All posts by Karishma Choudhary

Can instant loans help in improving your credit score?

Are you broke by the end of the month? Waiting for the salary to be credited to your bank account to meet an emergency at hand?  Here’s the solution for you. Look forward to instant cash loans to meet an emergency requirement.

Instant cash loans provide you with the required cash loans whenever you need it and that too, with low-interest rates. All you have to do is fill up a simple application form and submit the required documents along with it. Once your application is approved, the required cash is transferred to your bank account immediately.

Benefits of immediate cash loans

· Loans are granted as and when needed. · Less interest rates. · Procedure for applying for instant cash loans is simple and easy to grasp. · Immediate cash loans can be availed through a user-friendly mobile application thus making the entire process less cumbersome.

· Secured and time-saving process.

· Paperwork isn’t required. Thus it is devoid of any hassles required for the traditional loan processing system.

· Easy and Flexible

· Extra cost overheads aren’t involved.

· It can also help improve your credit score.

How to Improve Your Credit Score through Instant Cash Loans?

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Credit score determines the loan repayment history of an individual. In other words, it states how likely are you able to meet your financial commitments.

A good credit score implies you have repaid your debts on time, and you are likely to pay back your debts on time in future as well.

A credit file is a database which maintains a detailed history of credits for each and every individual. A credit file has three sections:

1. Consumer Credit Information 2. Commercial Credit Information. 3. Public Credit Information. The instant loans you apply for are categorized under the consumer credit information which includes various details such as a type of credit you’ve applied for, opening and closing date of the account, credit limit and payment history. If you repay your loan on time, you have higher chances of improving your credit score and this may prove useful for accessing the loans in future. The lenders have a clear idea about your repayment capability by just looking at your credit file.

Tips to Improve Your Credit History:

· Applying for too many loans at a time can be a bad sign for a prospective lender. What made you apply for so many loans at a time, is the first question popped up in the heads of the lender. · Late payments or a missed payment can negatively affect your credit score. Make sure you clear off your payments on or before the deadline. · Not only applying for too many loans at one time but also making too many applications within a short span of time indicates your finances aren’t in good position. · Decide a judicial amount of a loan. Too much of it may overburden you and as a result, you may not be able to repay on time thus affecting your credit score. · Apply for a loan only when you need it. Avoid making frivolous loan applications.


Keeping in mind the above tips can help in improving your credit score greatly and thus aids in accessing the future loans easily. Early Salary understands and caters to the urgent requirement of cash in an effective manner accommodating the tech-savvy needs of this generation.

All posts by Karishma Choudhary

Benefits of Applying Immediate Cash Loans

Having Cash Crunch in the mid of the Month? Go for Instant Cash Loans

Life is always unpredictable. Imagine your salary is due in 5 days, and you need cash urgently for the unexpected car repair? Cash loans can be the perfect solution in such times of need.

Immediate cash loans have revolutionized the way a loan process is carried out. It has come up with benefits which the traditional loan processing system doesn’t offer. The system is designed in a way to reduce the unnecessary overheads for the borrowers and also make good use of the existing technology.

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Disadvantages of the Conventional Loan Processing System

· Time-consuming Process

The process is completely offline. People have to wait in the long queues to submit the application. Again, it takes a great deal of time for the approval and sanction of the loan.

· Heavy Paperwork

It is a tedious and daunting task to handle all the documents concerned with a large number of individuals at the same time.

· High-Interest Rates

The sum of money borrowed for a longer period of time is subject to high interest rates.

· Repayment Overheads

A borrower has to make periodic payments to the bank depending upon the amount of loan taken. What if you can’t make timely payment in a particular month? A late payment can affect your credit score. Eventually, it is difficult to acquire a loan in future.

· Financial Decisions at Stake

If you manage to get a loan with variable interest rates, it is subject to change based on market fluctuations. So, the exact amount to be paid cannot be determined which will eventually affect your ability to make sound financial decisions.

Instant Cash Loans

As the name suggests, the instant cash loans are processed immediately with the benefits of low-interest rates and availing the loan for a short period of time.

Benefits of Quick Cash Loans

  • Time-saving process
Being an online process, you can fill up the application online. The entire process hardly takes a day or two including the loan approval and funding. You will see the cash credited to your bank account within no time.
  • Flexibility
It gives you enough flexibility to use your money the way you want to, without giving explanations to anyone.
  • Devoid of Paperwork
You can’t risk losing your important documents because of manhandling, can you? The best part of instant loans is you don’t need any paperwork.
  • Low-Interest Rates
It involves less interest rate. Hence it is quite feasible to repay the loan within a short time period.
  • Secured and Transparent Process
Your personal information is safeguarded. The terms and conditions are clearly stated so that you determine the authenticity of the process by yourself.
  • Advanced process
Best data-driven algorithms are employed for the verification process to eliminate frauds and improve the efficiency of the process.

Why Should You Consider EarlySalary for Accessing Instant Loans?

EarlySalary understands your requirement of urgent cash. The entire process of granting quick cash is simpler, easier, and flexible. The application is driven by the best data analytics algorithm to assess the credibility of individuals, thus, aiding in improving credit score. Moreover, the security of transactions is guaranteed. And the application is user-friendly enough to be used by a layman.

All posts by Karishma Choudhary

4 things to Know about Secured and Unsecured Loans

4 things to Know about Secured and Unsecured Loans

You wake up one fine morning and learn that a sudden monetary exigency needs your attention. You are running short of liquid cash and can’t wait for the salary. Securing loan from bank would be a tedious process. Don’t worry! Unsecured loan would come to your instant rescue. No collateral, no lengthy documentation. Easy and short-term loans are readily available online from EarlySalary that have been instituted just to cater to your sudden monetary needs. The unsecured loan can prove to be your true savior by taking away the hassles associated with the secured loan.

Four essentials to decide the one which complements your needs

Secured and unsecured both have the sense of security innate to their etymologies. When you apply for online loans from non-banking financial companies, you essentially have to prove your repayment capability to be entitled to the same. Traditionally, you had to keep a security deposit as collateral to see your way through the loan. However, with the advent of Fintech era, need for such indemnities have been done away with by firms like EarlySalary. Four salient features that differentiate unsecured loans from secured ones have been focused upon to help you take a conscious and informed decision

1. Need for collateral

Secured loans require you to deposit a token of repayment assurance to the lender for availing the same. Unsecured loans are disbursed without any collateral provided you are a salaried professional. Your creditworthiness would be evaluated for deciding your loan eligibility.

2. Processing speed

Secured loans involve lengthy processing time due to the extensive documentation involved. Short term loans are usually not available. With the unsecured option, you can even avail of online loans for the shorter duration without any background checks. No credit check loans at affordable interests can be availed for various short-term needs like relocation, marriage, house renovation etc.

3. Risk of losing the collateral pledged

In case of secured loans, you may have to forgo your claim on the valuable mortgaged with the lender if you fail to comply with the terms of repayment. Low-interest rates may seem appealing for the longer duration, but the potential of losing your collateral is high. In case of unsecured loans, you can enjoy complete peace of mind as you stand to lose nothing valuable. Interest rates may be slightly high but the flexibility offered in repayment is unparalleled.

4. Variation in loan amount payable

In case of secured loans with the variable interest rate, you are subjected to the volatility of the economy and may have to end up paying more as loan EMIs. The possibility of interest rate going up, in the long run, is high. With unsecured loans, you are not required to pay even a buck more as the loan repayment installment and tenure remain fixed.

Summary of key differences between secured and unsecured loans

Secured Loans Unsecured Loans
1. Fluctuating loan repayment EMIs Fixed installments
2. Available for medium to long-term Can be availed of for exceptionally short period
3. Lower interest rates Slightly higher interest rates
4. Collateral is a must No need to pledge any valuable
5. Extended processing period Easy loans with negligible processing time
6. Offered by banks and other institutions Online loans from non-banking financial companies available
7. Creditworthiness merely won’t do Sound credit report for salaried professional would entitle one for the loan
8. Larger value of loan has to be availed of Small loans can be easily secured

Why Unsecured Loans and Earlysalary?

EarlySalary has been instrumental in changing the dynamics of unsecured loans with its readiness to help out professionals like you with easy and swift monetary assistance. Small loans with no collateral are now available within your reach even if your creditworthiness does not measure up to market stipulations.

All posts by Karishma Choudhary

Bank or Non Banking Financial Company: Which is Better for Loans?

Bank or Non-Banking Financial Company: Which is Better for Loans?

A Bank is the first thing that pops into your mind when searching for a loan. That’s how we have been wired and it seems like a logical choice to go with. But you would be surprised to know that Non-Banking Financial Companies or NBFCs are continuously outperforming banks today. According to the latest Financial Stability Report from RBI, the satisfaction rate of the customers of NBFCs is 15% more than those of banks.

What is an NBFC?

NBFCs are financial institutions that provide the same lending facilities of a bank, but function without a license. Services provided range from personal loans, credit facility, retirement planning, etc.

Comparison Between Banks and NBFCs

Let’s draw the comparison on the basis of certain fronts as follows:

1. Processing Efficiency

Banks: It is crucial for banks that customers fulfill the eligibility criteria on all fronts, including their credit history and CIBIL scores. More often than not, this defeats the whole purpose of borrowing in the first place. NBFC: NBFCs are quite lenient in this regard and loans are passed more smoothly and efficiently. This serves the purpose of borrowing in the case of an emergency. NBFCs have realized this market potential and serve accordingly.

2. Interest Rates

Banks: The interest rates of banks are in accordance with the regulation of central authorities such as RBI. Hence, they are changed at will and are often high and out of the reach of the common populace. NBFC: They have brought down the interest rates gradually and they are often at par, and even lower at times, as compared to banks. Such practice also brings down the EMIs for borrowers.

3. Rules and Regulations

Banks: Banks are regulated by the RBI Banking Act. Therefore, a plethora of rules and regulations, including strong background checks are usually involved in the loan process. NBFC: NBFCs are companies instead of banking institutions and are hence registered under Companies Act. Therefore, all rules and regulations rest on internal companies policies. This makes the loan availing process much easier and less stringent.

4. Credibility

Banks: When it comes to credibility, banks are more credible in the case of a doubtful loan situation. Government regulation gives them an upper hand. NBFC: These are not regulated and have their own set of rules and regulations. Thus, they may not be relied upon in case of an uncertain situation.

Which One is Better for Short Term Loans: Bank or NBFC?

Non-Banking Financial Institutions prove to be better than banks due to their ease of loan disbursement and less stringent regulations. It is also seen in some cases that even when the rate of interest is higher, customers often opt for NBFCs over Banks due to the lesser complications involved. NBFCs are also a better choice especially when a short-term loan is to be availed. They prove to be a life-saver for borrowers who have poor credit history due to which they will never be able to avail loans from banks. On the other hand, since such short term loans are offered by companies, there are high chances of availing other benefits such as discounts and offers. Banks are pretty immutable in such matters since they fall under the purview of governance. Lastly, short-term loans are usually required during emergencies where funds are needed right away and any delay would kill the whole purpose of availing the loan. Since banking processes may take several days to complete, NBFCs prove to be a far better choice since loans can be disbursed immediately, sometimes even in minutes.

How to Avail Short Term Loans from Early Salary

We at Early Salary have got your back whenever you are in dire need of funds. We disburse short loans in 3 easy steps and the money is directly credited to your bank account. All you have to do is log in and share your details with us before your request is approved and the cash is transferred. Read all about how it works here!  

All posts by Karishma Choudhary

How Short Term Loans Work?

a1   While scheduling monthly calendar, you suddenly realize that plan to celebrate the favorite festival with schoolmates, and girl friend’s birthday falls within first twenty days on the month. To add-on, your restlessness, gentle reminder SMS to pay monthly EMI for the bike, drops in. You are still to pay the balance payment of air ticket to an agent. At the back of the mind, you apprehend that salary advance request will get rejected, as you’ll be on leave. Now What? A personal loan from a bank? Cancel the long-awaited celebration with schoolmates? Borrow money from parents? Well, the answer is a big-No! There is impressive, convenient, fast and sure shot benefit of short-term loan

 What are Short-Term Loans?

Take the advantage of short-term loans which are best suited for professionals and emergency situations. In financial emergencies, for festival shopping, paying EMI, unexpected bill payments, get online loans offered by professionally managed Non-Banking  Financial  Companies  (NBFC).   These NBFCs extend unsecured loans, generally small amounts for short terms, for less than twelve months. The benefit of these loans are-   – Fast Disbursement: Short-term loan approvals are as fast, no paper documentation, and are online. – Low amount  approval: Your small financial crunches can be addressed with easy loans. You are not forced to borrow large amounts against your needs. – Easy repayment options: You yourself decide the date of repayment, unlike fixed dates of repayments in other loaning or credit systems. – CIBIL or Credit  Score: You do not have to always score well on your CIBIL or have a pre-history of financial transactions or credit score.   Why Short Term Loans? Short-term loans are the best recourse in emergencies. You Prefer Using Cards?…Check-Out! What if, in case you do not have a credit card? If you have exhausted your credit card’s limits you need some other alternative. Likewise, a credit card will not be accepted everywhere like- your landlord might not accept it to receive the rent. Or, for that matter, when you wish to pay back your credit card bill you cannot use it. Also, a cash advance can only be availed from an ATM using your credit card which depends on your fixed limit. Do Personal loans suit you? Personal loans need a lot of documentation and take days and weeks for approval and disbursement. They cannot be an option for emergency needs. They check your previous financial transaction or take into consideration Credit Scores. All such hassles are not applicable in short-term loans and at the same time your privacy is retained. You can repay the moment you receive your salary, the very next month. Choose the Best The best way to zero down on a Non-Banking  Financial  Company  which can offer a superior easy loan product is the convenience, speed of disbursement and the flexibility they offer to customers. One such company offering short-term loans with all these features and much more are, a leading Fintech company using advanced technology of “Social Score”, to approve loan amount. Unlike the traditional methods of checking historic financial transactions or Credit Scores, they employ an advanced Social Scoring system defined by the customer’s presence in the digital ecosystem or social community. Loan on Mobile App  What makes small loans offered by pre-eminent are its distinct features. Unlike no credit check loans where you visit a bank or call a loaning agent; it’s all there on a “Mobile App”. You just have to download the mobile application on your Smartphone from “Google play store” and get started. Zero Documentation and Credit  Score Neither paper document nor credit score is required for short-term loans. Simply click your selfie, and use the “upload documents” option in the app. This is the most convenient and fast way to receive online loans. The unbelievable speed of approval can astound you, as it is as less as just 30minutes.  Contain  One’s Self-Respect  With your privacy is maintained, as you need not disclose it to anyone. You do not experience embarrassment and tide over the situation. Step-by-Step  Easy Loan  Simplified steps, to apply for short-term loans, on the mobile app of the company make them popular. The steps are user-friendly and easy to maneuver. Similarly, the approvals and disbursals are simple and fast. Register using your Facebook account and upload few basic documents. After entering the amount, choice of repayment you get instant approval within 30 minutes, based on social scores. You sign some documents, delivered at the doorstep, and cash is transferred to your account immediately. It’s a definite win-win for professionals like you, who are connected to the social media community. The bigger the network the strong “social scorecard” and in turn better chances of high values and faster approvals. a2

All posts by Karishma Choudhary

India Stack

In September 2010, India set out on an arduous journey. A journey to provide every one of its billion plus residents with a unique identification number. A journey that would prove to be the beginning of a FinTech revolution for the country.


What is India Stack?

In simple terms, India Stack is:
  • paperless and cashless servicedelivery system.
  • The India Stackis a set of APIs that allow governments and private companies to deploy cashless and paperless technology products.
  • The stack is a new technology paradigm that is scalable to handle massive data inflows, and is poised to enable entrepreneurs, citizens and governments to interact with each other transparently.
  • It is an open system to electronically verify businesses, people and services.
  • It gives the data to the concerned individual and lets him decide who he can share the data with. The smartphone will be the delivery platform for services such as digital payments, identification and digital lockers.
  • It is the largest application programming interface (API) on the planet.
  • Poised to change the lives of 1.1 billion Indians.
  • On December 1st 2016, in a much-awaited press conference, Mukesh Ambani, CMD of Reliance Industries, announced that Reliance Jio had crossed 50 million subscribers – a feat it had achieved in a mere 83 days. This made Jio the world’s fastest growing tech company surpassing the likes of Facebook, WhatsApp, and Skype. This astonishing achievement was made possible by the strategy of rolling out e-KYC across all outlets in India, allowing SIM activation in under 5 minutes. 95% of activations were done using e-KYC resulting at a staggering average rate of addition of 6 Lakh subscribers per day.
  • It gives data to the concerned individual and lets him decide whom he can share data with. The smartphone will be the delivery platforms for services such as DIGITAL PAYMENTS,IDENTIFICATION AND LOCKERS.

Here are the 5 tenets of India Stack and the Startups leveraging it

  • Paperless identification
    • Aadhaar’s 12-digit unique identification number, floated by the UIDAI in 2009, has more than one billion Indians registered who have became the basis for the India Stack.
    • This system of identification and delivery of services is already being used by the startup world.
    • Aadhaar to deliver banking services to citizens.
  • Paperless payments
    • mobile payments through the smartphone. This can become India Stack’s signature delivery mechanism to make India a digital cash economy.
    • Also, Nowdays the short term online loan is being provided by the companies in just a click without paper work through your smartphones
    • Digital payments platform Paytm has announced partnership with major NHAI toll concessionaries like Reliance Infra, Sadhbav, IRB, MEP, L&T and GMR to enable cashless payments at all state, national and city toll plazas.
  • Paperless documents
    • Although digitisation is growing, India consumes the largest amount of paper.
    • the per-capita consumption of paper is 9kg and is all set to double by 2020 because of the growth of the education industry.
    • But with smartphone prices dropping, at least financial services and the healthcare industry can move to a paperless scenario in major cities with the help of India Stack.
    • The Stack’s APIs allow startups to bring solutions that can make documents go digital. Like for example taking online loans can help in saving the all paper doscumentation and verifications.
  • E-KYC
    • Abbreviated as electronic Know Your Customer
    • A key challenge for the customers while opening bank accounts is providing address proof, identity proof and physical copies of documents.
    • E-KYC simplifies the customer experience for the Aadhaar-registered individuals to open bank accounts.
  • Digital signature
    • This would be the last mile to cross, and can be made simple between two or more parties executing contracts over the mobile.
    • Today, most HR offers are online documents that contain digital signatures.

How it affects India?

  • Citizens
Brings millions of Indians into the formal economy by reducing friction.
  • Software ecosystem
Fosters innovation to build products for financial Inclusion, healthcare & educational services at scale.
  • Government

Brings a paradigm shift in the way government services are delivered in a transparent, accountable and leakage free model

How EarlySalary uses India Stack for enabling E-KYC & Faster loan disbursement.
  • EarlySalary provides short term cash to salaried individuals without any paperwork or documentation, thus following the digitized route.
  • The transfer of money into an individual’s bank account is a seamless process without any physical layer involved.
  • The paperless process not only helps in management of time and resources but also avoids redundancy.
  • Because of digitization, the process becomes smoother, as opposed to the traditional banking systems that turn out to be cumbersome and time-taking.