A digital lending option in UAE
CashNow is a free loan app offered by Quantix Technology Projects LLC. Users, who need to get fast and hassle-free access to short-term loans, can apply for a loan through their own personal devices, making the process more convenient and streamlined. Plus, they can get results within minutes of the loan request submission.
Compared to financial institutions based in the United Arab Emirates, like Emirates NBD, which exclusively caters to UAE nationals residing in the UAE, CashNow provides its services to borrowers worldwide who possess an Emirates ID. It offers loan options with a uniform interest rate and flexible repayment options.
How does it work?
With a simplified electronic loan application process, CashNow not only enhances efficiency but also provides greater accessibility to borrowers. The application is open to Emiratis from anywhere in the world who require immediate financial assistance. Borrowers are not required to provide any form of security or credit cards as eligibility criteria. After submitting their loan request, borrowers will receive notification of the application status within a few minutes.
To qualify for a loan, applicants must be 20 to 55 years old and have a stable source of income. The loan amounts vary from AED 500 to AED 10,000 and are determined according to the applicant's credit standing. As for the loan tenure, borrowers are given 91 to 180 days with options for repayment in a lump sum or monthly installments. Lastly, the annual interest rate imposed is 25%.
A one-time processing fee is applied at 5 percent of the total loaned amount. To take advantage of this loan program, all you have to do is register with your Emirates ID. Once approved, the money will be transferred promptly to your designated UAE bank account. One thing to be aware of, however, is that multiple reports are stating that the loan service has adopted unfavorable practices concerning repayment requests.
Easy but risky
CashNow simplifies the loan application process, differentiating itself from traditional loan services by offering efficiency and accessibility. Despite these advantages, several reports suggest that the organization may have been adopting unethical practices with regard to payment requests and collections, risking borrowers falling into potential debt traps. As a result of these negative qualities, it may not be a suitable or convenient option for borrowers seeking loan services.
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