27 March 2020
Facing the month-end or mid-month financial crunch and have a big expense just around the corner? Whether you need to cover expenses for an urgent home repair, grapple with an unexpected medical emergency, finally make that Goa trip you and your friends have been planning for oh-so-long or make that big ticket purchase you’ve been eyeing for quite some time now; instant cash loans and salary advances have made instant cash possible for many salaried employees just like you by offering loans as low as even Rs 5000.
While there are plenty of platforms offering this service, the fact that it’s so easy to obtain loans does make one wonder what the catch is and whether borrowing from such sources would be a good idea or not. Among the plenty of apps (check them out here) providing this service, EarlySalary is worthy of your attention. Running on a framework of a clear set of legal rules and regulations for borrowers and marking well against every existing industry standard including the Fair Practice Code for Non-Banking Financial Companies (NBFCs), EarlySalary is a trustworthy platform for young salaried persons seeking instant loans to seamlessly meet the gap in their cash requirements, even if it’s just Rs 5000.
Early Salary (available on Android and iOS) is a Pune-based, fintech portal that’s changing life for the average Indian by making possible convenient, affordable and fast lending from as low as Rs 1000 loans with an interest rate of just Rs 9 per day. You can seamlessly tide over any times where your pockets aren’t running too deep, whether you’re looking for a salary advance or an instant personal loan. The best part being that even newly salaried employees can avail loans as salary slips aren’t demanded as part of the particulars. To know more benefits of preferring Early Salary, check out this post.
EarlySalary’s customer assessment is conducted on the basis of your particulars and what it calls your ‘Social Worth Score’. It does not require a guarantor or collateral. The process merely involves competing particulars and uploading documents online and does not require any queues or hassles to be dealt with. While the first loan disbursement may take up to a day, future loans are disbursed within minutes.
You can borrow between Rs 1,000 and 2,00,000 and set a pay back period between 7-50 days. You set your repayment period and the amount is deducted directly from your salary account when due or you can also choose to prepay through the mobile app. Unlike bank loans, there are no fines and prepayment charges on early repayment.
Unlike banks, you can avail unlimited loans throughout the year if you’re regular in repayments and have a good credit score. The app also allows you dynamic borrowing limits. Having separate limits for urgent expenses like medical emergencies and separate limits for your shopping needs means one is not binding on another so you can easily pay that sudden hospital bill without compromising on your want of the latest iPhone.
You could also avail easy EMI options on shopping with Early Salary partner organisations such as Big Bazaar, Amazon, Flipkart.
The company has introduced longer tenure products for established clients last year which offer loans with a tenure of 3-12 months based on the long-term behavioural scorecard of the borrower. The products include
1. A 3-month EMI option on a loan double the monthly salary
2. A loan up to four times the monthly salary with a 12-month repayment period
Learn more about EarlySalary’s long-term loans here
With Early Salary, don’t let your bank balance dictate your priorities.