The competition between a digital lender and a p2p lender

Personal loan lending is expanding in spite of having a bad previous year. Ordinary people are willing to take a risk to start a new journey. And, a loan could quickly help out with it. But choosing a lender to get a loan is quite difficult.

Today we have brought two lenders who are quite different from each other, serving the same purpose. One is a standard digital lender, CASHe personal loan, and the second one is a P2P lender, Lendbox instant loan.  We will get to know each other one by one. It would help you to make a smart decision.

CASHe personal loan

CASHe aims to provide instant loans to needy borrowers. Currently, it is the only app in India which offers short-term loans. It used the social loan quotient( SLQ) feature to determine the borrower's eligibility.

⮚      CASHe offers a loan amount from Rs 9,000 to Rs 3 lakh.

⮚      The rate of interest is from 2% to 3% per month.

⮚      The loan tenure is up to 1 year.

⮚      The processing fee is between 2% and 3%.

⮚      The loan tenure is up to 1 year.

The eligibility criteria for CASHe personal loan

⮚      The applicant's minimum age should be 18 years.

⮚      The applicant's minimum salary should be Rs. 15,000 per month.

⮚      The applicant should have a valid bank account.

⮚      The applicant should have address proof.

⮚      The applicant should have a social media account.

Required documents for CASHe personal loan

⮚      Recent passport size photograph

⮚      Identity proof – Aadhar card, PAN Card, Voter ID card, Driving license

⮚      Address proof – the electricity bill, utility bill, telephone bill, water bill

How to apply for a CASHe loan?

⮚      First, download the CASHe app from the Google play store.

⮚      Register on the app.

⮚      Fill out the loan application. Then upload the required documents.

⮚      Enter the loan amount and the tenure.

⮚      Submit the form. Post verification, the loan amount will be disbursed.

CASHe offers a flexible loan tenure along with a competitive rate of interest. If you need help, reach out to them at support@cashe.co.in. Now, let's see the details for the next lender.

Lendbox instant loan

First, let's understand what a p2p lender is. It means peer-to-peer lending.  On these kinds of platforms, the borrower and the lender are connected directly. Lendbox instant loan is one such lender offering a personal loan.

Why choose Lendbox?

⮚      Lendbox does not require collateral to provide the loan.

⮚      The loan is accessible online.

⮚      The loan process is easy, quick, and requires nominal documentation.

⮚      A lot of lenders are available on a single platform.

LendBox instant loan details

⮚      The loan amount is offered from Rs. 50,000 to Rs. 20 lakhs.

⮚      The interest rate ranges from 16% to 28% p.a.

⮚      The disbarment fee is from 2% to 6% of the loan amount.

⮚      The pre-payment charge is NIL.

⮚      The account swapping charge is Rs. 500.

⮚      The cheque bounce charge is Rs. 250.

⮚      The penal interest is 2% with additional processing charges of  Rs. 500.

LendBox instant loan eligibility criteria

⮚      The applicant should be an Indian citizen.

⮚      The applicant should be a salaried individual or self-employed.

⮚      The applicant's minimum age should be 18 years.

⮚      The applicant's minimum salary should be Rs. 25,000 per month.

LendBox instant loan required documents

⮚      KYC Documents

⮚      Bank statement

⮚      Passport size photographs

How to apply for Lendbox instant loan?

Download the Lendbox app from the Google Play Store to apply for a personal loan from the loan app.

Conclusion

Both CASHe personal loan and Lendbox personal loan have quite distinct features, however serving the same purpose. You will not be disappointed by either of them.