Streaming shows and movies put your whole television into your pocket, making sure entertainment runs to your schedule and tastes, and eliminated all your Bit-Torrent woes – so it is with CRED Stash – this new product by credit card payment app CRED, promises to be the quickest, most hassle-free ticket to an personal credit line. You have a personal credit line in your pocket to suit your needs without a ton of waiting and paperwork.
CRED Stash was actually slated for launch later this year, but with people facing a liquidity crunch like never before amidst the lockdown, team CRED worked round the clock to respond to the burning need for personal credit that exists in the market right now. If you’ve been struggling with liquidity or have been losing sleep over the possibility that you might be struggling with liquidity soon, and you are a CRED member you can go ahead and heave a sigh of relief. The rescue party is here.
Let’s dive right into what CRED Stash brings to the table:
- A personal credit line: There is no question of being overburdened with more credit than you need or of running short. When you need it, the money is transferred to your account.
- Instant, paperless, hassle-free digital lending: The platform uses government-backed CKYC which was created to make KYC hassle-free. A few clicks and that’s it; you’re in. It makes logical sense because CRED only offers membership to those with a proven track record, that is – a credit score of 750+. If you’re the kind of person who pays your dues on time everytime then why should you have to wait for a week to get your loan disbursed. Ideally a physical verification and tonne of scrutiny should not be applicable to you as it is applicable to a first time credit applicant or to someone who does not pay their dues on time.
- Pre-approved: Even the simple process of a few clicks need not be repeated until you reach your pre-approved credit limit (that rests on your credit score). Once you do reach your credit limit, all you need to do is to pay your dues for the amount to be reset.
- Flexible EMI schedules: You can opt for suggested plans available on the app (based on multiple data points) or may opt for your own, based on your convenience and ability.
- Low interest rates that are 1/3rd of credit card interest rates: It is cheaper and more flexible than Credit Card EMI options such as Balance Transfer, Convert Transaction to EMI, Outstanding Balance to EMI, Personal Loan on Credit Card. These options generally start from 15-16% and majority of the customers get interest rates of 19-22%.
- Low processing fees
- No foreclosure charges
- No part payment charges
- No subscription or activation charges
- No hidden fees
As you can see, besides convenience and instant access, lower interest rates and processing fees, and the fact that you’re entirely absolved of some charges, you will also save a good percentage on your cost of obtaining credit.
If this is sounding too good to be true, you should remember that CRED Stash is only accessible if you are a CRED member – and to be a CRED member you need to prove your trustworthiness and creditworthiness by having a credit score of 750+. Generally the higher the credit score, the lower the rate of interest to be paid on your credit amount. CRED is able to hand out low interest rates and achieve quick turnaround by extending to CRED members who have already proven the mettle, which in this case is the will and ability to pay off dues on time.
Transparency is the name of the game at CRED. “CRED’s main goal was to create a product that helps solve its members’ need for liquidity on the spot. Moreover, the entire product has been designed keeping transparency in mind. The member is shown the process in its entirety with all charges clearly mapped out.
CRED Stash will roll the product out to its members on the 20th of April. Tripti Das, a 27-year old techie from Bangalore says, “First of all I’ve earned over Rs 30,000 in rewards from just making credit card payments via the app. And now when all my clients are holding back on work or payments or both, I am able to get out there (virtually of course) with a relaxed mind and get new, paying clients on board because I’m going to be stress-free and able to pay my bills thanks to CRED Stash.”
In these uncertain times it’s good to not have to worry about outstanding bills and expenses. Especially because we are locked in, away from lots 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 the moment. And it’s not fair to let delayed payments and lacking liquidity stand in the way of that. CRED Stash gives users just the access to happiness and peace of mind that people need right now.
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