27 March 2020
Borrowing has become a norm for the young Indian working population. A growing number of Indians are taking loans for a wide variety of reasons, fueled partly by the fact that loans have become so much more accessible for the market today. Loans for travelling, personal loans for shopping, loans specially curated to start your own business, the options are endless today. Earlier, sanctioning a loan could take anywhere between 2 weeks to a few months with high interest rates. Today however, thanks to lending apps like EarlySalary, the entire process of borrowing money can be done online, and the approval often comes within minutes.
There are a number of services that have amped their game, and EarlySalary leads from the front. One of the first few finTech portals to ease the idea of a salary advance and assist folks with urgent cash requirements, EarlySalary does not go down the conventional path while lending funds.
Most millennials cannot or do not end up borrowing money from banks due to a number of reasons:
EarlySalary helps the younger crowd combat these issues in a number of ways:
Very few young working indians have a decent credit score. In order to build up the score, it is important to build up credit and reduce any risks associated with lending you money. EarlySalary, however, recognizes that a number of young individuals may not have decent credit scores and might need the money to simply pull themselves through the month, until their next paycheck arrives. In order to make the system more suitable for youngsters, EarlySalary has used the concept of a social worth score. You are awarded a credit score depending on your presence and behaviour on various social media platforms including Facebook, Twitter and Instagram. Based on a mixture of social credit and credit score, a rate of interest is charged on the money borrowed.
EarlySalary has created a niche space for itself by catering to young professionals who need money in a short span of time. The loans may be small and can be paid off in a customized manner.
With the internet taking over a major part of our lives, cumbersome processes have been cut short and with just a few clicks. Everything is gradually going digital, be it online shopping, financial transactions or even education, and millennials cannot be more thankful.