore. Eventually, they got trapped and committed suicide.
The extortion racket involves contact through social media or dating, and blackmailing by morphed nude photos. The money is collected in cryptocurrency. It is routed to Hong Kong, China and Dubai.
The fraudsters hire call centre operators to make calls. They also get the victim’s passwords and contact lists. After a small KYC, the money is disbursed. Visit New Business Plan to Know more.