Financial services products are abundant on the market, but only a few are worth your time and attention. It can be challenging to determine which fintech ventures have real potential and which ones should be avoided at all costs. This is especially true when you’re dealing with companies that aren’t well-known or established. If you’re interested in learning more about this fintech company, read on to learn more about what they do, how they do it, their pros and cons, and whether or not we recommend them in our in-depth Cayan review.
There are many financial technology startups out there that offer unproven products with minimal information available. Cayan is one such company. It doesn’t have as much information available online as some other similar ventures, so it might not be the right fit for everyone.
What is Cayan?
Cayan is a fintech company that specializes in helping people get financing options for different purchases. Currently, they are only available in California and Nevada, though they plan to expand to more states soon.
Their website is easy to navigate and provides users with several different financing options, depending on what items they are looking to buy. Cayan helps people obtain financing on items like cars, recreational vehicles (RVs), boats, motorcycles, and ATVs. They also provide options for financing furniture and appliances, like refrigerators, washers, dryers, and more.
Cayan’s website is simple and easy to use, making it a good option for both seasoned and inexperienced online shoppers. Cayan is also a good option for younger people who want to establish their credit for the first time.
How Does Cayan Work?
Before we get into the details of how Cayan works, let’s take a moment to discuss why it’s so important to have good credit. Having bad credit can make it difficult to get approved for loans and credit cards because lenders are warier than those with lower scores. This can make it harder to buy a house, secure a significant car loan, and more. Cayan works with an Experian credit score company to help you build your credit score.
You can apply online, and if approved, Cayan will place a deposit on your account in exchange for a promise to repay the loan in 2-10 months, depending on the specific plan you choose. Once the loan is fully repaid, your credit score will improve based on how quickly you pay back the loan.
Cayan’s Key Features
Credit Score Tracker
Cayan provides users with access to their credit scores and lets them know how they are doing in terms of creditworthiness. Cayan also lets you track your credit over time so you can see if there are any changes.
Personalized Affordability Calculator
Cayan can help you figure out how much you can reasonably afford to borrow right now, helping you avoid getting into too much debt.
Pros of Using Cayan
● Easy Application Process – Cayan’s application process is fairly straightforward and should only take a few minutes
● No Credit Checks – Cayan doesn’t conduct a credit checks, so even if you have bad credit, you can still apply for financing on their site. This makes their product a great option for those who are trying to build or repair their credit
● Flexible Repayment Plans – Once you’ve paid off your Cayan loan, you can choose to close the account or keep it open and continue repaying the loan. This is helpful for people who can’t pay off their loans quickly and want to get out of debt faster
Cons of Using Cayan
● Lack of Information – One of the biggest downsides of Cayan is that it doesn’t provide much information about its products online. This means you can’t compare Cayan to other companies and see which one is a better fit
● Higher Interest Rates – Cayan offers financing options with higher interest rates than some of the other fintech companies out there. This means you’ll end up paying more money overall if you don’t pay off your loan quickly
Cayan Review: Complaints, Fees, Rates, Customer Feedback
Complaints and Customer feedback
As mentioned above, one of the biggest issues with using Cayan is the lack of online information. There are complaints about Cayan on social media and internet forums, but there aren’t enough for us to make a real analysis.
Cayan’s website is easy to use, and there don’t appear to be any major technical issues. However, there are some complaints from customers who say Cayan is difficult to contact.
Rates and Fees
One of the main things you’ll need to consider when choosing a fintech company is the rates and fees associated with their products. Cayan does not publish its rates and fees online, which is not a good sign. This means you won’t know how much your loan will cost after applying.
Cayan’s rates and fees are likely to be higher than some of the other fintech options out there. The lack of information on their website suggests they don’t want to be transparent with their rates and fees. They don’t want customers to know if they are charging high rates and fees because they might not apply.
Conclusion
Overall, Cayan is a decent fintech company that can help people with bad or no credit get the financing they need to make big purchases like cars and RVs. They offer flexible repayment plans and don’t conduct credit checks.
However, there isn’t enough information about their products online, and they likely charge higher interest rates than some of their competitors. Cayan is a good fintech company, but there are better options available. When you’re choosing a financial services company, it’s important to do your research and find the one that’s best for you.
