OthersNavigating the Loan Application Process in Cashx Sri Lanka

Navigating the Loan Application Process in Cashx Sri Lanka

Getting a loan in Sri Lanka can be a difficult and confusing process. With the rise of financial technology (fintech), more options like online lending platforms and mobile apps are available. However, traditional banks still play a major role. This article will compare and contrast the loan application process through the popular online lender Cashx versus going to a traditional Sri Lankan bank.

Online Lender Loan Application Pros

Applying for a loan through an online platform or mobile app like Cashx has some major upsides:


  • Cashx allows you to apply completely online through their website or mobile app. This is much more convenient than visiting a bank branch.
  • Application only takes 5-10 minutes. Simply enter some basic personal and financial information.
  • Loans can be approved within a few hours, much faster than banks.
  • If approved, funds get deposited directly into your bank account quickly.

Flexible Loan Options

  • Cashx offers loans from Rs 10,000 up to Rs 80,000, more flexible than many banks.
  • Loan terms range from 7 to 30 days, with prolongation. You can choose the right term length for your needs.
  • Interest rates are clearly shown upfront, starting from 0% per month. More transparent than banks.

Additional Perks

  • Applying and checking loan status through the Cashx app is easy.
  • Get alerts and notifications on important loan updates via email, SMS and in-app.
  • Cashx provides helpful financial tips and customer support if needed. Banks don’t offer this.

Traditional Bank Loan Application Pros

Despite the rise of fintech lenders, visiting a traditional bank still has some advantages when applying for a loan:

Financial Analysis

  • Banks can look at your full financial profile since you likely have accounts with them already. This allows them to make more informed lending decisions.
  • Bank officers may provide useful advice on managing loans or your financial situation overall.


  • Traditional banks have stringent verifications, leading to a more secure loan process. This includes in-person interactions.
  • Banks check your CIBIL score and reports from other financial institutions. This provides more oversight and fraud protection.

Account Benefits

  • If you have accounts at a certain bank, you may get special loan rates and perks. For example, lower interest rates or waived processing fees.

Branch Access

  • You can visit a bank branch and meet with branch managers or loan officers in-person when applying. This personal touch can help finalize deals or get exceptions approved.
  • If any issues come up after getting the loan, you can visit a branch instead of relying on digital support.

Cashx vs Banks – Comparing the Loan Application Process

Now that we’ve seen the pros and cons of Cashx and traditional banks, let’s directly compare their loan application processes:

Step 1 – Document Checklist

In banks you’ll need to gather some financial documents before starting the application:

  • Identification proof – National ID, passport, driver’s license
  • Income proof – Salary slips, bank statements
  • Residence proof – Utility bills, rental agreement

In Cashx you need ONLY photo щи your NIC right in their app.

Step 2 – Loan Application

Applying for a Cashx loan is much faster:

  • Cashx: Enter personal + employment details directly in mobile app or website form. Takes 5 minutes.
  • Banks: Fill out lengthy paper application at branch. Have in-person meetings. Can take weeks.

Step 3 – Verification

The verification process varies:

  • Cashx: Digitally checks your documents and eligibility through integrated systems.
  • Banks: Manual checks of documents. Cross verifies your financial profile across their internal databases.

Banks have more rigorous verification but Cashx is faster.

Step 4 – Loan Approval

Approval timelines are quite different:

  • Cashx: Uses technology to assess eligibility and approve loans within hours.
  • Banks: Branch managers review applications. Approval can take 1-2 weeks.

Step 5 – Disbursal

Getting the loan money also differs:

  • Cashx: Instantly credits approved loan amount to your bank account digitally.
  • Banks: Manager generates loan agreement. Visit branch to submit signed agreement and collect cheque/cash.

Clearly Cashx offers a much smoother, faster loan process through their app and website. But banks provide personalized service and oversight. Choose what matches your preferences and situation.

Conclusion – Weighing Cashx vs Traditional Banks

In summary, here are some key highlights when comparing getting a loan from fintech companies like Cashx versus traditional banks in Sri Lanka:

Cashx Pros:

  • Very fast application and disbursal process
  • Convenient online/app-based process
  • Flexible loan amounts and terms

Bank Pros:

  • More financial data for underwriting
  • Tighter security and fraud protection
  • Special deals if existing account holder
  • In-person branch interactions

For most Sri Lankans, Cashx represents the easier, modern way to get a personal loan. Apply online in just minutes, get approved rapidly, and receive funds into your account digitally. But banks still have a place for large loans or customers needing branch access and one-on-one advisory.

Hope this guide has shed light on the loan application process at both financial technology lenders and traditional banks in Sri Lanka. Analyze their pros and cons and choose what best matches your specific lending needs.

Check out Cashx’s website and mobile app to apply for fast, convenient loans today.

Frequently Asked Questions

Q: How long does it take to get a Cashx loan approved?

A: Cashx uses automated systems to approve loans within a few hours in most cases. Simply submit your application online and funds can be disbursed to your bank account quickly once approved.

Q: Can I get a loan from Cashx if I don’t have a credit history?

A: Yes, Cashx uses alternative data sources to assess creditworthiness. If you have a solid income proof, you can get approved even without prior loans or credit cards. Their risk models look beyond just your CIBIL report.

Q: Is my data secure with Cashx?

A: Yes, Cashx utilizes the latest encryption standards to keep your personal and financial information safe and secure. They are licensed by the central bank and follow industry data protection best practices.