In India, many fintech players join in lending platform. While there has been a rise in the number of customers transacting through digital platforms, we are also witnessing the rise in fake lending platforms which are tarnishing the image of the digital lending industry. Instant loan apps are the best gifts of technology that make funds available to people when they need them the most. They are the most reliable sources of finance as long as the user selects an authentic loan app from an RBI-registered NBFC.
RBI report says that 600 illegal loan apps in Google Playstore
Personal loans will come to your rescue in times of emergency, it is important to understand that the interest rates applicable to them are relatively high and the repayment tenures are rather short. Personal loan from authorized bank cost you interest from 11% to 20% based on credit score and eligibility. Instant personal loan app cost more than 15% interest and it is costlier. So do not avail instant loan to go on vacation or purchase a new gadget. It is advisable to refrain from doing so as instant loans and take only in case of emergency.
Try to get money from friends or get by gold loans to avoid high interest instant loan
List of measures to find best digital lending app
The best thing to do would be to avoid borrowing from such apps. But if you have to, then check the apps’ rating and reviews on Google Play Store or App Store; check whether the NBFC (Non-Banking Financial Company) or bank they are linked to is accredited by the RBI. Check the installation count of the app – authentic apps have installations in millions because of their originality.
1. Check the apps’ rating, number of users and reviews on Google Play Store
Users should also do due diligence before applying for a loan and try to find the details of the company operating the app, its website, contact details, physical office address in India. In case incomplete/ inconsistent addresses, fake address, avoid that lending app. The app should provide NBFC name in the app details and it should be listed in the RBI’s NBFC list.
2. Find the NBFC name and bank associated with lending app and physical address of the company
A lender should disclose necessary information in a transparent and upfront manner so that the borrower can make informed decisions. A user should always insist on a loan agreement while applying for a loan even from a digital lending app and verify that the loan agreement discloses the name of the actual lender, processing fees, annualized interest rate, penalty, repayment schedule
3. Loan document from the loan app with all the details including repayment schedule and interest rate
Take the loan as much as low or whatever you required. Since it is very easy to access personal loans and the amount is disbursed in only a matter of minutes or hours, it is easy to get carried away and apply for a higher amount that you require. It is essential to calculate how much money you require for your immediate needs and limit your borrowing to that amount.
4. Restrict your spending and take minimum amount from instant loan app
Mostly instant loan app never negotiate the interest rate. But if you have a good credit history, you will not have a shortage of lenders who are willing to offer personal loans to you. Hardly they reduce the interest rates.
5. Try to negotiate the interest rates
The loan document must be read carefully and in its entirety to ensure that you are not in for unpleasant surprises later on. Go through the fine print and understand all the fees, charges and penalties. Doing so will ensure that you are well aware of the terms and conditions of your loan, thereby helping you make payments on time and clear your debt in a smooth and hassle-free manner.
6. Loan document is legal document and you should read completely before sign the document
Defaulting the loan in instant loan app would be high impact which you never imagined. Failure to repay your loan on time, or defaulting on EMI payments, could have serious implications. It is important to understand that delayed or deferred payments can not only lower your credit score, but can also make you an unreliable customer in the eyes of the banks you approach in the future.
7. Understand the risk of defaulting the EMI in instant loan app. Do not borrow loan from unlicensed lenders
You have to install the app to get the loan from instant loan app. So it would ask for all kind of permissions. In one case, a man who had never borrowed from any loan app was harassed by loan app operators to repay a due amount. After investigation, it was found that his neighbor had defaulted on the loan and the victim’s contact number was on his contact list. In another case, a woman was harassed with her morphed photos to repay a loan one of her colleagues had borrowed.
8. Do not allow access to contacts and gallery
The shadiest part of loan apps is when these apps – even those considered ‘okay’ – demand access to the borrower’s contact list and gallery on downloading the app. This data is later used for harassment purposes. They also use the borrower’s gallery photos to morph pictures into pornographic content and circulate the fake images in a defamation campaign.
9. So before you click on ‘allow access’, think again. That would be hardest decision in your life
You should use all the above measures to find the best instant loan for emergency financial needs. Here is list of instant loan app in india:
Here is list of instant loan app in India:
1. Fullerton India (available only for salaried applicants):
The personal loan app claims to disburse a loan within 30 minutes of loan approval. The app features a hassle-free documentation process where only your basic information is required.
Interest Rate : Min. 11.99%, Max. 23.99%
Minimum Loan Amount: ₹50,000
Maximum Loan Amount: ₹25,00,000
2. LoanTap:
LoanTap is an online platform that delivers instant, flexible loans on attractive loan terms to salaried professionals and businessmen. LoanTap offers a variety of innovative products such as personal loans, personal overdraft, EMI free loans, credit card takeover loans, rental security deposit loans, advance salary loans, and house owner loans.
Interest rate 1.5 – 3%(Monthly)
Loan Amount : ₹ 50,000 – ₹ 10 lakh
3. PaySense:
PaySense is an instant money app that offers instant cash loans online. You have to submit your KYC details and apply for a loan and would receive approval within 5 hours. The company provides personal loans online of up to ₹ 5 Lakh and you can use anywhere from ₹ 5,000 up to your entire approved limit at one time.
Interest Rate 1.08 – 2.33%
Loan amount : ₹ 5,000 – ₹ 5 Lakh
4. KreditBee:
KreditBee is an instant personal loan app for young professionals. You can get a loan of up to ₹ 1 Lakh. The loan process is 100% online. The disbursement is done within 15 mins, and the amount is directly credited to your bank account.
Interest Rate 10% – 29.95% (P.A.)
Loan Amount: ₹ 1,000 – ₹3 lakh
5. MoneyTap:
MoneyTap is India’s first app-based credit line. The interest rates for MoneyTap loans typically range from 13% to 18% annually. You must be a full-time salaried employee with a minimum take-home salary of ₹ 30,000/month to get loan from moneyTab. It is availble only in limited cities like Ahmedabad, Bangalore, Chennai, Chandigarh, Coimbatore, Delhi, Gandhinagar, Hyderabad, Indore, Jaipur, Mumbai, Mohali, NCR, Panchkula, Pune, Rajkot, Secunderabad, Surat, Vadodara Vijayawada and Vizag
Interest Rate: 13% to 20% annually
6. IndiaLends:
IndiaLends is one of the cash loan apps in India for instant personal loans, credit cards, and free credit reports.IndiaLends offers instant personal loans online with the best interest rate and disburses the loan within 48-hours. I
Interest Rate: 10.75% – 25% (APR)
Loan Amount : ₹ 15,000 – ₹50 lakh
7. Credy:
To take a loan from Credy, all you need to do is download the app, meet their eligibility requirements, upload the documents they ask for, and you are good to go! The loan repayment schedule is also flexible because it allows borrowers to choose tenure between three to 12 months. They offer loans to salaried employees earning at least ₹15,000 in Bangalore, Chennai, Pune, Mumbai, and Hyderabad.
Interest Rate : 1 to 1.5% of Loan Amount Per Month
Minimum Loan Amount: ₹10,000
Maximum Loan Amount: ₹1,00,000
8. Nira:
NIRA is a FinTech company that offers a line of credit to salaried professionals in India. It is backed by Muthoot finance, Ujjivan bank, pincap and IIFL Kudos finance.
Interest Rate : 1.67% – 2.25% (Monthly)
Loan Amount : ₹ 5,000 – ₹ 1 Lakh
9. CASHe:
CASHe is an app-based digital lending platform that provides short-term personal loans for various financial needs, but only to salaried individuals. CASHe is powered by Bhanix Finance and Investment Ltd – a RBI registered NBFC.
Interest Rate : Interest Rates From 2.25% onwards
Loan Amount : ₹ 1000 – ₹4 lakh
10. MoneyView:
Money View personal loan app, you can get a personal loan in just 2 hours. Money View loan amount ranges from ₹ 10,000 to ₹ 5 Lakh. The repayment period is flexible and ranges from 3 months to 5 years.
Interest Rate : 1.33% (Monthly)
Minimum Loan Amount: ₹10,000
Maximum Loan Amount: ₹5,00,000
11. SmartCoin:
SmartCoin is a FinTech company with a mission to offer its HomeCredit customers a user-friendly and scalable lending platform. It is a personal loan app in India that provides instant loan for individuals looking for short-term personal loans. Use its mini loan app to get loans from ₹ 1,000 to ₹ 25,000.
Interest Rate : 2.5 – 3%
Loan Amount : ₹ 1,000 – ₹ 2 Lakh
12. FlexSalary:
This company has planned its product to take on personal loans. FlexSalary is a branded loan product of Vivifi India Finance Private Limited, a non-banking finance company (NBFC) registered with the Reserve Bank of India (RBI).
Interest Rate : 36% (APR)
Loan Amount: ₹ 4,000 – ₹ 2 Lakh
13. PayMeIndia:
PayMeIndia is an innovative FinTech app that offers instant payday loans, advance salary loans,short term cash loans to salaried employees at attractive interest rates. They are partnered with NBFC’s like Pinnacle Capital Solutions Private Limited, Arvog, Arthmate and PayMe India Financial Services Private Limited
Interest Rate : 2 – 6%
Loan amount : Upto ₹ 2 Lakh
14. RupeeRedee:
RupeeRedee is a digital lending platform that allows consumers to fulfill their lending needs in simple steps with the help of technology. All loans applied through RupeeRedee are approved and disbursed by our Non-Banking Finance Company (NBFC) Partner- Fincfriends Private Limited, which is registered with the Reserve Bank of India.
Interest Rate : 3% per month
Loan amount : ₹ 2,000 – ₹ 25,000
15. HomeCredit:
This is one of the oldest money lending apps in India. A part of the international Home Credit Group, this company has a presence in over ten countries in Asia and Europe. It provides a loan amount of up to ₹2,40,000 and allows you to repay it in easy EMIs within a period of 6 to 51 months. HCIF is a Non-Deposit taking NBFC registered with Reserve Bank of India (RBI).6 ஜூலை, 2018
Interest : 2% monthly
Minimum Loan Amount: ₹10,000
Maximum Loan Amount: ₹2,40,000
16. Early Salary App:
Early Salary App loans are available at a competitive rate of interest. The whole process from application to disbursal is 100% digital. Flexibility of choosing the loan tenure from 3 months to 24 months. There are no prepayment and foreclosure charges. Get an instant earlysalary loan in 8 minutes from the EalrySalary app. ESPL. A Non-Banking Financial Company registered with the Reserve Bank of India (“RBI”).
Interest : from 24% annually
Loan Amount: upto 5 lakhs
Look for the best interest rate offer from instant loan for your emergency needs. Interest rate should be less than 20% and processing fees should be less than 1% of your loan amount.
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