Instant Personal Loans for the Salaried 

• 5 February 2020 | 1057 Views | By Mint2Save

Borrowing money can be an extremely tedious endeavor for some people and also a scary task when the money is from an unethical source. And although taking a personal loans or other loans is only advised if the situation is less than ideal, there are ways to make the process much more comfortable and not as stressful.

Now that things have changed, innovations have been made, the process of getting a loan from a trusted source, and paying it back has become a piece of cake. Now that instant loan, which is a type of personal loan, has been introduced, it has made the process of getting a loan, like the documentation and approval process, very quick and efficient. 

An instant loan is perfect for the working-class people who are in a pinch, require money immediately for any emergency, and can not afford to waste time by filling out long documents of formality or visiting a bank and waiting for hours on end. All of the registration to verification process is entirely paperless, and in some cases, it is possible to obtain the money within a day. 

Some instant loans providing companies also don’t care about your credit score as they have an alternative solution to it so that you can still get a loan without having to worry about raising the credit score. 

Further, it doesn’t matter if you are salaried or self-employed, as long as you have the general monthly in-hand income that is required, you’ll get the loan. And usually, the banks provide a reasonable interest rate that is not too burdening. 

Given below are some of the most trusted and popular progressive salary loan service providers

• EarlySalary 

 EarlySalary is an excellent first recommendation for applying a loan amount that does not exceed over a couple hundred thousand rupees. It is incredibly popular, and the app has over eight million downloads and has a history of over a million borrowers. 

EarlySalary has a very well structured method of applying personal loans that makes sure that the entire process should be completed in under a few minutes. It has created a promising ecosystem around its services, which include but are not limited to online shopping, holiday site discounts, educational loans, and so much more. 

It also has an EarlySalary card that can be used for more convenient usage of the transacted amount.

• PaySense

PaySense is another great loan service provider that has a very hassle-free method of applying for loans. It has eliminated the hesitation that used to be associated with applying for a loan. It has a mobile application that requires minimal documentation and has a swift response time for the approval of a loan, some customers claiming that it took only a few hours. 

It requires the borrower to have a salary of fifteen thousand rupees or more. The highest personal loans can go up to five lakh rupees.

It has an outstanding reputation and is considered to have changed the lifestyle of several people that are new to the credit and lending system.

• Lendenclub

Lendenclub is an expert in catering advance salary loan to the daily workers or small job workers, broadly classified as the middle class. It makes the inconvenience of managing the month-end expenses manageable. They have flexible interest rates that are based on the customers’ credit score that is done by their calculation. 

This ‘LenDen score’ then specifies the interest rate for them. There are prepayment options with no additional cost, which is an excellent advantage to the borrower, considering the unpredictable nature of expenditure for daily workers.

It has an age limit of 45 and requires that there be no records of previous credit card defaults before. It also has only four cities whose residents are allowed to use their services.  

• Nitstone 

Nitstone is a very thoughtfully built personal loan service that focuses on the particular needs of a person working a desk job, like marriage and renovation. These are costly situations and require much more money than regular loan providers can grant. 

Nitstone offers their service in these fields where other loan services fall short. It has a higher personal loan limit of up to ten lakhs that have a fixed interest. 

They require proof of identity and address, along with documents, including financial aspects. It has a fast approval upon application, and as soon as materials are collected and verified, the amount will be credited to the mentioned account.  

• Loantap 

LoanTap has excellent social media fame and coverage that it’s impossible to not know about their services. LoanTap is best known for its fast processing, flexible plans of repayment, and more freedom for sanctioning a loan for a customer. They have options from housing loans to holiday loans, and everything in between. 

However, advance salary loans range from twenty-five thousand to one lakh rupees, which may not be suitable for all employees. They calculate your credit and finalize the amount to be loaned. The downside is that only people having a salary of over thirty thousand can utilize these services. 

Some other unusual services popularly availed from this company are for buying Human Ecycle, premium bike loan, and particular EMI free loan.

• PayMe HSBC 

PayMe is available for users in Hong Kong, and now Payme India is increasingly used every day. It is tailored for the common citizen with loan amounts starting from a mere 500 rupees and going up to two lakhs. There is a very transparent system of processing and the most flexible plans for every person. There is a mobile app for making things easier and faster. 

They calculate your credit score, and it determines the amount and payment duration along with the calculation of the final amount you’ll be paying. It is famed for a fast response from the company’s side and even faster document processing fee. Along with personal loans, it also is applicable for selective corporate loans. Overall, Payme has acquired satisfied customers and great reviews on its application and has caught the eye of several social media giants.

• Finance Buddha 

Finance Buddha is one of the most comprehensive online companies that provide the ability to compare the offers available in different banks and the customer with a list of options and even get them the loan. They tailor each person’s available options based on their requirements and their current financial position. 

They offer loans starting from fifty thousand, and the numbers go up to five lakhs. It also has a swift means to apply for loans, and it is made easy with its user-friendly interface. The disbursal time is reported to be around 2 hours, and the process is entirely online. 

Since there is a minimum loan amount of fifty thousand, there are only financially stable working-class people availing this loan service provider. The tenure can be very flexible, which can have a maximum duration of sixty months. This is ultimately a paperless personal loan service which completely removes the necessity to stand in long queues and wait for days for approval. The interest rates start from 10.5% per annum and are determined accurately based on credit scores.

The downside is that the minimum age limit is 25 and should be full-time employees for two years minimum. It is, however, available in the majority of cities in India. 

• SBI

SBI has a loan cap of twenty lakhs and is a trusted loan service provider for about everyone. The company has extended its features to provide aid for the working middle class and corporate alike. There are no hidden costs, and it offers an optional provision for a second loan. 

Additional perks are given for employees who take loans and also have an SBI account. It has not gone entirely paperless yet, but it is a promising banking company that has loyal customers who have given positive reviews for its service.

These are some of the most successful and trusted instant personal loans providing online and offline companies for us at this moment. Instant loans will revolutionize the way we deal with money and debt in the future.