Spend more this Diwali with access to Instant Cash from these apps, cash providers
In rural India, festival-related spending accounts for over 15% of a household’s annual expenditure, while urban India considers it a social investment, according to industry data. Diwali is one of those festivals that includes great celebrations, and saving money is always a necessity. Not only for family celebrations, but most also spend voluntarily on local puja and party committee donations. Therefore, one more reason to prepare for any unforeseen expenses, especially Diwali celebrations.
To respond to such situations and such people, new age online brands are here to be your savior. These apps have enabled people to benefit from instant funds, for urgent situations, whether during festivals or just for a relaxing vacation. Whether it’s a business day, a Sunday or a holiday, they’re here to help.
Here is a list of instant money providers:
Silver View – It is an alternative option for availing personal loans in case an individual cannot meet the criteria of banks. Money View not only deals with short term but also long term loans. They disburse loans between Rs 10,000 and Rs 5 lakh, for a period of 3 months to 5 years. About 60 percent of the company’s customers come from small towns.
Sanjay Aggarwal, co-founder of Money View Loans, says: âUsing the Money View app one can take out a personal loan up to Rs 5 lakh in 2 hours anywhere in India. Using our technology and data-driven approach, we have been able to provide access to credit to people in the âmid-marketâ segment who are unable to take loans from a larger financial institution. . “
MoneyTap – This fintech startup provides a line of credit of up to Rs. 5 Lakh without any guarantee. No interest is charged until the amount is actually used. MoneyTap also has a purchasing card, MoneyTap RBL Credit Card, for its user. This is a regular credit card that is accepted in all locations and for all card purchases, both offline and online. Employees can use this application and, by providing all the information usually required by banks, one can get started in a few minutes.
Anuj Kacker, Co-Founder and COO of MoneyTap, says, âInstead of breaking the bank or darkening the celebrations, customers can easily qualify for instant credit, and we provide pre-approval credit in the 4 minutes on the application. Once customers get final approval and have their line of credit set up (it takes around 1-2 days), they can instantly transfer any amount from their limit.
Qbera – This lending platform provides loan services by enabling the transfer of funds to the borrower within 24 hours of receiving the online application. Aditya Kumar, Founder and CEO of Qbera, said: âQbera offers amounts ranging from Rs 1 lakh to Rs 15 lakh to employees. It’s also a fully paperless lending process, affordable interest rates, 24-hour disbursement, a wide choice of loan amounts, easy-to-meet eligibility criteria, and flexible occupancy options. After submission and verification of documents, loan disbursement takes place within 24 hours.
The company mainly grants loans to potential borrowers who are largely overlooked by banks and financial institutions. These borrowers are individuals whose income is less than Rs 3-4 lakh per year. Also, they extend their loan option to employees working for companies not listed with banks, and to people new to credit, generally rejected by banks.
ReadyTap – LoanTap generally seeks to provide personalized loan products to millennials. LoanTap offers instant and flexible loans to salaried professionals and businessmen. You can choose, compare, and customize loans from a variety of offers such as EMI Free Loan, Personal Loan, Personal Overdraft Facility, Credit Card Trade-In Loans, Homeowner Loan, Rental Security Deposit Loans. and early payday loans.
RupeeRedee – Its application process requires minimal documentation and clients can access low cost loans ranging from Rs 5,000 to Rs 25,000. The company claims that the average time for disbursing loans to clients is 10 minutes. Jitin Bhasin, Managing Director of RupeeRedee, said: âDiwali is considered to be the greatest shopping time in India, when people mainly buy durable consumer goods, home decor, new clothes, gifts and gold. Therefore, we facilitate small loans for as little as Rs. 5000 which clients can use to meet their needs by receiving a loan which can be disbursed in a very short time. The company claims to have a 10 minute disbursement time for instant loans.
Anticipated salary – Early Salary’s mobile strategy claims to disburse loans in minutes. The credit scoring systems used by Early Salary for client profiling combine traditional credit scoring with risk assessments related to social and online rating technology.