CRED’s instant line of credit ticks all the right boxes
Streaming shows and movies puts all your TV in your pocket, ensuring the entertainment fits your schedule and tastes, and eliminates all your Bit-Torrent hassles – the same goes with CRED Cash – this new product from the CRED credit card payment app, promises to be the quickest and easiest ticket to accessing a personal line of credit. You have a personal line of credit in your pocket to meet your needs without a ton of waiting and paperwork.
CRED Cash was actually due to launch later this year, but with people facing a cash crunch like never before amid the lockdown, the CRED team has been working around the clock to meet the burning need for personal credit that exists. currently on the market. If you have cash flow problems or have lost sleep over the possibility that you will soon have cash flow problems, and you are a member of CRED, you can go ahead and breathe a sigh of relief. The rescue team is here.
Let’s dive straight into what CRED Cash brings to the table:
- A personal line of credit: It is not a question of being overloaded with more credit than necessary or of running out of it. When you need it, the money is transferred to your account.
- Instant, paperless and hassle-free digital loan: The platform uses government-backed CKYC which was created to make KYC hassle-free. A few clicks and that’s it; you are. This makes sense because CRED only offers membership to those with a proven track record, i.e. a credit score of 750+. If you are the type of person who pays your dues on time every time, why should you wait a week to get your loan disbursed. Ideally, a physical check and a ton of scrutiny shouldn’t apply to you, as it applies to a first-time loan applicant or someone who doesn’t pay their dues on time.
- Pre-approved: Even the simple process of a few clicks doesn’t need to be repeated until you reach your pre-approved credit limit (which is based on your credit score). Once you reach your credit limit, all you need to do is pay your dues to have the amount reset.
- Flexible EMI hours: You can opt for the suggested plans available on the app (based on multiple data points) or opt for your own, depending on your convenience and ability.
- Low interest rates that are 1/3rd credit card interest rates: It is cheaper and more flexible than credit card EMI options such as balance transfer, transaction conversion to EMI, outstanding balance to EMI, credit card personal loan. These options usually start from 15-16% and the majority of clients get interest rates of 19-22%.
- Low processing fees
- No entry fees
- No partial payment fees
- No subscription or activation fees
- No hidden fees
As you can see, in addition to the convenience and instant access, lower interest rates and processing fees, and the fact that you are entirely waived of certain fees, you will also save a good percentage on your costs of obtaining credit.
If this sounds too good to be true, you should remember that CRED Cash is only accessible if you are a CRED member – and to be a CRED member you must prove your reliability and creditworthiness by having a credit score. of 750+. Generally, the higher the credit rating, the lower the interest rate payable on your credit amount. CRED is able to offer low interest rates and quick turnaround times by extending to CRED members with a proven track record, which in this case is the willingness and ability pay dues on time.
Transparency is the name of the game at CRED. “CRED’s main objective was to create a product that helps solve the cash needs of its members on the spot. Additionally, the entire product has been designed with transparency in mind. The member sees the entire process with all charges clearly laid out.
CRED Cash will roll out the product to its members on April 20. Tripti Das, a 27-year-old technician from Bangalore, says, “First of all, I earned over Rs 30,000 in rewards just by making credit card payments through the app. And now when all my clients are withholding work or payments or both, I can go out (virtually of course) with a relaxed mind and recruit new paying clients because I’m going to be stress-free and able to pay my bills thanks to CRED Cash.”
In these uncertain times, it’s good not to have to worry about unpaid bills and expenses. Especially because we’re locked away from a lot of the things that bring us joy in life, it would be nice to be able to buy our way to happiness — at least for now. And it’s not fair to let late payments and lack of cash stand in the way of that. CRED Cash gives users access to the happiness and peace of mind that people need right now.
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