Mr Cash is one of the leading instant loan providers which gives instant loans with flexible interest rates to their customers to enable them to meet their urgent financial needs.
Just like other instant loan providers, Mr Cash platform has its own terms that guides its operation. Hence, before opting for their financial services, it is best to understand their terms like interest rate, repayment plan etc.
However, if you want to take a loan from Mr Cash but you don’t know how to go about it, no worries! Because this article covers everything you need to know about the mode of operation of Mr Cash loan platform like the loan application process, interest rate, repayment plans and every other relevant information that concerns Mr Cash platform.
Let’s get started…
Is Mr Cash Loan App Legit Or Not?
YES. Mr Cash is legit.
It is one of the popular quick loan app providers that majors in lending services. It disburses loans via the RBI certified NBFCs/Banks which helps them to maintain transparency during the loaning process hence making them a reliable option for instant loan seekers.
Eligibility Criteria For Mr Cash Loan
To qualify for the Mr Cash loan, there are certain requirements that you must meet, they include:
- You must have a reliable and steady source of income.
- The minimum age is 21 years.
- You must be resident in India.
Mr Cash Loan Application
Applying for the Mr Cash loan is straightforward, just follow the step below to do that:
- Download the Mr Cash app.
- Register an account with the necessary details and complete the verification process.
- Complete the loan application form by entering the relevant details and providing the necessary documents.
- Submit your application for evaluation.
- If your loan application is approved, the loan amount will be disbursed to your account.
Mr Cash Loan Interest Rate
Mr Cash loan interest rate is not fixed since they offer instant loans for both personal and business needs but the good thing is that they offer flexible interest rate when compared to their contemporaries in the same field.
For clarity purposes, let’s go through the illustration below to see the Mr Cash interest rate on personal loan:
- Principal Loan Amount: ₹50,000
- Repayment plan/Tenure: 12-months
- Interest Rate: 20% p.a.
- Processing Fee/Charge: ₹1,250 (2.5%)
- Onboarding Fee/Charge for New Customers: ₹200
- Goods & Services Tax(GST) on Onboarding and Processing Fee/Charge: ₹261
- Total Interest: ₹5,581
- Total monthly Equated Monthly Installment(EMI): ₹4,632
- Annual Percentage Rate(APR): 22.9%
- Amount Disbursed: ₹48,289
- Total cost of loan including principal Amount: ₹55,581
This interest rate is subject to change hence ensure that you visit Mr Cash website for regular updates about their interest rate.
Mr Cash Loan App Download
Downloading Mr Cash loan app is quite simple, follow the few steps below to download it.
- Go to Apple Store or Google Play Store for iOS & Android users respectively.
- On the search bar, type ‘’Mr Cash Loan App’’.
- Once you see it, click on ‘’Download’’.
- After downloading, install the app and you’re good to go.
Mr Cash Loan App Review
As it is with other lending platforms, some users of the Mr Cash loan app expressed satisfaction with the platform while some have diverse views owing to the fact that they want the app to have an English version hence urging Mr Cash to keep improving on their financial services.
Our check on Google Play Store reveals 117k reviews rated the loan app 4.0 stars which is averagely good. Currently, over 100,000 active users have downloaded the Mr Cash loan app.
According to Millicent Opoku: ‘’Fast and easy to apply nice and better with no stress and fast disbursement with low interest recommended to everyone’’.
Obeng William Ayi has this to say about the app: ‘’Very perfect but if you can translate the writing to English I will be happy’’.