Lender Review: CashnGo

Company Brief

Short-Term Loan: $100-$2,000

Type of Loan  Interest Rate  Interest Type  Min Loan Amount Max Loan Amount Turnaround time Min Loan Term Max Loan Term
Short-Term Loan 4% Fixed Monthly Payment. $100 $2,000 1 business day 62 days 180 days

CashnGo offers a short-term loan with a 62 to 180 days loan repayment period. The minimum loan amount is $10 and is maximum loan amount is $2,000, but first-time customers can only get a $600 loan if employed and $300 if the customer depends on Centrelink benefits. There is an establishment fee amounting to 20% of the loan amount.

You may apply through their website or their dedicated Self-Service kiosks, with the loan application process taking only 5 minutes to complete. CashnGo also plans to offer a Medium Loan for qualified borrowers. The minimum loan amount will be $2,001, with a maximum loan amount of $5,000. Its payment term ranges from 2 months to 12 months.

Example:

A $1,000 CashnGo loan returned over three months results in a total sum due of $1,320, which includes the $1,000 principal (the amount borrowed), a $200 establishment fee (20% of the amount borrowed), and $120 in monthly fees (4% of the original amount borrowed).

Other fees to consider

The following are the lending costs of CashnGo Small Loans:

  • Establishment costs of 20% of the loan amount.
  • A monthly interest rate of 4%.
  • A daily fee of $6 accrues for up to 43 days for every day of missed payments.

Application Process

To apply for any loan from Cashngo, applicants must satisfy the following eligibility requirements:

  • You must be at least 18 years old.
  • Earn a steady regular income.
  • Have the capacity to repay their loans

The following documents and information will be requested in the course of the application process:

  • Contact details
  • Job information
  • Details of earnings and expenditures
  • A recent bank statement (within the previous 60 days) with their BSB and account number
  • Photo identifications
  • Two recent payslips

You can choose to load your funds onto your CashnGo Eftpos Card (if you have one) or send it to your preferred bank account. If you request that funds be deposited into a bank account, the time it takes may vary depending on your bank. The loan term repayment for a small loan is one to four months, with instalments due weekly, biweekly, or monthly.

Notable Loan Product Features

The notable loan product feature of CashnGo is that you can apply online or at one of its conveniently located kiosks. In addition, the online dashboard allows you to view the status of your application, finalise your loan or check for your loan balance.

The Company

Positives:

  • Manageable interest rates
  • Option to reschedule payments
  • Easy application with the option to apply online or through CashnGo’s self-service Kiosks
  • No hidden fees

Negatives:

  • High daily fees accruing for each day of late payment (up to 43 days)

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