27 March 2020
Procure a loan isn’t a walk in the park – traditional banks and financial institutions tend to take long periods of time to process loan applications. Apart from banks, informal money lenders are known for high rates of interest, making the entire process strenuous. Not surprisingly then, loan apps have emerged in this financial set up as an excellent method to provide safe and hassle-free loans online.
A unique feature of these loan apps is their rapid application process. There is no necessity to physically submit documents or wait in long queues for approval. There entire process can be done on the loan app within 20-30 minutes, considering their eligibility criteria. While almost everyone is eligible to apply for loans, the criteria differs from app to app based on various factors like annual income, availability of documents, and the amount of loan amongst the many others.
These applications can easily be downloaded on Google Play Store or Apple App store, and loans can be applied for after a quick application process. Mentioned below are some of the most popular and commonly used loan applications:
Started in 2015, PaySense, a Mumbai based fintech startup, offers a paperless process to borrowers availing loans. Allowing loans of up to INR 2 Lakh, PaySense disburses it into the borrower’s bank accounts. There is also an option to pay back loans through flexible EMIs, providing an overall personalized experience. However, loan disbursal through PaySense takes at least up to 5-7 hours after approval.
CASHe is a 2016 Mumbai based startup founded with a proprietary algorithm (the Social Loan Quotient). It creates credit profiles for salaried persons using their social media platforms in order to facilitate immediate disbursal of credit. This application provides loan offers varying from INR 10 Thousand to INR 2 Lakh between 15 to 180 days, based on the preferences of the borrower. While CASHe credits approved loans in a matter of minutes, the loan approval process itself can be time consuming according to anecdotal evidence.
Founded in 2015, MoneyTap, a Bangalore based platform provides instant loans ranging from INR 3 Thousand to INR 5 Lakh. MoneyTap works without the need for collaterals or guarantors, while the application also allows loans to be paid using EMIs (between the ranges of 2 to 36 months). However, MoneyTap demands various eligibility criteria – including a minimum age of 23 years along with a minimum salary of INR 20 Thousand.
Started in 2016, Flex Salary is a Hyderabad-based digital lending app providing instant loan approvals and disbursals up to INR 2 Lakh. With a one click application process, borrowers can avail their credits after its approval.
Founded in 2015, EarlySalary is a Pune based fintech online platform. It allows borrowers to seek instant cash loans directly into their bank accounts in a matter of minutes. The borrowers are able to avail loans starting from INR 1 Thousand up to INR 2 Lakh. It also allows EMI payments ranging from 7 to 50 days.
As opposed to other instant loan apps in India, EarlySalary is trustworthy with a framework of a clear set of legal rules and regulations for both borrowers. Furthermore, it marks well against every existing industry standard, including the Fair Practice Code for Non-Banking Financial Companies (NBFCs). EarlySalary is especially advantageous to young salaried persons seeking instant loans. This is because it does not demand any credit histories or a minimum salary, unlike most instant loan apps in India. This proves helpful not only to regular borrowers, but also to first-time loan takers. It also offers a bunch of other specialised services – such as its School FeES program that allows you to pay for your child’s education directly via EMIs. The EarlySalary blog is a repository of useful information for those looking for financial advice and wealth management tips. With a salary advance of INR 2 lakhs available for as low as INR 9 a day, it really makes for a compelling option if you’re on the lookout for a solution to your cash crunch. Sign up here to begin!
While instant loan approvals make borrowing easy, it is vital for a borrower to truly understand and do enough research on service providers before they sign up for instant online loans based on their personal preferences and choices.