Short of Money at month end? these fintech platforms can offer short term loans
New Delhi: How many times have you found yourself short of cash near the end of the month? When, the salary day seems far away. You have to scrounge hard to complete the month with your bank account teetering on a triple-digit balance.
At this critical juncture of the month, what if you had a sudden need for a bit of money? What if you could borrow just a little amount that you can repay in a few days? Short term loans can be a good solution to help overcome temporary cash flow or expenditure issues.
These instant loans can make your life much easier without having to run around banks as they are disbursed online with minimum documentation. Short term loans are essentially personal loans made available 'instantly' and for a short tenure. They are mostly approved and disbursed either in a matter of a few hours or within a day or two.
Here is a list of four popular, leading fintech players to consider for hassle-free borrowing:
EarlySalary
The Pune based company essentially offers a mobile app that allows salaried individuals to avail instant loans for an average tenure of 30 days or till the next salary cycle. Users can avail these loans in the form of salary advances or credit card cash withdrawals. The mobile app is available on both the Google Play Store and App Store. Besides, users can also use the loan limit to shop online on credit.
Faircent
Faircent.com provides a virtual marketplace where borrowers and lenders can interact directly, without having to go through the traditional financial intermediaries like banks. Interested individuals can register themselves on the platform, following which Faircent undertakes a verification process that includes authenticating KYC norms stipulated by regulators besides assessing the creditworthiness of the user.
The company uses a proprietary automated feature that matches a lender's investment criteria with the borrower's requirements and automatically sends proposals to the borrower on behalf of the lender, based on pre-selected lending criteria such as loan tenure, amount, and risk profile.
Rubique
Rubique's online platform is built on an AI-based recommendation engine, which has been integrated with financial institutions' systems for real-time processing and provides instant online loan approvals to the customers. The company has partnered with leading financial institutions such as Qbera to offer short term loans to young salaried professionals.
CASHe
CASHe is India's fastest loan giving app for young salaried professionals. CASHedisburses multiple loan products ranging from Rs. 5,000 to Rs. 1,00,000 payable over 15, 30, 60, 90 and 120 days. Powered by a proprietary algorithm that creates a sophisticated credit profile of consumers totally different from conventional banks and credit agencies, CASHe enables young professionals to get hassle free loans within minutes.
