Earlysalary is a first India’s mobile app that offers short term loans. India based startup offers instant loan to salaried employees, on mobile phone. It’s like salary advance that was offered by employers. But here there is no involvement of employer.
How it works ??
Download the EarlySalary app from Play store.
Login using Social media account like Facebook or LinkedIn
Answer some Basic details of yours
Update Permanent Account Number (PAN)
Submit your 3 month bank statement by login to your bank
Once loan got approved, we may need to upload a few KYC documents in the mobile app. The money would be credited into our account in few hours. The company can access a person’s credit history, with the PAN and bank account details. The NBFC startup raised around $1.5 million. It’ll give out loans for a period of 7 to 30 days, with prepay options.
Interest rate is of 24-30%, lower than any credit card rates.
How this app ensure return of money??
If someone defaulted on a loan payment, then the Facebook ‘friends’ of that person might not find it easy to get loan approval.
EarlySalary looks to cater mainly young IT professionals. It gives you cash when you need it the most.