Deccan Chronicle

Short of cash? Check out these Fintech platforms for short-term loans

Deccan Chronicle | DC Correspondent

Published on: January 23, 2020 | Updated on: January 23, 2020

Thanks to the advent of Fintech in India, gone are the days when borrowing was a task in itself.

Here are some Fintech platforms that will help you get out of your troubles.

Here are some Fintech platforms that will help you get out of your troubles.

We all get on the receiving end of ‘rainy days’ at some point or the other. Typically, this happens around the end of the month when all of us are usually in a tight spot. But what to do when you have to make an urgent spend? Well, asking your friends or family for favour sounds like a good option. But if you don’t see any help coming that way, here are some fintech platforms that will help you get out of your trouble:

InCred: Known for its quick turnaround time, InCred is a rising behemoth in the field of financial services. The platform has an extensive product portfolio which includes Personal Loans (with customizations for weddings, medical reasons, and travel purposes), Education Loans, and Two-Wheeler Loans alongside others. The best part? You won’t be making any branch visits and will get an instant loan sanction owing to its world-class service.

HAPPY: If a business loan is what you’re looking for, then no lender can serve you better than the AI-based fintech platform HAPPY. HAPPY has a proven track record in MSME lending and disburses loans in less than 1 minute of application. Yes, there’s a reason why the platform has maintained its rate of 70% repeat borrowers. If you avail HAPPY’s services once, you simply won’t need anyone else after that. The AI-driven platform now also caters to the logistics sector and retail consumers (for utility bill payments and recharges). You will be glad after giving it a shot!

MoneyTap: MoneyTap is yet another option available at your disposal. The fintech lender has an app-driven approach that can help you secure loans with a ticket size as less as Rs. 3,000. It also involves minimal documentation and the loan gets approved within a few hours. MoneyTap further provides an overdraft facility that empowers you to borrow money anytime you want. The interest will only be calculated on the amount withdrawn and the period for which it has been withdrawn. This credit line stays available to you for a lifetime on MoneyTap.

RupeeRedee: The Gurgaon-based lender RupeeRedee is gradually transforming the lending space. It is doing so with its avant-garde technologies and the power of data science. The platform has a 100% paperless process with an average turnaround time of 10 minutes. It extends short-term loans starting from Rs. 5,000 to Rs. 25,000 with loan tenures from 7 to 30 days. It, moreover, has a RupeeRedee Elite Program that provides eligible customers pre-approved loans alongside loyalty benefits. Good for rainy days, perhaps!

Qbera: Another maverick in the list includes the cutting-edge lending platform Qbera. It extends personal loans to Salaried and Self-Employed professionals with loan sizes ranging from Rs. 1 lakh to Rs. 15 lakhs for a period of up to 60 months. The interest rate on the platform can be as less as 11.99% and not above 35.99% P.A., which largely depends on the credit profile of the borrower.

Thanks to the advent of Fintech in India, gone are the days when borrowing was a task in itself. It is now as simple and quick as it can get… and is becoming more so with every day that passes. If you are caught in your rainy days and wondering how to make ‘that urgent payment’, well, these platforms are always there for you.

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