Online loans from fintech lenders like CashX are gaining rapid traction in Sri Lanka driven by increasing smartphone penetration and convenient application processes. However, the entire digital lending process can seem complicated for first-timers unfamiliar with submitting KYC documents online or wary about sharing personal data.
This comprehensive guide covers all the steps for getting personal loans instantly approved with CashX while also providing tips for new online borrowers in Sri Lanka to ensure a smooth experience:
Overview of CashX
CashX is one of Sri Lanka’s fastest growing online lending platforms backed by LOLC Group, one of the country’s largest non-banking financial companies focused on microfinance. Some key details:
- Fully digital instant loans from LKR 1,000 to 500,000
- Interest rates starting 12% with no hidden charges
- Average loan approval times under 10 Minutes
- Loans for salaried professionals, self-employed, businesses
- Range of repayment period options: 3 to 12 months
The entire application-to-approval process is paperless and can be completed via laptop browser or CashX mobile app using an internet connection:
Step 1: Install App and Complete Registration
CashX account registration can be done directly from Android/iOS apps downloaded through Google Play Store and Apple App Store respectively.
Tips:
- Use your Facebook, Google accounts for easy 1-click sign-up
- Have a valid ID like NIC or Passport handy for verification
Fill up all mandatory personal details accurately during app sign-up so the automated systems can fetch and verify data faster for quicker approvals.
DO NOT submit fake or inaccurate info like invalid ID numbers or phone numbers shared with family/friends which could lead to rejections.
Step 2: Submit Required KYC Documents
As a regulated lender (under CBSL), CashX must comply with “Know Your Customer” (KYC) and anti-money laundering (AML) rules.
Hence new users have to submit the following identity and address proof documents before applying for first loan:
For Salaried Employees
- Clear photo of National ID Card (NIC) front and back
- prove bank account
Tips
- Image quality should be clear enough for info to be readable and made by your phone not uploaded from gallery
- Submit recent documents not older than 3 months
Using Helper Feature
Stuck in document submission? Use CashX virtual assistants and call center for any queries regarding eligible documentation.
Step 3: Apply for Loan
Once KYC verification is completed by CashX (within 2 hours), you become eligible to apply for loan by providing below information on mobile app:
- Loan amount – Request as per requirement between LKR 10,000 to 80,000
- Tenure – Choose between from 7 to 30 days with prolongation
The application form takes less than 2 minutes to fill.
Important Tips
- Take small first loan matching income proof shared during KYC
- Longer tenure and smaller EMIs reduce repayment burden
Step 4: Loan Approval and Disbursal
If satisfied with amount, tenure and repayment schedule confirmed via SMS/email within minutes, you need to digitally sign the loan agreement sent to registered email ID or mobile number.
Once agreement signing is done, the approved loan amount gets credited to bank account within 2 hours on weekdays via NEFT/RTGS transfer.
Tips
- Rate CashX 5 stars on app store if satisfied
- Notify contacts/groups about the loan experience
- You become eligible for bigger second loan after repayment
Congratulations! Now repay the EMIs on time to maintain a good credit score for future borrowing needs.
Repayment and Support
CashX provides multiple convenient options for hassle-free repayments:
- Automatically via standing instructions to bank
- CashX online portal using cards/netbanking
- Over the counter at nearest LOLC agent location
In case of any repayment issues, their dedicated call center and technical support team is available 12 hours a day on weekdays for resolving queries.
It is also recommended to download the QuickCash mobile wallet powered by LOLC Finance for making digital payments including EMI payments.
Wrapping Up
We have covered end-to-end process for first online loan application with CashX along with handy tips for new borrowers in Sri Lanka.
The entire digital journey from KYC to approval and disbursal can be completed in less than 24 hours for salaried professionals and in just 1-2 days for self-employed individuals and businesses depending on company HR verification procedures.
With strong backing by LOLC Group, CashX is a trusted fintech providing Sri Lankans easy access to personal loans, especially in emergencies like medical bills or home repairs through innovative mobile technology.
So do download their app and submit KYC to pre-qualify for instant funds today!
Frequently Asked Questions
Q: What is the maximum loan amount I can get as a first-time borrower?
A: Most lenders start with max. loan limit between LKR 25,000 to 100,000 based on income viability for new customers. This increases to LKR 500,000 gradually with good repayment track record across future loans.
Q: How does the interest rate vary from bank interest rates?
A: CashX interest rates start from just 12% per annum basis eligibility making it much more affordable than personal loans from banks at 16 to 24% rates. Multi-year loans also avail tiered reducing rates.
Q: What happens if I miss my EMI repayment deadline?
A: You get a 7 day grace period after due date to repay before any late fees apply. After 15 days of non-payment, it is marked as default impacting credit rating. CashX support team engages with defaulters to find best resolution.
Q: Can I pay EMIs using cash?
Yes, in addition to mobile transfers and cards on app/portal, you can visit nearest LOLC agent branch for over the counter cash payments. Over 15,000 locations available across Sri Lanka.