Finance

AiCash Loan App to help Pakistan

The recent flooding in Pakistan may be over based on calendar days but for the people of this region the effects of this devastating event will live on forever. Humanitarian aid can only stretch so far. High-interest rates, long wait times, and high denial rates make banks non-viable solutions during emerging crises. Fortunate for the people of this region, loan app pop-ups have picked up where banks have failed. Today we will examine AiCash Loan app; a quick cash solution to Pakistani citizens in need of financial relief.

What is AiCash Loan Application?

AiCash Loan Application is a Pakistan-based personal, fast loan app that allows users to apply for personal loans online between PKR10, 000 and PKR 50,000 anytime and anywhere.

The mission of AiCash loan app is to offer customers the most practical loan service in Pakistan.

Customers need simply fill out their personal details. After the documents are submitted and approved, the loan will be sent to the bank account in less than 5 minutes!

Key features of AiCash Loan App

Credit: Play Store

  • Online-based
  • Delivers loan in less than 5 minutes
  • Smooth user interface and experience
  • Offers loans up to RS50, 000
  • Charges interest
  • Highly secure app

Loan Information:

  • Loan Duration: 91-365 days.
  • Loan amount: Rs10,000-50,000
  • Loan interest rate per year: 10.95%
  • Service charge fee: Rs 0-500

For example: If your loan amount is Rs 10,000 within the period of 120 days, the loan subject and fee can be calculated as follows:

  • Principal: Rs 10,000
  • Interest: Rs 10,000 * 10.95% / 365 * 120 = Rs 360
  • Loan Term: 120 days

Repayment Computations

To have a clearer understanding of repayment based on the assumed amount of loan collected, follow the procedure below:

  • Total repayment sum = loan amount * loan term * annual interest rate / 365 days + loan amount.
  • Total refund amount = Rs 10,000 * 120 * 10.95% / 365+ Rs 10,000 = Rs 10,360
  • Monthly repayment amount = (loan amount * loan term * annual interest rate / 365 days + loan amount) / loan term * 30
  • Monthly payment = ( Rs 10,000 * 120 * 10.95% / 365+ Rs 10,000 ) / 120 * 30 = Rs 2,590
  • Total Interest charged= Loan Amount * Loan Term * Annual Interest Rate / 365 days.
  • Total interest charged = Rs 10,000 * 120 * 10.95% / 365 = Rs 360

Steps to Use the App

Credit: Play Store

  • Download the AiCash app from the Play Store.
  • Install the app on your Android Smartphone.
  • Register with your mobile phone number.
  • Fill out the personal detail section and submit.
  • Wait for the review of your application.
  • If approved, the loan amount will be disbursed to your bank account immediately.

Pros of AiCash App

  • App’s services are exclusively online
  • Loan delivery is fast
  • Generous loan amounts
  • Registration is straightforward and easy
  • The platform is secure
  • The user experience is superb

Cons of AiCash App

  • Charges interest
  • User pays a service fee
  • Requires verification via documents

Loan Approval Eligibility of AiCash App

To qualify for AiCash loan in Pakistan, you must meet the following requirements:

  • You are between the ages of 21-52 years
  • You are a citizen of Pakistan
  • Possess a bank account and a means of identification
  • You must have proof of steady income
Conclusion

With over 1 million downloads and a 4.0 rating on Google Playstore, it is easy to see why AiCash loan app is one of the outstanding loan applications in Pakistan. It delivers loans fast, has a stellar mobile platform, and most importantly it offers a helping hand to the citizens of Pakistan in times of need.

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