Ever been in a situation when some unexpected expense came up and you were out of financial options to cover them? If your answer is yes, you probably know how hard it can be to arrange money urgently. We all have savings, especially to deal with unexpected, but sometimes even our savings fall short during an urgency.
Fortunately for us, the amalgamation of the finance and tech sectors has given rise to an alternative lending industry. This provides us with much better options of borrowing some quick cash during an emergency as compared to traditional ways. One of these lending options is cash advance apps that are steadily proving to be quite resourceful when it comes to instant cash loans. These apps offer you loans much quicker without requiring you to go through rigorous paperwork.
Currently, India is witnessing the rise of its fintech industry in conjunction with the alternate lending industry as one of its key sectors. A large number of India’s population remains underserved by institutional lenders. This provides vast opportunities to new lending startups to succeed through serving financially underserved masses. Online lending platforms such as EarlySalary are one among many brands that provide instant personal loans and salary advance loans in India.
Another reason behind the increasing adoption of app-based cash advances is the growing penetration of smartphones in India. There is a huge gap between people with bank accounts and people with credit cards in the country. However, smartphones provide lenders with ample opportunities to reach out to potential borrowers within this gap. This also makes it easy for people to take a small loan on an urgent basis. The best example is the EarlySalary app – which has more than 5 million users.
Advantages of advance cash apps
At the time of need, people tend to borrow money from relatives and friends, but if this doesn’t work out, they take a loan from a bank or other money lending institutions. However, the tedious amount of paperwork involved in the borrowing process from banks is enough to render conventional lending means ineffective for urgent requirements. This makes app-based cash advances with all their advantages a most suitable option during emergencies. Some of these benefits are:
- Instant loan approval
App-based cash advances usually approve your loan application almost instantly. Via EarlySalary, you can get your loan approved within a few minutes if you qualify all requirements of its relatively liberal eligibility criteria. If you urgently need money, this is the best way to get a quick loan. All you need to do is fulfil a few requirements, and you will have the cash credited to your account, by the end of the day.
- Convenient process
Another advantage of instant cash advances is the convenience of the entire borrowing process. EarlySalary’s loan process is entirely online – which means you don’t need to visit any bank or outlet to have your loan sanctioned. In fact, you can apply for a loan right from the comfort of your home. This also helps in much quicker processing of loans compared to those of banks.
- Ease of access
Getting a loan through conventional means can be a daunting task and one which has visiting banks multiple times. On the contrary, with an instant cash advance app like EarlySalary, you only need to install the app on your smartphone. The app provides access to different kind of loans and credit services and also works as a unified hub for your borrowing and repayment activities. As a result, you save a lot of your valuable time.
- Fewer requirements
App-based cash advances have fewer eligibility requirements compared to traditional means of borrowing. During an online loan process, a borrower usually needs to pass eligibility criteria and fulfil some basic requirements to become eligible for loans. Conventional loans typically require you put some asset as collateral. However, EarlySalary provides you access to loans without needing you to put something for security. There are other requirements like credit score and loan purpose that are mandatory to fulfil during a traditional loan but are not a necessity of instant online loans.
- Easy Repayments
EarlySalary grants you the ability to repay your loan in a way that suits you better. You can either choose pay as you use mode or go for EMI option. You can also prepay your debt using the EarlySalary mobile app, or you can set your salary account for automated payments. Another benefit is, unlike banks you are not charged any extra money on your EMIs.
- Lower fees and rates
Instant cash advances usually charge lower interest rates as opposed to large lending institutions. Borrowers are most likely to find online loans reasonable cheaper than those of banks. If you’re borrowing a small amount for an emergency, Instant cash advances are the most ideal and cost-efficient way to borrow money.
Raising money on an urgent basis is a difficult task. Nonetheless, app-based cash advance platforms have allowed us to borrow money almost instantly. Although online lending platforms took some time to gain people’s attention, they are now becoming popular very rapidly. Due to India’s fintech sector growing faster than ever, alternative lending industry and instant cash advance platforms are expected to witness a much higher growth rate.