Best Mobile Apps to Get Small Loans

Highlights

  • Know how to get hassle free loans from mobile apps.
  • Digital lending apps are a good choice when you want a lesser amount as loan.

Aditya Verma, a 24-year-old, Salaried Professional from New Delhi has been planning to go on a vacation in Mauritius with his friends. But every time he plans this trip his finances always come as an obstacle. This much-awaited trip is going to cost him around ₹1.5 lakh. He has just started his career, hence have no savings to fund the trip. One of his close friends suggested him to apply for a personal loan but soon after applying for the same he meet with a disappointment as he did not have a credit history. And, it took just a second for Aditya to realize that his much-awaited vacation is only a distant dream.

One day, while browsing one of his social media accounts on mobile, he came across a digital lending App, offering short-term personal loan to individuals. Soon after knowing the same, he installed the app on his mobile, which later fulfilled his wish.

Everything You Need to Know about Digital Lending Apps

There are many young professionals just like Aditya who have similar stories. In fact, some of them face critical emergency but cannot approach a bank or NBFC for a small-value personal loan for many reasons. Now you must be wondering why so? Well, many lenders offer a personal loan to those applicants who are having a good credit history, means a good score. And, also banks usually take 6-7 working days to disburse the loan amount. And, this is where the digital lending apps have come out as a boon for those who need funds instantly to fulfill their personal requirements.

Now imagine an app that offers a loan in the least time frame and that too without any formalities? No lengthy paperwork and fastest disbursal, sounds appealing, isn’t it? Well, of course, it is! With plenty of digital lending platforms available these days, it would not be wrong to say that availing a short-term loan is no more a hassle. These apps provide the short-term personal loans to young salaried professionals, help in fulfilling their multiple needs. This is the reason that why the popularity of these apps is increasing day-by-day, catering the short-term funding needs of many.

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So, if you are someone who is also looking for a short-term personal loan but doesn’t know which app is the best, nothing to worry at all. Today, in this blog post, we will let you know some of the most popular digital lending apps so that you can compare and choose the best one.

Below is a table showing the Interest Rates, Tenure and Loan Amount offered by some of the most popular digital lending apps.

AppsInterest Rate (in per annum)Loan Amount (in ₹)Tenure
PaySense16.8%-32% 10,000 to 2 Lakh3-24 months
CASHe1.5%/3%/2.5% 5,000 to 1 Lakh15, 30 & 90 days
Shubh Loans-25,000 to 5 LakhUp to 4 years
MoneyTapStarting from 15% Up to 5 Lakh2 Months to 3 years
Early Salary30% Up to 2 Lakh Up to 3 months

Let’s just know each one of them in the article below.

PaySense

A leading digital lending app that provides short-term personal loans to salaried professionals. You can get a loan from this app in less than 5 hours to fulfill your multiple personal needs.

Steps to Take a Loan from PaySense:

Step 1: Install the PaySense instant loan app
Step 2: Get instant loan approval in less than 1-minute
Step 3: Select your EMI and submit KYC documents
Step 4: After uploading the documents, e-sign your application
Step 5: Get money in your account in less than 5 hours

CASHe

A premier app, offering instant short-term personal loans to young salaried professionals. A well-designed app that comes with paperless and fastest disbursal process.

Steps to Take a Loan from CASHe:

Step 1: Log in to the app via any of your existing Facebook, LinkedIn or Google Plus profiles
Step 2: Upload a few basic documents in the app
Step 3: Within 2 hours, you will be informed of your eligibility
Step 4: Then, simply log in and select an amount
Step 5: The money will be credited right into your bank account within minutes

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Shubh Loans

One such digital lending platform that caters your personal needs with instant funding options. The app also gives you tips to improve your credit score and how to get approval for higher loan amounts.

Steps to Take a Loan from Shubh Loans:

Step 1: Download the Shubh Loans android app and log in using Gmail ID
Step 2: Complete profile information
Step 3: Generate your free – Shubh Loans Credit Report
Step 4: Apply for a loan on the app
Step 5: Get money in your account
Step 6: Start paying EMIs from your salary account

MoneyTap

India’s first credit line app that offers instant cash on demand to full- time salaried professionals and self-employed professionals. An individual with 23 years of age, earning a minimum of ₹20,000 per month can avail a loan.

Steps to Take a Loan from MoneyTap:

Step 1: Download the MoneyTap Credit Line App & Register
Step 2: Complete Your KYC Documentation
Step 3: Start using the App-as cash or card with one tap
Step 4: One tab to convert to flexible EMIs
Step 5: Keep track of all your transactions

EarlySalary

One of the largest salary advance and instant mobile app, known for offering salary advance to young salary individuals. A credit history isn’t necessary to avail a salary advance, especially in case of first-time loan takers.

Steps to Take a Loan from EarlySalary:

Step 1: Login to EarlySalary mobile app & verify your mobile number
Step 2: Upload a few basic details and documents on the app
Step 3: Once your profile is approved, simply select the loan amount
Step 4: The amount will be credited right into your bank account within few minutes

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Why are Digital Lending Apps Gaining Popularity?

One of the biggest reasons behind the popularity of these apps is their quick disbursal feature. That’s Right! For all your emergency needs, these apps are always ready to offer you the required loan amount and that too in the least time frame. However, in a regular case of availing a personal loan from the bank, it would take at least 6-7 working days to complete the entire process. In addition to this, these apps do not ask for lengthy paperwork, which means its a hassle-free process.

Apart from this, the 90% of the lending process happens through the mobile application, thus you can get the loan at your fingertips. However, the remaining 10% paperwork part may include a physical signature or post-dated cheques.

Well, one thing that needs to be mentioned here is the fact that while most of the lenders hesitate to offer the unsecured loans to those who do not have any credit history or low credit score, these digital lending apps are always ready to fulfill your short-term funding needs.

In case an applicant does not have a credit history or cibil score, these apps use an alternate data to evaluate the creditworthiness of an applicant. The data may include the applicant’s mobile bill, monitoring of social media accounts and the evaluation of the customer’s bank account statement. Actually, it’s a psychometric analysis which helps in determining the creditworthiness of an individual through his digital footprints.

These apps with their agenda of providing the short-term loans to young professionals are actually helping such applicants to build their credit history if they make regular and timely payment.

Documents Required to Get Loan Through Mobile App

Upload these KYC documents to get the funds instantly to meet your various personal needs.

  • Selfie
  • Aadhar card
  • Address proof
  • Bank statement

Features and Benefits

  • Instant Approval
  • Fastest Disbursal
  • Flexible EMI/Loan Plans
  • Transparent Process
  • No Collateral/Security Required

Personal Loan Interest Rates September 2018
Bajaj Finserv10.99% - 16.00%
Fullerton India14.00% - 33.00%
HDFC Bank11.25% - 21.25%
ICICI Bank10.99% - 18.40%
IndusInd Bank11.25% - 16.00%
Kotak Bank10.99% - 20.99%
RBL13.00% - 18.00%
Standard Chartered Bank10.99% - 14.49%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates September 2018
State Bank of India/SBI8.65% - 9.20%
HDFC8.70% - 9.40%
Bank of Baroda8.55% - 9.55%
LIC Housing8.60% - 8.95%
PNB Housing Finance8.99% - 10.75%
ICICI Bank8.85% - 9.10%
Axis Bank8.50% - 8.75%
Citibank8.85% - 9.65%
Indiabulls Housing Finance Limited8.70% - 9.85%
Kotak Bank8.65% - 8.75%
DHFL9.05% - 9.95%
Reliance Home Finance8.75% - 10.00%
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