Cashwagon loans have the purpose to provide immediate emergency cash for short-term fulfillment rather than a long-term financial instrument.t Cashwagon has a relatively small criteria list which must be met to be eligible to apply for a loan. They are as follows:
1. You need to reside in Sri Lanka with a valid proof of identity
This is to ensure that the money loaned out by Cashwagon abides by the financial regulations of fund transfer and to mitigate the risk of fraud. As Cashwagon does not take any collateral or meet the individual face to face, their business model revolves around trust and individual credit score ranking (based on the loan amount, tenure and their repayment history).
2. You need to be within the age of 20- 60 years of age
Individuals must be within the stipulated and legal working age to be eligible to take a payday loan. This is something in accordance with the governmental and financial regulations.
3. You need to be either employed or be affiliated to an approved sec of professionals (engineers, doctors, teachers).
This is to ensure that individuals that who need immediate funds have the ability to repay the borrowed sum. Therefore, individuals that are unemployed and who are not apart of a professional body may not have a cash generation or repayment capacity to settle (any) loans.
4. You need a bank account under the loan applicants name
Once your application from Cashwagon has been approved, the organization will wire the funds to your bank account electronically. This is done as Cashwagon does not have a physical brick and mortar store like a bank or a conventional financial institution where one can walk into to obtain a loan. In addition, the bank account name should be under the applicants name to mitigate the risk of fraud.