16 October 2019
India is priming for its annual festive overdrive – with a pack of festivals followed by multiple other packs coming up back to back. We’ve already celebrated Onam and Ganesh Chaturthi only recently, and yet have more major celebrations coming our way with Navratri followed by Diwali. Of course, being a society that prides itself in a sense of community and belonging, this means we’re going to find ourselves indulging quite merrily on gifts both ourselves and our friends, family and more. The consumer industry knows this – which is why virtually everything of relevance is soon going to be on sale – from clothes to electronics, to even automobiles, and of course, jewellery. We’re going to be bombarded with glitzy marketing promotions, and compelling advertisements that will, along with the happiness they bring with them, also apply some pressure on our wallets.
Many of us may have been adequately farsighted to budget for this additional costs in advance. But it’s the festive season after all, and expenses are certainly going to be overshoot our estimates. As for those who didn’t have the time or energy for budgeting, these expenses could feel like an additional strain dampening their festive mood. Or at least, they used to. Now, with personal loan apps and salary advance portals like EarlySalary, the festive season can stick to being what it ideally should be – a time for happiness, free of financial stress. With EarlySalary’s quick personal loan approval process and entirely paperless experience, even those who prefer the excitement of last minute planning can spend on themselves and friends without worry.
Unsecured personal loans require no collateral. As a result, banks offering such options often charge unreasonably high rates of interest. But instant personal loan approval apps like EarlySalary are pioneering a new trend that both keeps personal loan interest rates low, and allows quicker access to funds. As a borrower, you can avail of credit of up to Rs 2 lakhs at rates as low as Rs 9/day. But that isn’t all that glitters in this arrangement. With the option to process your application entirely via a personal loan app, there is zero paperwork involved. This of course, is what powers instant disbursals – with funds reaching your accounts within a matter of hours and days.
Quick personal loans at EarlySalary aren’t an exclusive club – they’re truly democratised and accessible to the vast majority. Unlike banks, the platform does not rely on credit scores alone to assess borrowers. It’s 2019 after all, and there are more modern, more accurate parameters that are indicative of a person’s borrowing capability.
EarlySalary relies on the Social Worth score – a figure relying on your activity on social media platforms including Facebook, Twitter and Instagram, along with your bank statement data and other parameters. This allows for a far wider net of potential customers who can now avail loans at an instant pace.
Personal loan apps also do away with a lot of other baggage traditionally associated with credit from financial institutions. For example, there are no prepayment charges – rewarding borrowers who can clear their dues in time. Borrowers also get a fair sense of the repayments that will be due right from within the app’s personal loan EMI calculator.
All these advantages from online personal loan apps make for a fairly compelling offer to sooth our finances during this festive season, allowing us to solely focus on what truly matters – happiness – both ours and our dear ones’. As the country gears to spend big both online and offline, it certainly helps to have a financial cushion that works to its advantage.