Minute cash loan app review: interest rate, is it legit - Startuppreneur
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Minute cash loan app review: interest rate, is it legit

The Minute Cash loan app will give you instant loans without collateral or guarantor. As the name of the app implies, your loan will be disbursed within 30 minutes of successful application.

You don’t need to leave your location before you will obtain this loan, with your smartphone you are good to go. With this loan app you can obtain a loan of up to Rs100,000 at a go.

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Requirements to obtain loan from minute cash loan app

To be eligible to obtain loan from this app, you must meet some requirements which are:

  • Reside in India
  • Have bank account
  • Be above 18 years of age
  • Have regular source of income
  • Have smart phone that is connected to the internet  with which to download the loan app

You can go ahead and apply for the loan once you meet up  with this requirement 

How to apply for minute cash loan app

The first step to take is to head over to play store and download the loan app

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You will be required to register with your name, bvn and other details

You will be also be required  to bind your ATM card, do so and proceed

Once you are done with registration your account will be created and you will be login to your account

On your dashboard locate and click on loan

There you will see amount of loan you are eligible to obtain

Click it and wait for disbursement

How much you can obtain from minute cash loan app

With a minute cash loan app, you can obtain up to Rs 100,000 but if you are applying for the first time your loan amount will be around Rs 30,000, as you continue to use the app , your eligible loan amount will be Increase.

Minute Cash loan interest rate and repayment period

Minute cash loan interest rate is between 5% to 30% depending on the amount of loan obtained and the repayment period.

The repayment period is between 7 days to 365 days depending on the amount of loan obtained. Your repayment periods will be short and your interest rate will be high if you are applying for the first time. As you continue to use the loan app it will improve.

Paying back your minute cash loan

To payback your loan locate your dashboard

Click on loan repayment

There you will see different option that will enable you to pay back your loan

Click on one and make payment

Once the  payment is made it will reflect on your dashboard

If it does not you should contact their customer care.

What will happen if I default or refuse to pay back

If you default you will be punished by an Increase in your loan Interest rate which might be up to 2%. If you abscond, your name and bank details will be sent to the appropriate authority for blacklisting which means you will not be able to obtain a loan again in India until you pay back and clear your name.

Is minute cash loan app legit

Yes, minute cash loan app is legit but as at the time of writing this article they are not license appropriate authority

Our final verdict on minute cash loan app
Minute cash loan app is legit. They will surely give you a loan, they have given loans to many people in India.

Their loan application is easy. You don’t need to leave your location, with your smartphone you will obtain the loan.

They do not harass their customers but since they are not licensed by appropriate authorities I will advise you to exercise caution when taking loans from this app.

Conclusion

Above is how to obtain a loan from a minute cash loan app, though they do give loans, I will advise you to take a loan that you know you can pay back to avoid embarrassment and I know.

Also know that they are not licensed by appropriate authority, if things go wrong it will take time before the government will interfere.

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