Getting access to credit these days has become very difficult. Especially young working professionals or first time loaners face troubles due to lack of credit history. To make life easier for such individuals, new fintech startups have started in India offering personal loan for small amount quickly or we can say instant cash loans.
One such company is Early Salary offering instant personal loan but only through app. The minimum monthly salary required for the loan is Rs. 20, 000.
Details on Instant Loan from Early Salary
Commercial and other banks have strict eligibility criteria (CIBIL score, income, employer etc.) when it comes to personal loan. Moreover there are terms and conditions which makes the loan experience very painful such as pre-payment charges, processing charges, pre-fixed repayment tenure and many others. Most importantly the interest rate on personal loan is very high since it is an unsecured loan carrying high risk to the lenders.
Benefits of getting instant cash loan from Early Salary
This loan is ideal for foll. individuals:
- Who want to borrow cash instantly and salary advance is not possible.
- Who want money before their salary is credited
- Required loan amount is small
- Who want to save time and need instant cash for short period
- Who want cash on the go. Especially when you lose wallet and has no access to credit. Only thing you have is smartphone.
- First time loan seekers
- Who want to avoid cumbersome process of loan application at the banks
- Applicant should be a salaried professional
- Minimum salary required is Rs. 20, 000. Check out personal loan for low salaried individuals.
- He/she must have a PAN card
- Salary account is must
- He/she must have Facebook/LinkedIn account
- Must have smartphone
Features of quick cash loan from Early Salary
- Loan application can be done only through their app
- Maximum loan offered is Rs. 1, 00,000 (1 Lakh)
- Interest rate is low. For Rs. 10, 000 loan; interest rate is just Rs. 9 per day.
- Loan is granted for only a smaller term as low as 30 days
- Documentation is simpler. In fact there is no paper work involved. They only require bank statement and PAN number. No salary slip or income tax related documents required.
- Social score is a decisive factor in getting loan
- Loan amount is decided on the basis of bank statement and PAN number
- No security or guarantor required
- Disbursement is extremely fast. Early Salary claims to deposit money within 10 minutes* in case of repeat loans
- No foreclosure penalty
- Flexibility in repayment terms
- No laptop/desktop/tablet required for personal loan application. You can apply for instant cash loan through the smartphone.
- The process is highly secured.
When to use instant cash loan service:
It’s tempting to get quick cash at low interest and for a short term with minimal terms and conditions. However greed is a killer and when it comes to greed for money, it can put you in debt and make you financially distressed. So such services should be used only when there is a emergency cash required.
Reasons to use such loans are:
- Paying-off high interest credit card or loan
- You are currently in debt and want to improve credit score.
- Salary is not on-time
- Pay-off house rent/utility bills if salary deposited is irregular.
- There is a medical or other kind emergency and due to poor credit score and insufficient money in hand, arranging money becomes difficult.
- If you are travelling and lost your wallet and need cash on the go.
- You want to buy personal stuff urgently