Digital loan apps that allow easy access to instant loans
The FinTech environment has grown in popularity in recent years, especially after the pandemic. The banking, money services and insurance (BFSI) industry in particular has exploded with digital lending services transforming the lending process and disbursement methods.
Digital lending is booming as an effective alternative to traditional lending (by financial institutions) for people new to credit or underserved by the financial system.
With the internet reaching the remotest parts of India, people from all geographies and demographics now have the opportunity to access financial services digitally. Innovative products offered by fintech companies (lending apps in particular) have overcome traditional limitations, reduced transaction costs and improved customer experience.
Here are the 5 best instant cash lending platforms that will help you meet urgent money needs, with easy and smooth access.
Launched in 2018, RupeeRedee is a digital lending platform that allows consumers to meet their lending needs in a few simple steps using technology. The app gives you access to personal loans in minutes at your fingertips.
It is a technology-driven digital lending platform that leverages technology and data science to make lending accessible to India’s massive population of underserved customers. With a robust KYC and a smooth process, it makes the consumer journey simple and fast and also protects your data. It currently has 4.51 million installs on Google Play Store and an average traffic of 400,000 on its website.
Operating with its own Captive NBFC FincFriends Private Limited in the background to facilitate short term personal loans coupled with digital lending services and has rolled out various forms of underwriting including alternative data sources and not limited to underwriting based solely on credit rating. Following the code of fair practices and compliance process, it provides its consumer with an exceptional experience and satisfaction.
Established in 2018, the company has acquired a huge customer base in over 600 cities across the country. The digital credit card can be made available instantly in 3 minutes and benefits customers with no annual, membership or interest fees. GalaxyCard aims to make credit cards easily accessible to customers with an income of less than 30,000 per month. Customers can simply download the app and complete a free online registration for treatment. The whole application process is digital and requires three basic details – PANCard, Aadhar Card and bank statements. Unlike the traditional loan process, it eliminates cumbersome paperwork and long processing time.
Founded in 2014, LendingKart’s main mission is to facilitate access to credit for SMEs (small and medium enterprises) in India. It operates as an NBFC and focuses on MSME loans and capital. LendingKart uses big data analytics to help lenders determine a borrower’s creditworthiness. It also completes the loan disbursement process much faster than traditional banks.
LoanTap Financial Technologies is an online platform committed to providing personalized loan products to millennials. The Pune-based company was established in 2016 with the aim of providing a seamless customer experience from application to disbursement process. The platform is reportedly committed to providing flexible loan products to salaried professionals. LoanTap offers loans to help millennials live the life they want. The company is said to offer quick personal loans on favorable terms to the customers. LoanTap’s goal is to delight its customers by helping them choose the best loan products.
Mumbai-based CASHe is a digital lending platform for young salaried millennials. CASHe offers instant short-term personal loans ranging from INR 7,000 to INR 300,000 for tenors up to 1 year at from young professionals based on their social profile, merit and earning potential. The company uses its proprietary algorithm-based machine learning platform.