Employee Benefits in Today’s Digital Age

Employees today increasingly look beyond money and job satisfaction – they look for additional benefits, too. A generous employee benefits package is an essential component in attracting and retaining the industry’s top talent. Glassdoor’s Employment Confidence Survey in 2015 found that about 60% of people consider benefits and perks a significant part of deciding whether to accept the job, while 80% of the employees would prefer to get additional benefits from their employers rather than a pay raise. While multi-billion-dollar organisations like Google and Twitter offer the most attractive perks including yoga classes, massages, etc., not all can afford them. For such companies, the good news is that not all benefits are expensive. The benefits that make employees happiest come at relatively low cost to the employers, like flexible hours, more paid vacation time, and work-from-home options.

The digital revolution has made everything evolve vastly from the situation just a decade or two ago. So it comes as no surprise that employee expectations and benefits have also evolved and are markedly different in today’s digital age than they were before. For instance, working-from-home was practically not an option, and neither were flexible work hours, with no secure means of communication to manage either. Other aspects are different now too – like the fact that medical expenses and college tuition costs are hitting the roof, making related benefits attractive to employees. With the increasing significance benefits have, even over a higher salary, it is becoming essential for employers to understand employees and their issues and give them attractive benefits and retain a skilled workforce.

History of Benefits

Employee benefits first came into the picture in 1636, when the first pension law was enacted in Plymouth (part of what is now Massachusetts).

  • This was followed by the first profit-sharing plan proposed in the US Marine Hospital Service more than a century later, in 1797.
  • The 1800s saw notable developments like the first private pension plan, the first group insurance policy and the first wage payment law.
  • The 1900s saw many new benefits plans, where employers became more proactive in giving their employees incentive to work with them. This, combined with separate government initiatives including health and retirement programs and other incentives, resulted in a new era of employee benefits.
  • Notable developments in the 1900s include the introduction of workers’ compensation and the minimum wage law. Other benefits in the earlier days include employee stock purchase plans, paid leaves, severance pay and services like canteen, transport, accommodation, healthcare, etc.  

While some of these benefits continue in today’s digital age, some are now obsolete and do not offer the same value. Employee benefits are essentially meant to attract and retain employees, and employers will need to keep up with the times and offer employees the benefits they desire if they wish to retain talent.

Importance of Attractive Benefits

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source: Patriot Software

Multiple studies and surveys have indicated that a majority of salaried employees prefer better benefits and perks over a pay raise:

  • A 2016 survey by Aflac found that having a benefits package is extremely or very important to their employer loyalty for 60% of employees. According to the same survey, 36% of employees say improving their benefits package is one thing their employers can do to keep them in their jobs.
  • Another survey by MetLife in 2017 indicated that 72% of employees said that the ability to customize benefits increases their loyalty – meaning that employees prefer to choose benefits to match their lifestyles.

Of course, this leads to lower attrition, amongst many other business advantages – such as better productivity, and better attendance. Finances, family commitments, and health issues are the major reasons for absenteeism, and these can be taken care of via benefits like flexible work hours and health benefit plans.

Benefits Desirable in Today’s Age

While some benefits of earlier times are no longer popular, some are given a great deal of importance. These benefits include:

Medical Insurance

With medical costs skyrocketing globally, health insurance and medical benefits are becoming increasingly important to many. These are one of the most expensive benefits to provide, but they remain the most desired for employees.

Retirement Plans

The youth of today are increasingly aware of their future and wish to start their retirement plan as soon as possible, understanding that it is important to ensure survival when they can’t earn anymore. So attractive retirement plans are quite important as benefits go.

Paid Leaves

Increased vacation time and more paid leaves per year are certainly desirable to employees, with breaks a necessity rather than a benefit due to increased stress at the workplace. Of course, a lot of executives end up leaving vacation days unused. In such cases, employees can either carry forward their leave days into the next year or opt to cash-in on their leaves, depending on the company policy.

The above benefits have been around for a while, and are still important to employees. However, with the changing times, many new benefits have been introduced, the most desirable among them including:

Flexible Work Arrangements

Flexible work arrangements have only become feasible due to recent tech advances. With meetings possible through video conferences and clients just a call away, it’s become possible to only turn up for work when needed and spend unproductive work time doing something productive at home. Similarly, working from home is also possible in some professions, and these are the benefits many employees look for and even prefer over a higher salary package.

Fitness-related Benefits

With increasing importance accorded to stress relief and relaxation, workplaces have become more interesting and colourful, with places for fun and games, and even full-fledged gyms. As part of stress relieving initiates at workplaces, many employees desire yoga or fitness sessions, or well-equipped gyms at the office.

Student Loan Assistance

Education costs are now hitting the roof, and most students try to meet these costs by taking loans. While a high salary would definitely help to pay off these loans, freshers prefer loan or tuition assistance over a higher paying job. Providing such benefits might be costly, but companies can use it to their advantage and avail tax benefits on tuition fee provided to employees. Services like School FeEs from EarlySalary are tuned to meet exactly these needs.

Financial Wellness

Investment is an significant factor in building one’s savings, and the youth of today is realising this fact faster than previous generations. However, a large number of people remain financially unaware and have no clear ideas as to where to invest or what kind of investment would bring them the best returns. In this situation, a benefits package which includes financial advice, investment assistance and help in financial management is highly desirable.

In today’s fast-paced digital age, employers making work easy for them is accorded a higher priority rather than a higher salary, although good pay certainly remains desirable. Work-life-balance, as well as the reduction of some of its related stress through financial benefits plans,  are coveted perks in the markets. Further, employees also like to be cared for, and attractive benefits packages show that the employers care. Employee benefits are, therefore, very important to attract and retain a skilled workforce.

LOOKING BEYOND MONETARY COMPENSATION: WHAT EMPLOYEES OF TODAY NEED

We have all, at some point in our lives, come across theories or studies raising questions about what motivates employees and have, more often than not, found the answers to be money and job security. None of these studies, however, can be expected to be 100% accurate because every individual is different and so is what motivates them.

It is also not easy for an organization to understand such individual motivations, especially with a new generation of millennials who desire more than just monetary compensation or the security of a job – attributes which were, without a doubt, highly valued by their predecessors. That does not mean that they consider these attributes unimportant. While they definitely feature high on the pyramid, there’s plenty more that’s joining the queue.

The first of the many changes in employee attitudes is that individuals today desire happiness from their jobs rather than looking at it simply as a source of earning. With the increasing tech advancements, machines are being employed to complete the routine activities and humans are left to follow their passions. Employees are becoming increasingly particular about the job roles they adopt and want to ensure that it gives them a sense of contribution and satisfaction. They are willing to invest in developing their skills and to learn new job aspects to help them remain relevant to their job roles.

The second change, which is in turn an influence on job satisfaction, is the need to be respected. Employees of the current generation no longer want to be treated as novices or be beaten down simply because the person on the opposite side is several levels higher in the organizational hierarchy. This does not mean that they are arrogant or overconfident – they seem to be simply looking for fair treatment. Millennials understand the importance of experience and are willing to learn from those who have been at the job longer than them provided they are recognized for their superior work and individual talents in concrete ways.

The third change that has come about is the desire for work-life balance. Individuals today are no longer getting married at an early age which leaves them with a source of income minus the responsibilities of family life. This combined with the increasing number of entertainment options is improving what is commonly known as the ‘social life’ and ‘experience building’ of an individual. Read more about millenial spending trends here and here.

Today’s employees want to spend just as much time watching an episode of Game of Thrones or going on a solo backpacking trip across Europe (did I mention you could avail instant cash loans for travel purposes from Early Salary?), as they do looking at a spreadsheet in office. Add to that the daily traffic congestion that lines every metropolis during commutes, and you have a whole huge bunch of people preferring to work from home whenever possible.

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The fourth change is the desire to control their work methods. Employees today want to be able to decide themselves how, where and when the work gets done. This is not to say that they shy away from deadlines or compromise on the quality of the work but is more about the autonomy they seek to be able to decide whether the work takes two hours or two days and to judge themselves whether the output they are giving is the best they can do.

These changes, though not exhaustive, are some of the most significant observations among the millennial employees. They are also a common reason why many from this generation today are seeking entrepreneurial activities and unconventional careers despite the high risks involved rather than the evergreen pastures of a 9 to 5 job. For leaders wanting to retain their best talent, starting to streamline compensation, benefits and work style to accommodate these changes would be a wise move and go a long way in attracting and retaining the current crop of enthusiastic and bright millennials.

Credit Cards versus Instant Cash Loans

With the high rates of inflation, people today are often living end to end, with a very small percentage of their money headed into savings. In such scenarios, it is impossible not to rely on credit cards or loans to pull through the month. Even for regular expenditures including food and weekly entertainment, millennial’s have now started relying on credit. The concepts of instant cash loans and instant online personal loans are also gaining popularity and are looked at as means to pay off your expenses and keep them under check.

Young employees and fresh graduates are often faced with a dilemma while borrowing: Credit cards or Cash Loans. While both have their own benefits and you cannot go entirely wrong with either, it is important to know which option is better suited to your situation.

#1 Limit of Borrowing and Rate of Interest

The quantum of money you require often determines whether you should go for a credit card or a cash loan. If the quantum isn’t too much every month, it may be better to go for a credit card. Regular borrowing and paying off credit will assist in improving your credit score as well – a prerequisite for most bank loans. However, if you wish to use a large amount of money (not necessarily every month) for non-regular use, such as buying a new mobile phone, or paying your daughter’s annual tuition fee, an instant cash loan is the obvious choice. They offer low rates of interest and thanks to digitization, instant cash loans are now more easily available without the hassle of rigorous paperwork and the strenuous wait period. EarlySalary, for instance, allows you to apply for a cash loan through their app with a confirmation within 8 to 24 hours.

Banks charge an exorbitant interest on credit card usage

#2 Time taken to pay off debt

Credit cards have a relatively high rate of interest, and while they are simple and easy for small expenditures, you must make sure you pay off the debt in time. A recurring rate of interest could almost double your debt if not paid off in time. Gauge the time you would require to pay off the debt – if the time frame is more than 3 months, instant cash loans will save you money. Most instant cash loans allow you to pay back the money within a 6 to 12 month period with a nominal interest charge. On most instant loan apps, the repayment policy is flexible and allows you to decide the payment schedule depending on your convenience.

#3 Spending habits

Credit cards have lucrative entertainment deals associated with them, however, if you tend to overspend and have trouble resisting temptations, these deals could be your downfall. A little control could go a long way when it comes to using credit cards, however, it would also be unfair to dismiss the benefits that come with them, such as accumulation of miles during flight travel, lounge access and cash-backs on most purchases. Hence for calculated spenders, a credit card could be extremely useful, not just for your cash shortages, but in your daily life in order to redeem and receive rewards.

#4 Credit score

A lot of earning folks are unaware of what a credit score is and how it is important for your finance. In traditional banks, your credit score is almost always the only thing standing between you and your loan. Any kind of traditional loan requires you to have a credit score and a higher credit score reduces the interest levied on your sanctioned loan. While most young employees become non-eligible for loans due to their poor credit score, instant loan apps are addressing this problem by evaluating customers based on a combination of their credit score and social worth score. Your social worth score depends on your social media presence and whether you know/are interactive with people who have previously defaulted their loans. In any case, it would be juvenile to ignore your credit score. Your credit score, whether bad or non-existent, can always be improved by borrowing and subsequently paying off credit frequently.

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While it is evident that different kinds of people would be able to handle the two kinds of debts differently, credit cards have always been associated with more risk and interest payment, and hence most borrowers, independent of age and occupation, tend to prefer cash loans. Instant loan apps in India have made it easier to apply for instant cash loans if you have a monthly salary. Over the past few months, the hassle-free and speedy procedure of applying for loans has secured a lot of happy and trusting users for EarlySalary.

What is a Salary advance and how it is different from a Personal loan?

With the rise of new age borrowing sources, the consumer finance space is delivering a wide range of options across segments to its customers. Salary advances and personal loans are some new age borrowing options for retail consumers that offer credit without collateral to salaried professionals. Let’s take a closer look at both:

Salary Advance and Personal Loan

A salary advance is a short-term loan extended to salaried professionals and can be used for any purpose. Personal loans, on the other hand, are extended to cover larger expenses over a period ranging from 1 year to 5 years. A salary advance is ideal for cash-strapped individuals who want quick loans to fund sudden expenses until their salary is credited. Interest rates charged on personal loans are generally higher than that on a salary advance.

A salary advance has the following advantages over a personal loan.

  1. Flexible Repayment

A salary advance, for example from EarlySalary, gives you that ‘extra’ money to sail through tough times. A salary advance also offers more flexibility than personal loans. The repayment tenure of a personal loan can put you in debt for as long as 5 years; given the uncertainty of life, this long term financial commitment may not be suitable for some borrowers and can create problems in the future. Non-repayment can affect your credit score and may also lead to rejection of your future loan application. While the repayment schedules are rigid for personal loans, with EarlySalary you can choose a favourable repayment schedule as per your repayment capacity using our loan calculator. A salary advance lets you borrow and repay in flexible EMIs. The repayment tenure varies from one month to one year. EarlySalary also allows you to repay the entire amount in one go without any foreclosure.

  1. Easy Application, Quick Disbursal

The most significant advantage of salary advance is the ease and quick speed with which the loan amount can be directly transferred to your bank account. All you need to do is download the EarlySalary app, share the requisite details and wait for 8 to 24 hours for approval and money transfer. The entire process is handled online and needs no paperwork. Personal loans, on the other hand, require more paperwork and are also time-consuming. Banks may take 7-15 working days to approve a loan and transfer the amount. Salary advance acts as a cushion during a financial crisis when money is required urgently.

  1. Credit Score

An essential requirement for a personal loan is a high CIBIL (Credit Information Bureau Of India Limited) score. This score cannot be built overnight. If you have recently begun your professional career then you may not be able to borrow the required amount of personal loan. With a salary advance, you can get a short-term loan up to Rs 2 lakh even at a lower score.

While metro cities provide career opportunities, they also hit your budget hard. Whether it’s a new apartment or the routine food and transportation costs, living in a metro city can be financially challenging. We may not be able to tide over short-term urgent money crunch despite conscious budgeting and savings. This is where a salary advance from EarlySalary can help. You can use this salary advance for assistance in a calamity, to pay bills or to make an investment purchase and then pay off with your next paycheck or EMIs. You can use a salary advance instead of a personal loan because oftentimes, it is cheaper to take a salary advance to avoid late fees, penalties and service disruption.
With no hidden charges and competitive interest rates that are charged only for the number of days you use the money, EarlySalary’s salary advance can help you prevent needing expensive personal loans and meet ends.

The Tax Advantages Behind Investments – Simplified

With the new financial year, came some really good news. With the new tax slabs, there is an opportunity for you to save your taxable income.

Getting a major chunk of taxable income out of the way by making the most of Section 80C is a great starting point for most of us, but even while dabbling in 80C deductions, play smartly and make sure you give precedence to tax-saver instruments with EEE (exempt-exempt-exempt) status that not only help you save tax, but also earn tax-free income like the evergreen PPF, ELSS with growth options over dividend options, Unit Linked Insurance Plans (ULIPs) so that your returns don’t add to your tax burden.


Beyond this:

  • Consider capitalising on up to INR 25,000 worth of tax deductions through medical insurance and purchasing National Saving Certificates (NSCs).
  • Further, you could claim deductions on contributions of up to INR 50,000 under Section 80 CCD (1B) made exclusively towards National Pension Scheme (NPS), and
  • If you use both 80C and 80CCD, a total of INR 2,00,000 could be saved from Income Tax.

But what if you’re just starting out in your career with a fresher’s salary but recognise the tax saving benefits you could reap if only you could invest in these specific instruments? Here’s why leaving your money in the bank isn’t such a good idea.

With those heavy rents and bills to pay, saving up enough to invest major chunks could truly be a challenge and we’ve all been through that phase. This is where external aid could come to your rescue. The internet has been burgeoning as a place to take care of all our modern needs and why should this be left behind either.

EarlySalary (available on Android and iOS) is a Pune-based, fintech portal that’s changing life for the average Indian by making possible convenient, affordable and fast lending from as low as INR 1,000 with interest rates starting as low as just INR 9 per day.  The best part is that these are no hassles and loans can be taken for any and every purpose including investments. Even newly salaried employees can avail loans as salary slips aren’t demanded as part of the particulars. To know more benefits of preferring EarlySalary, check out this post.

But why would I borrow when my returns would be eaten up by interest?

Tax benefits accrued on account of investments can go a long way in reducing your tax liability, leaving you with much more disposable income to begin with to take care of your interest requirements. The multiplier effect of more disposable income that can be reinvested to generate more money would eliminate the need for further loans to keep investing  soon enough and leave you with enough to plough back those benefits to keep investing without loans.

Still have concerns?

The fact that it’s so easy to obtain loans does make one wonder what the catch is and whether borrowing from such sources would be a good idea or not but EarlySalary is worthy of your attention. Running on a framework of a clear set of legal rules and regulations for borrowers and marking well against every existing industry standard including the Fair Practice Code for Non-Banking Financial Companies (NBFCs), EarlySalary is a trustworthy platform for young salaried persons seeking instant loans to seamlessly meet the gap in their cash requirements

So how does EarlySalary work?

EarlySalary’s customer assessment is conducted on the basis of your particulars and what it calls your ‘Social Worth Score’. It does not require a guarantor or collateral. The process merely involves completing 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.

Based on your score, separate limits are assigned to you for separate specific loan requirements and you can borrow according to your limit and set your repayment particulars. On becoming due, the amount is deducted directly from your salary account or you can also choose to prepay through the mobile app. Unlike bank loans, there are no fines and prepayment charges on early repayment.

Break out of the rut of planning your investments in tax saving instruments at the end of the financial year with EarlySalary’s instant cash advances, and plan ahead so you can chalk out a proactive, prudent investment plan that makes the most of your own and borrowed resources.

Fund yourself to travel in your 20’s

As a growing cohort of Indian population enters the working age, a substantial part of their disposable income is being spent on travel. Their reasons may vary, but what’s common is the need for self-preservation and a non-negotiable desire to explore the unexplored. This is why millennial’s are now integrating the passion for travel into their lives.

As the corporate world continues to witness an influx of millennials, many of them feel the need to escape the humdrum of life and travel to new destinations. The most important thing before any vacation is planning, and more importantly, expenditure approximation. In an era of easy and fast loans from apps such as EarlySalary, a slew of young travellers are now taking their advantage to enjoy international travels and frequent weekend getaways. In fact, as per a recent survey, salaried millennials in the age group 25 to 35 years account for nearly 12-20% of the total travel loan segment in India. As we’ve discussed in previous posts, this is because:

  • New age services offer quick loans online with minimum documentation.
  • They are cheaper than conventional options such as credit cards and,
  • Have a faster disbursement turnaround time.

However, travel is not limited to those adventurous trips. It can also be due to an unavoidable family emergency or related to health care issues of your own or your near and dear ones. Whatever your reason, money is an indispensable part of travel and the smartest way to meet a short-term fund deficit is through cash or personal loans.

In today’s times where youngsters have a zillion dreams, it may be easier to break free from time constraints, but a budget constraint is a bigger challenge. Let’s face it – being a salaried individual, it is not easy to save for travel when there are so many essential expenses to take care of. Even if you opt for cheaper lodging and transport, a considerable amount is nevertheless required for shopping, food, miscellaneous stuff. And you must always maintain sufficient funds for emergencies. This is where a personal travel loan comes handy, allowing you to create beautiful memories without giving up on your plans.

An instant salary advance from EarlySalary can be availed within 24 hours. You just have to download the EarlySalary app, upload your address and identity proof along with the last three months bank statement. The loan is typically approved and transferred within 8 to 24 hours of your application. There are no hidden charges. It is a hassle-free process and especially beneficial for youngsters who are always running against the clock. This loan may be used for both domestic and international travels. Quick loans may be used any way you want and require no disclosure.

The best part about quick loans is the flexible repayment tenure that may vary from one month to one year. The repayment structure depends on the lender policies, loan amount, loan tenure and applicant’s profile. Assess your needs and repayment capacity before signing the loan agreement.
If you too are a travel junkie, then do not let short-term money crunch clip off your wings. Apply for an instant cash loan from EarlySalary without collateral, take a break, enjoy a new destination, rejuvenate yourself and repay with easy and flexible EMIs.

EarlySalary – The Ideal Solution For Instant Cash Loans As low As 5,000

Facing the month-end or mid-month financial crunch and have a big expense just around the corner? Whether you need to cover expenses for an urgent home repair, grapple with an unexpected medical emergency, finally make that Goa trip you and your friends have been planning for oh-so-long or make that big ticket purchase you’ve been eyeing for quite some time now; instant cash loans and salary advances have made instant cash possible for many salaried employees just like you by offering loans as low as even Rs 5000.

While there are plenty of platforms offering this service, the fact that it’s so easy to obtain loans does make one wonder what the catch is and whether borrowing from such sources would be a good idea or not. Among the plenty of apps (check them out here) providing this service, EarlySalary is worthy of your attention. Running on a framework of a clear set of legal rules and regulations for borrowers and marking well against every existing industry standard including the Fair Practice Code for Non-Banking Financial Companies (NBFCs), EarlySalary is a trustworthy platform for young salaried persons seeking instant loans to seamlessly meet the gap in their cash requirements, even if it’s just Rs 5000.

Early Salary (available on Android and iOS) is a Pune-based, fintech portal that’s changing life for the average Indian by making possible convenient, affordable and fast lending from as low as Rs 1000 loans with an interest rate of just Rs 9 per day. You can seamlessly tide over any times where your pockets aren’t running too deep, whether you’re looking for a salary advance or an instant personal loan. The best part being that even newly salaried employees can avail loans as salary slips aren’t demanded as part of the particulars. To know more benefits of preferring Early Salary, check out this post.

How EarlySalary Works

EarlySalary’s customer assessment is conducted on the basis of your particulars and what it calls your ‘Social Worth Score’. It does not require a guarantor or collateral. The process merely involves competing 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.

Flexible loans and repayment

You can borrow between Rs 1,000 and 2,00,000 and set a pay back period between 7-50 days. You set your repayment period and the amount is deducted directly from your salary account when due or you can also choose to prepay through the mobile app. Unlike bank loans, there are no fines and prepayment charges on early repayment.

Unlimited loans

Unlike banks, you can avail unlimited loans throughout the year if you’re regular in repayments and have a good credit score. The app also allows you dynamic borrowing limits. Having separate limits for urgent expenses like medical emergencies and separate limits for your shopping needs means one is not binding on another so you can easily pay that sudden hospital bill without compromising on your want of the latest iPhone.

Pay with easy EMI with partner organisations

You could also avail easy EMI options on shopping with Early Salary partner organisations such as Big Bazaar, Amazon, Flipkart.

What if you need something long-term?

The company has introduced longer tenure products for established clients last year which offer loans with a tenure of 3-12 months based on the long-term behavioural scorecard of the borrower. The products include

1. A 3-month EMI option on a loan double the monthly salary

2. A loan up to four times the monthly salary with a 12-month repayment period
Learn more about EarlySalary’s long-term loans here

With Early Salary, don’t let your bank balance dictate your priorities.

Growing Popularity of App-based Cash Advances & Their Advantages

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:

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

Travel On Budget In 10 Easy Steps

Fond of scrolling through Instagram, looking wistfully at beautiful photos of people travelling the world? You’re not alone. If you wish to travel around the globe but don’t have the funds you think you need, the first thing you must understand is that most people travelling the world are not really as rich as you think they are. In fact, they may be just as broke as you. While it’s a common belief that you need a lot of time and money to travel, only the former is true. More than money, you require the will and determination to travel, because budget travel requires careful and diligent planning, and it’s definitely not easy, but it’s entirely possible. With the following tips, you’ll soon be travelling cheap like a pro.

#1 – Do your research

Research is one of the most critical aspects of travelling on a budget. While spontaneous plans are certainly fun, they can be quite expensive, primarily due to their last-minute nature. Flights and hotels booked at the last minute are never cheap, and planning for any trip at least two months in advance is a must. Give yourself time to research the best time to visit the place, the most affordable places to stay in and the cheapest flight to take. Make sure to read reviews and talk to people before starting on your journey, because learning from other people’s experiences is one of the best ways to save money.

#2 – Join a travel rewards program

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If you love travel, you should always try to join a travel rewards program. Most airlines have frequent flyer programs which are usually free to join. The more you travel, the more you tend to earn through these programs, and if you have amassed enough points/miles on a frequent flyer program, you can even travel for free once in a while! Since air tickets are usually the most expensive part of travel, if you get these for free, you end up saving a lot. Of course, it’s not just airlines who have such programs nowadays; hotels have them too, making it that much easier to earn points and eventually reduce your travel expenditure.

#3 – Find cheap accommodation options

It’s a great experience to stay in a five-star hotel like the Taj and be treated like royalty through your stay, but unfortunately, it’s not always an option because of our limited bank balance. Control your urge to avail luxury accommodation, and go for homestays or hostels instead. Dormitories and shared rooms cost much less than single rooms in luxurious hotels, and homestays give you a unique taste of the place’s culture and traditions. A homestay is usually the best option if it’s available, because what better way to get a feel of local culture than staying with the locals?

#4 – Travel slow

One thing you must remember is that slow travel is cheap travel. This is evident from the fact that flight tickets are often more expensive than train tickets, and travelling by an express train tends to cost more than a slower train. Slowing down is often more enjoyable because you get to truly savour the place and learn about its culture. Travelling by road or rail rather than air gives you the time to appreciate the beauty of the journey, making it doubly beneficial (in terms of cost as well as enjoyment).

#5 – Eat and shop where the locals do

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Popular tourist destinations and spots often sell souvenirs and have great restaurants in their locality. But the best way to save money is to avoid these popular shopping places and restaurants completely as things tend to cost more in tourist-friendly places. Instead, try out the street food (it’s always the cheapest) and eat at restaurants the locals frequent. You’re also much more likely to find souvenirs and items unique to the place at affordable costs if you shop at local markets instead of targeting the tourist shops.

#6 – Keep an eye out for discounts

If you’ve started planning your trip well in advance, don’t make the mistake of booking all your tickets too soon. Instead, make sure to subscribe to loyalty programs and look out for any promotions offered. Discounts are not too hard to come by in this age of competition, and you should be ready to grab a discount in air fares or accommodation costs if you wish to travel cheap. The promotional emails most companies send are annoying, but some offers are very useful, so bear with the irritation to cut down on your travel costs.

#7 – Carry your food (or cook yourself!)

Believe it or not, food is a significant expense on any trip. If you cut down on this cost, it will probably bring down your expenses quite a bit. It may seem boring and not fun at all, but the best way to avoid spending on food is to carry your own from home. Another simple way to save on food is to cook for yourself wherever you go, if you have the means to do so. Eating street food and looking for cheap restaurants are, of course, valid options, but carrying your own food or cooking your meals is usually much cheaper than even those options.

#8 – Walk or rent a bicycle

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Travelling inside the city you visit by taxi can be expensive, and adds up over time. Using public transport is a good way to curtail your expenses. If you wish to save more, however, you can always rent a bicycle. Most major cities, especially in Europe, offer this as an option, and the rent is much cheaper than what you would otherwise spend going from place to place. If cycling is not something you enjoy, you can always walk wherever you wish to go. It gives you a new appreciation for the beauties a place has to offer, and to top it off, it’s cheap, too! Walking is a great option especially if you’re not alone. If you are alone, it’s better to hire a cycle because it’s not always safe to walk everywhere alone.

#9 – Buy a local SIM card

This is vital if your travels take you out of your home country. International roaming costs are extremely high, and if you wish to communicate with people back home or even your local guide, it can get very expensive. So if you’re planning to stay at a place for a while before moving on or heading back home, buy a local SIM card to make communication easier and cheaper.

#10 – Travel off-season

There is always a “best time to visit” any place, and at such a time, it usually gets swarmed by tourists. Travel companies tend to take advantage of the great demand during such times and the prices skyrocket. Similarly, school vacations are the prime time for families to head out for a holiday, making it the peak season for travel. It is always wise to avoid travelling during such times. The best time to travel is usually the duration just before or after the “best time to visit”, meaning you won’t completely miss the wonders during the peak time, but you’ll successfully avoid the crowds and expensive tickets. These tips will serve as your handy guide to travelling on a budget, and they’ll help you save a lot of money. However, if you’re still low on cash for any reason, you don’t need to cancel or postpone your plans. You can always take an instant loan (or a travel loan) through online instant loans apps like EarlySalary, who will lend you the money almost instantly for a stress-free travel experience.

Planning an international dream vacation without a cash crunch

Summers are approaching, which means the travel sector is going to see a spike in tourists – both inbound and outbound. For the outbound ones, the planning (and the trip itself) will be time consuming, if you’re going out of your country, you might as well see everything the place has to offer, right? Most people are too busy with their jobs to take time out. But this is not what stops most people from travelling abroad. The thing that stops people is the impression that international travel is expensive and something only the rich have the means to enjoy. This is not true at all.

People who frequently travel abroad are those who have mastered the art of budget travel, willing to take the time and effort to plan a trip at low cost, and trade luxury for the chance to see the world. If you’re low on cash but still dream of travelling abroad, all it takes is a determination to make it work and some extra effort to realise your dreams! Here are a few tips to help you plan your international vacation.

Plan the trip carefully

While waking up one day and making a spontaneous travel plan is fun in its own way, it is nearly impossible for international travel, not to mention expensive even if all the details fall into place.

  • The most important aspects to consider here are the visa and permissions required to visit the place Some nations have stringent visa rules, and planning well in advance is the only way to ensure you can visit the country before you book any tickets.
  • Make a rough itinerary and decide how long you’d have to travel to do justice to the place you’re visiting.
  • Research the place thoroughly and take note of the best time to visit it, the places you must see and other important things before you start booking your tickets and spending money.

Go to inexpensive countries

If you’re low on cash, the best way to budget travel is to go to a place where you’re likely to spend less. Research the cost of living in different countries and the value of their currency against yours.

  • For example, 1 Indian Rupee equals nearly 205 Indonesian Rupiah, which should make your costs that much lower in the country.
  • On the contrary, European countries are expensive and you’ll end up spending a lot if you visit them.

So if your goal is to see the world, you can start by visiting inexpensive countries first, and progress to the more expensive ones when you have more money.

Set a budget

This is one of the most important aspects to remember while planning an international trip with limited cash. If you don’t have a set budget, you’re unlikely to control your spending. However, if you set your limit according to the amount of money you actually have, you have a goal to stick to and if your projected expenses exceed your budget, you can always come up with ways to cut down. If your expenses seem like they’ll exceed your budget by a large margin, then you need to cancel some parts of your trip or look for cheaper alternatives to curtail your spending.

Make your bookings well in advance

Last-minute bookings are always more expensive than tickets booked in advance, no matter what season it is. In fact, if it’s peak season, you may not even get any tickets at the last minute. Don’t book your tickets much in advance, because tickets are not exactly cheap months before the date. The ideal time to make bookings is around 2 months before your travel dates. Keep an eye out for deals and discounts, and subscribe to promotional mailing lists. Though annoying, the deals offered are often attractive and reduce expenditure by a large margin.

Buy travel insurance

It may seem odd that a tip about travelling cheap is asking you to spend extra money, but travel insurance can end up saving you plenty of money in case something goes wrong. A typical travel insurance policy protects you against illness, accidents, theft and cancellation during your travel. It covers your medical costs and reimburses you in case of theft, which is often very important since medical care in most countries is not exactly cheap. Spend money on travel insurance, because if something goes wrong, this is what will save you the most money.

Consider working in exchange for free food and board

There are multiple work travel arrangements available nowadays, with the increase in people wanting to travel. Work abroad programs let you use your skills and offer free food and board in exchange for your time and effort, rather than paying you. WWOOF is an organisation which allows you to help out on a farm in exchange for free accommodation. You can also try teaching jobs, house-sitting or helping out your hosts in some other ways. The advantages of such arrangements are two-fold, you get to save money and get an in-depth experience of the local culture.

Look for cheap accommodation

Compromise on accommodation and trade luxury hotels to hostels and large dormitories. Shared accommodation is always a great deal cheaper than luxury hotels, and you would end up saving a lot of money by simply staying at a hostel. You would also get to meet people from different cultures which would otherwise not be possible. Homestays are another option if you want a cheap place to stay and get to know the locals, too. Camping is another way to save money, and if the place you’re visiting supports that, tents are much cheaper than any room.

Find cheap food (or cook for yourself)

Popular restaurants near tourist spots are often expensive due to the great tourist demand in those areas. Restaurants that locals frequent, on the other hand, are usually much easier on the pockets. The best food to be had is, of course, the food on the street. Street food is the best way to get a taste of the traditional foods of the place you visit, not to mention it’s quite cheap as well. Of course, if you’re really low on cash, you may not even be able to afford this food, and the best way to save money is then to either carry food from home or cook for yourself if you have the means to do so.

Get to know the locals

The best way to experience the culture and traditions of any place is to do it like a local. If you’re staying at a hotel, ask the minor hotel staff to suggest places you should visit. If you’re staying at a homestay, befriend your hosts and ask them to show you around the place. They know the place much better than you and can guide you in ways to spend less much better than anyone else. If you take them shopping with you, they can get you things for cheap as no one else can. There’s also the added advantage of language because you’re likely to face language issues if you’re going abroad.

Find cheap transport

Local transport is not as expensive as accommodation or travelling to and from the place, but it tends to add up over time. Travelling everywhere by cab is never economical. Instead, prefer public transportation since it’s much cheaper. Most places offer daily rail or bus passes to make your local travels more affordable, and this is one of the best ways to save money on local transport. Of course, if you wish to save even more money, the best thing to do is to rent a bicycle (most places are now offering bicycles for rent at very reasonable rates), or simply walk around (walking is, after all, free). Major European cities offer free bus tours and walking tours around the place, which is the best way to get a feel of the place with little to no expenditure.If you’re still struggling to meet your budget even after following all these tips and find yourself low on cash, you can always avail a travel loan at low-interest rates through apps like EarlySalary, who approve your loan requests instantly and require minimal documentation to grant you the loan.