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EarlySalary: The Leading Instant Money Loan App in India

by Deepak Sudera
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EarlySalary: The Leading Instant Money Loan App in India

With the rapidly changing nature of our living and spending patterns, it often happens that a big ticket expense may disbalance our monthly planning or an emergency may blow us out of the water. Though we aren’t really out of money because we know salary day is only ten days away, late fees become due after two days or that airfare is increasing or that little black dress has only one piece left in stock, and you’re all over the place. Whether it’s the triviality of the purchase or the sheer embarrassment of asking for help from other people, the internet community has taken notice and has sent instant loan apps like a one-stop solution to these small little financial crunches that set you back a couple of thousand bucks.

By offering mostly collateral free and low-interest loans on small amounts, instant loan apps have fast become a hit among the millennials to cover their short finance gaps in the least conveniently and embarrassingly way possible. Some of the popular instant loan apps that have caught up with the millennial crowd in India include EarlySalary, Money Tap, India Lends, Lazy Pay inter alia. It’s best to survey the terms and conditions of each of the apps to make a choice that suits your requirements in the best way possible.

However, EarlySalary has emerged the clear favorite. Offering no hassle loans that are convenient, affordable and quick in disbursement, the EarlySalary app has fast gained traction among salaried employees across the country with its loans from as low as INR 1000 and interest rates as low as INR 9 per day. Their tie-ups with Amazon, Flipkart, Big Bazaar, Yatra for subscribers to pay via easy, low-cost EMIs have only helped their popularity as the one-stop solution for financing shopping needs without feeling the burden all at once. For example: Once you have an approved credit limit, you can get it fully or partially transferred to your Amazon Pay or Future Pay wallet within the EarlySalary app.  You can shop and pay in 3 EMIs at zero extra cost or in 6 EMIs with only a nominal charge of INR 500 extra. And this is besides access to the exclusive offers, cashbacks and coupons in Amazon sales, that all EarlySalary users can avail exclusive offers in Amazon sales.

How EarlySalary Works

EarlySalary’s customer assessment is conducted based on your particulars and your ‘Social Worth Score’. It does not require a guarantor or collateral. The process merely involves competing for 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 need to log onto the website or app and register via the app. Once you have uploaded your identity proof, address and bank details for the last three months, your particulars are verified and loan disbursed.

The eligibility criteria to be met for these apps is that you have to be

  1. An Indian citizen
  2. A graduate
  3. A job holder for at least three months with a monthly income over a certain level, in this case, INR 18,000.

Separate borrowing limits mean no compromise

Dynamic borrowing limits allow you the flexibility to borrow different amounts for different purposes simultaneously without previous borrowings affecting the limit for the current one. One limit is not binding on the other, and you can need and want at the very same time.

Repayment doesn’t get easier than this

Loans amounting to less than INR 10,000 come with interest charges as low as INR 9 per day. You set the repayment period, and the installments are deducted from your account directly, thereby discarding any chances of forgetting payments.

The loan calculator on the app helps you plan your installments and set your repayment period, which can be as per your repaying capacity from over a month to a year. However, you must go through the terms and conditions to pay close attention to each clause, processing fees and other charges to choose the most cost-effective option for yourself.

No prepayment charges unlike banks

Should you want to, you can also prepay from the EarlySalary app, and unlike bank loans, there are no fines and prepayment charges on early repayment giving you a lot of flexibility around your loan.

Unlimited loans

Unlike banks, you can avail unlimited loans throughout the year if you’re regular in repayments and have a good credit score. So you could be borrowing for that latest phone this month and to make that trekking trip the next and still manage to get the third one the month after that easily. As long as you repay on time, EarlySalary’s got your back no matter what your next need is.

Huge user base

With over 2.5 lakh loans given of a collective sum of over 400 crores, EarlySalary has a vast user base that has benefitted from the instant cash gap covering app, making it a trusted destination for you the next time you need a quick fix of money.

Don’t put that wish away just because it’s ten days to payday. Give EarlySalary a chance to serve you.

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