Instant personal loan app CASHe records 80% growth

CASHe, an instant personal loan technology platform has witnessed an impressive 80% growth in customer base during the month of November alone from customers across the country. The total loans disbursed during the month stands at over 10 crores. This trend will continue in the future since all informal lending channels have dried up and the organized sector hitherto dominated by banks has not really altered its cumbersome processes of verification and approval.

Funded by technology start-up TSLC Pte Ltd., the app offers multiple loan products ranging from 15,30 & 90-day duration. With loan amounts starting from Rs. 5,000 to up to Rs. 1 lac, CASHe witnessed a huge demand with customers seeking immediate monetary assistance during the demonetization drive launched by the government.

The smartphone app offers instant short-term unsecured loans to help young salaried professionals to cater to their dynamic lifestyles. According to a company statement, the company has garnered over 60,000 customer base and over 90,000 app downloads on Google Play. With over 15,000 active customers, CASHe has disbursed over 30 Crores of loans to young urban professionals PAN-India.

Commenting on the development, Raman Kumar, Founder, Chairman & Chief Evangelist, CASHe states, “Keeping the requirements of our target audience in mind, we are smart, digital, instant and intelligent in our approach to lending to the young urban professionals. The digital footprint leaves traces of the diverse facets of an individual’s persona, which if harnessed correctly provide a more realistic picture of his trustworthiness than mere financial records. To meet the challenge of this transformation, our research scientists have developed Social Loan Quotient (SLQ), our very own advanced ranking engine based on Artificial Intelligence.”

Customers need to log in using their Facebook, LinkedIn or Google Plus accounts, enter their basic details, click a selfie, upload their identity proof such as a PAN Card, AADHAR number along with latest salary slips and bank statements using the app itself. Once registered, the system analyses the data by using a proprietary algorithm and the eligibility is confirmed within minutes. Once the credit is approved; the requested amount is credited to the user’s bank account within minutes.