We all have that times when we need money but the bank account is nil or below a critical level or the salary is due in a few days and so on. Of course, you can ask someone to lend some money or borrow it from a friend or family or take a loan but wait, you are actually making yourself dependent on others for your financial needs. If you ask me, I would rather pay double the amount to some money lending third-party rather than being dependent on someone I know but only if I can repay the amount in full because being in debt is like an unending journey towards the top of a mountain, you won’t reach the top if you scale down a bit and try again. You need to climb faster to clear the debt.
But what if I say that there is an app that can lend you some money or say microloan ranging from few thousands to a maximum of 2 Lacs for a duration of 7 to 43 days (average 30 days maximum)? Early Salary is an app that lends you money at a flat interest rate of 2.5% that you can pay within 7 to 43 days depending upon what you signed up for and be honest, it is a great app that you must try.
The application process
Although it would take some time but, what party would give you a loan without processing an application for it. To summarize, for starters, you need to download the Early Salary app from here. Next, you need to sign up using your social media credentials i.e. Google or Facebook and the system will automatically analyze your profile to quote ‘Social Worth Score’ which is somewhat like the CIBIL score money lending companies would curate before sanctioning a loan to you but it is rather so easy.
Once you have the score which might not be available to you directly, it will dictate how much you can borrow and for how many days which you can check out and get the cash right away. I used the app a few days ago and it is gratifying to know that there is such app that financially helps you when you need it and it mustn’t be a dire emergency as well since you can borrow the money for any and every reason from a sudden trip to Goa or you were planning to purchase a bike or a car but you are short of funds and Early Salary is the right choice you can borrow from.
You need to submit bank statements for the last 3 months and also provide identity proofs for KYC. Once you place the order to specified cash, an officer will be sanctioned to you who will come at your residence to verify the identity and get your signature on an agreement before the amount is transferred and that’s all would take the same-day.
What are the amounts related to the app?
They charge 2.5% interest, it is still a better deal since not all banks provide microloans and even if they do, the interest rates are pretty high. To put things in context, if you borrow 30,000 rs from Early Money at 2.5% interest rate for 30 days, you’ll have to pay around 31,900 rs within 30 days. Further, you’ll have to pay 3% of the amount due per month for delays as penalties.
Further, you have to pay 0.1% of the principal amount or maximum 100 rs ass stamp duty which is applicable on first-time loans plus a 150 rs processing fee will be charged from the borrower too and that will be applicable on every loan that you borrow from Early Salary. Here’s a chart representing the processing amount related to loans –
Early Salary also supports prepayment without any charges where you’ll be charged for days you borrowed the money before repaying it and not for complete tenure.
There are basically two tabs when you open the app. The first is ‘Home’ and another is ‘Offers’. The Home tab has features like Loan Calculator, a button to tap and access ‘Education Fees on EMI’ which lends up to 3 lakhs with easy 3 to 6 EMIs. There is a ‘Repay’ option which you can use to repay the dues after you borrow the amount. Further, there is a ‘Shop’ option that will take you to Amazon where you can add everything you wish to buy and use the Early Salary loan limit to purchase it with EMIs.
Also, you’ll get exciting deals and discounts which you can check out in the ‘Offers’ tab. The app has plugins for Amazon, Flipkart, and Big Bazaar for now but it will add more for sure. Until then, you don’t have to hold yourself to buy anything because you can’t pay just now.
You can tap on three vertically stacked lines on the top left side of the screen where you get the options to update and view your profile, loan calculator, gift cards, refer & earn, FAQs where you can get information on questions that you wanted to ask before borrowing the amount. On the homepage, you can tap on ‘Chat’ option to chat with an Early Salary representative if you have any other question or query that you can’t get information on other pages.
Conclusion: Is it worth it?
Trust me, it is totally worth it if you borrow an amount and pay it back in the stipulated period because defaulting can have an adverse impact on your social score and might have a similar effect on CIBIL score too. I found the app exciting because I can borrow or buy any stuff I want knowing that I can pay a little later when I receive my salary.
Since you can apply for multiple loans one after another, you’ll have money to spare while the app is great for sudden financial requirements that you face although you must keep the profile complete and verified by uploading the KYC documents and bank statements to get started right away. Click Here to download the app!