Gone are the days when low credit score hindered you to aspire for your life goals. With new-age, app-based FinTech lenders you can apply for small cash loans instantly without any hassles. The CIBIL Score is replaced by Social Worth Score to assess your creditworthiness. The range of customers these loans cater to is also an impressive one. Right from a self-employed, to contractor, to a salaried individual, to a college student working part time, all can readily qualify for these instant loans.
So let’s review EarlySalary Personal Loan up to Rs 2 Lakhs. Call it a credit lifeline for millennials or a customised payday-like loan in India, this credit line offered by EarlySalary has been all rage among the young professionals. The lender has already disbursed more than 1 million loans, amounting over Rs 1,850 crore as reported in November 2019.
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Let’s find out the pros and the cons of borrowing from EarlySalary.
EarlySalary offers Instant Loans as personal loans, travel loans, shopping loans and education loans. These Cash Loans are instantly disbursed and offer a complete borrowing & repayment flexibility. You can repay within a few days till 12 months. There is no prepayment penalty.
Unlike regular Personal Loans, Early Salary Cash Loans are offered despite no Credit Score. The eligibility is assessed based against your next salary and social credit algorithm. It is works like an instant credit line & can be used as an emergency fund.
Thus these loans come handy for urgent cash shortages, where you need loan for a few days & months. When you are borrowing for less than 12 months, the APR doesn’t matter as much as it does for long term loans.
You can apply through app or website:
1. Your social media data is accessed to calculate the Social Worth Score. Therefore, it is important to update all the information on Facebook, LinkedIn and other social media profiles so that the lender can offer you best value for your loan application. At the same time, everyone may not be happy to share the social media information with the lender. Though the systems are highly protected and secure, still you should be careful to not share information that may challenge your eligibility for loan.
2. The rate of interest is highly competitive for small cash loans. It is not ideal for high ticket loans.
3. The feature to borrow & re-borrow should not be accessed frequently. The high dependence on salary advance is not recommended or it can put you in financial mess. It is best to contact a loan expert and plan your borrowing.
You should also compare the different options available in the market and choose the most affordable one only.
To apply online for Home Loan, Personal Loan, Credit Card, Business Loan & LAP visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served 7 million+ happy customers since 1989.