Obtaining a bank loan is a long and tedious process, involving a lot of documentation, numerous trips to the branch and a lot of effort. It also involves stringent credit checks, guarantors or collateral and a chance that the loan will not get approved. Banks also usually require a solid reason for providing the loan, like tuition fees for higher education, buying a home, etc. and demand documents as proof. When it comes to online instant loans, however, most of these problems are not valid. EarlySalary is one such instant loan app which provides you with unsecured personal loans instantly. Here are some of the benefits of EarlySalary, which your bank will definitely not provide you with.
1. Apply for a loan at your convenience
EarlySalary’s entire process is online, which means you can apply for any loan from the comfort of your home. It requires lesser documentation than banks, and all of them can be uploaded to the app, saving the time and effort involved in trips to the bank. It doesn’t even require a salary slip to approve a loan, giving loans to even newly salaried employees. It provides unsecured loans, which means no collateral or guarantor is required. Even people with a modest credit history can avail a loan through EarlySalary, although a good credit score is always a bonus.
2. Instant approval
Instant loans, as the name suggests, are loans sanctioned and credited instantly. As long as you have the necessary documents in hand, the approval process takes less than a day, and the money is transferred to you in a matter of minutes. This is very useful during a cash crunch, as you will not have the time to get a loan approved by the bank. The verification and approval process for the first loan obtained through EarlySalary takes about a day, but after that, subsequent loan applications are processed within minutes, resulting in the loan amount being transferred to your bank account on the same day.
3. Short term loans
Bank loans are usually given over a long period, which is often more than a year. EarlySalary offers loans for a period as low as five days. Banks do not give short term loans, and you can’t go to your bank asking for a loan for minor reasons like a monthly cash crunch. EarlySalary’s short term loans, however, is the perfect solution for a cash crunch, or even if your salary is delayed.
4. Flexible repayments
We often wish to get rid of our debt in advance, but banks don’t allow this. They penalise you with fines and prepayment charges if you repay the loan in advance. Additionally, banks are in complete control of the loan tenure and repayment terms. With EarlySalary, you have control over the terms of repayment. You can decide the tenure and repayment schedule without facing any penalties or fines. You can also prepay your entire loan amount without any additional charges.
5. Unlimited loans in a year
This is perhaps the best part about EarlySalary. If you possess a good credit score and repay the loans on time, you can obtain as many loans as you wish through the app. Banks usually approve not more than a single loan per year, but EarlySalary only needs a good credit history to sanction another loan in the same year. The gap between the loans is also very less – only 5 days. EarlySalary can help you with a wide range of problems, from a month-end cash crunch to the payment of school fees in EMIs. The reason for the loan doesn’t matter if you’re looking for direct cash to your bank, and the solution is different for EMI payments of school fees or transfers to e-commerce wallets like Amazon. You can even use EarlySalary credit to shop in various online portals. With instant approval, low-interest rates and the feature of approving unlimited loans in a year, EarlySalary certainly does a lot that your bank won’t do to make your life easy in case of financial difficulty.