Thread: Cashwagon Sri Lanka - A Trashing Online Microloan Company

Originally Posted by Ahamed

Hello Mona,


After reading your post. I saw their website and service. One interesting thing is When I see their google review most of the people are post bad reviews for their service and I see some good reviews also. Most of the reviewers recommend don't use their app and service. Some reviewers post The company charges 44% interest per month. Actually our Central Bank of Sri Lanka rule is to not charge a rate exceeding 35 percent per annum, inclusive of all other charges for micro-finance loans. If any relevant person please tell me how it's possible?


Lastly, I recommend that if you need to get a loan, please check the reviews and old customer thoughts. Better we avoid this type of loan companies and their services.

Hi Ahamed,

After reading your comment I checked the Google reviews about Cashwagon and you are right most of the people bad reviewed about the company. You are absolutely correct if we check reviews before taking any decisions we can avoid unwanted inconveniences and frauds. Thanks for sharing the Central bank of Sri Lanka statement about micro finance loan and enlighten us with the proper information. If there is a rule that loan companies can't cost more that 35% per annum then how come this company cost 44% interest per month and still running without any legal action against it? Is there is any way to send legal petition against this loan scheme to the government and make them to take proper lawful action against this loan company?