Looking for instant loans? Here are your options

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Published: January 3, 2020 5:02:52 PM

Online lending space is expanding at a fast rate of over 20 per cent and is eyeing a new target audience instead of the old ones.

easy loans, instant loan, digital loan, buying things on credit, Digital Payments, PayTM, mPokket, mCoins, Shubh Loans, EarlySalary, KrazyBee, SlicePay, interest on loanMore and more millennials are turning towards digital platforms and applications to avail hassle-free loans.

Earlier, the word “loan” was mainly associated with businessmen, while other people used to avoid taking loans or buying things on credit, unless they were in any financial emergency. But today, the scenario is changing and taking a new shape, especially among millennials, who are more receptive towards the latest technology and smartphones to avail easy loans or to buy things on credit. As a result, the trend of going online, from ordering clothes or foods to making payments or transferring money, is growing at a rapid pace.

The total transaction value in the Digital Payments segment amounted to $64,787 million for the year 2019 and is expected to grow at a rate of 20.1 per cent, increasing the total amount to $134,588 million by 2023, according to a report.

Along with this, online lending space is also expanding fast, serving the new target audience instead of the old ones. New startups are coming up with the “buy now pay later” concept, making the loan process more personalised, immediate, cross-platform and transparent. More and more millennials are turning towards these digital platforms and applications to avail hassle-free loans and to become independent financial decision-makers.

Here are some of the platforms that provide instant loans:

mPokket

It is a mobile application-based digital lending platform that offers loans to any undergraduate or postgraduate student above the age of 18. The user just need to upload the photos of KYC documents and student ID. The loan disbursal amount can range anywhere between Rs 500-20,000. The user can choose the repayment period of upto 3 months. The money will be credited instantly in your PayTM or bank account, as per your need. One interesting feature of this app is that it gives mCoins if you connect with your friends, hence making you eligible to win cashbacks.

Shubh Loans

Aimed at millions of borrowers in India, who are not yet a part of the formal credit system, Shubh Loans is building a platform to facilitate credit assessment, lending and risk management. Shubh Loans enables lenders to access unserved and underserved market segments by providing real-time analytics and credit reports based on alternative data. It has raised a funding of Rs 34 crore from Omidyar Network India and also received NBFC license from RBI.

EarlySalary

It is an online lending platform, offering instant loans – starting from Rs 8,000 up to Rs 2 lakh – low-cost shopping EMIs and travel EMIs, acceptable across India on online and offline transactions. The amount gets instantly transferred to the bank account with a flexible repayment tenure from 90 to 365 days. It also offers advance salary loans at 24-30 per cent per annum.

KrazyBee

Founded by a bunch of IIM & NIT alums, it is India’s first online installment store for students. It offers to pay on EMI for students and online student credit card, known as KrazyBee Student Paycard. The joining process is pretty easy, users just need to sign up, upload the documents and place the order. After a quick one-time on-campus verification check, you become eligible for the loan and EMI with a small down payment.

SlicePay

It is a fintech startup which focuses on India’s youngsters. They provide a smart, simple, and transparent financial platform to redesign the financial experience for the millennials. Users get a zero fee credit card, no-cost EMIs and emergency cash loans once they become a member. The card can be used anywhere for all the transactions.

Although lots of options are available to get easy loans, but before opting for one, intended borrowers should know the repayment period, rate of interest and penalty for not repaying the loan within the period.

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