Cashbean App Review 2023 – Is it Legit?
In India, Cashbean is a well-known instant loan software that offers speedy loans to borrowers. The software is made to make it easier for users to get small loans to take care of their financial needs, such as paying for medical expenses, tuition, or new appliances. In this article, we will review the Cashbean app, its features, and explore its pros and cons, along with some alternatives and frequently asked questions.
Users’ creditworthiness is assessed using AI-based algorithms by Cashbean, which then offers them loans with interest rates ranging from 15% to 33% annually. Depending on the loan amount and the borrower’s creditworthiness, the loan amount can be between Rs. 1,500 and Rs. 60,000, and the repayment period can be between 15 days and 6 months.
Users must download the Cashbean app from the Google Play Store, complete the registration process, and supply personal and financial information before they can use it. The loan sum is transferred right into the user’s bank account after approval.
It’s crucial to remember that applying for a loan through Cashbean or any other rapid lending app should be done cautiously because they typically have high-interest rates and costs. To prevent fines and additional costs, it is advised to just borrow what is necessary and to make the loan repayments on time.
Cashbean App Review by Users
- “The loan acceptance procedure is swift, and the app is highly user-friendly. Within a few hours of the loan being approved, the money was in my bank account. Strongly suggested.”
- “For people that require immediate cash, the app is incredibly beneficial. I’ve used it a couple of times and have never had a problem getting a loan or paying it back.”
- “The customer service personnel helped assist me in resolving an app-related issue. I value their quick response.”
- “Due to the app’s exorbitant interest and fee rates, timely loan repayment is challenging. I wouldn’t advise anyone to do that.”
- “I had problems, and the app’s customer support staff was unhelpful and unable to help me. I had to get in touch with their higher-ups to address my issue.”
- “The user interface of the app is not intuitive, and I had difficulties filling out the loan application. For a better user experience, I advise the app developers to upgrade the user interface.”
Pros And Cons of Cashbean App
- Fast loan approval process: For individuals who require immediate cash, Cashbean provides a speedy loan approval process that may be finished in a matter of minutes.
- Simple loan payback alternatives: Cashbean gives users a variety of loan repayment methods, including internet banking, debit card payments, and UPI payments.
- Users of Cashbean’s unsecured loans are not needed to produce any collateral or other forms of security to be approved for a loan.
- User-friendly interface: The app’s user-friendly interface makes it simple for users to explore and submit a loan application.
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- High-interest rates and costs are charged by Cashbean, which might make it challenging for customers to return their loans on time and add to their financial burden.
- The app’s qualifying requirements may not be suitable for all users because they include having a reliable source of income and a working bank account.
- Penalty fees: Cashbean assesses penalties for late or missed loan payments, which may raise the total cost of the loan.
- Some users have voiced worries about the app’s privacy policies because it collects users’ financial and personal information, which may be misused if the app’s security were to be breached.
Alternatives of Cashbean App
There are several loan apps similar to Cashbean that users can consider as alternatives:
- Stashfin: It is a loan app that offers personal loans and credit lines to users. It has a quick approval process and flexible repayment options.
- KreditBee: KreditBee is a loan app that offers short-term personal loans to users. It has a quick loan approval process and flexible repayment options.
- EarlySalary: EarlySalary is a loan app that offers personal loans to salaried individuals. It has a quick loan approval process and flexible repayment options.
- PaySense: PaySense is a loan app that offers personal loans to users. It has a quick loan approval process and flexible repayment options.
- Kissht: Kissht is a loan app that offers personal loans to users. It has a quick loan approval process and flexible repayment options.
It is important to research and compares multiple loan apps before choosing one, to find the one that best suits your needs and financial situation. Hope you like this cashbean app review. Visit ThinkMoneyTrader for more financial bytes like this.
Frequently Asked Questions (FAQ’s)
What loan amount am I eligible for from Cashbean?
Depending on the user’s creditworthiness and payback history, Cashbean offers loans between Rs. 1,500 to Rs. 60,000.
How soon after loan approval do you receive the loan amount?
Users can receive the loan money in their bank account within a few hours of the loan being accepted.
What paperwork must I submit in order to apply for a loan on Cashbean?
For purposes of applying for a loan on Cashbean, users must submit their PAN card, address documentation, and bank statement.
Is Cashbean a trustworthy and safe loan app?
Cashbean complies with all rules and regulations established by the Central Bank of India (RBI) as a licenced NBFC (Non-Banking Financial Company) registered with the RBI.
The software also employs safe encryption technology to safeguard users’ financial and personal data. Users should carefully read the terms and conditions and conduct their own research prior to using this financial app, as with any other.
What occurs if I’m unable to pay back my loan by the deadline?
Users may incur additional fees and late payment penalties from Cashbean if they are unable to pay back their loan by the due date, which can raise the total cost of the borrowing experience. Also, defaulting on the loan could harm the user’s credit rating.