“Even if you earn a lakh per month you will run out of money in the month end” that’s the scene happens in every house of the employee in the month end, if you are doing a business the scenario is just opposite. Payday loans are just a boon to those early finishers.
Payday loans are not recent but the majority of the beneficiaries in the past are illiterate, poor people, renters and daily wagers whose monthly earnings are not sufficient to satisfy their daily basic needs.
These people don’t have any assets to get security loan or the knowledge of banks to get loans at low-interest rate then, lenders capitalized on their ignorance and their need for the money. Payday loans are usually distributed at higher interest with no credit check.
As the time grown, globalization increased the purchasing power of the people as a consequence people started buying needless things for the sake of prestige and fashion.
Modernization made salaried employees to buy updated and costlier products which in total exceeds their monthly salary. They live like a king in the first ten days of any month and the last ten days as a miser.
They ask their friends, swipe cards or approach pawnbrokers to get money to survive in the month end.
As the technology evolved modern payday loan lenders started adopting technology and distributing loans in a single click.
There are many online payday loan lending apps in the market to provide instant loan for salaried employees with no credit check this article is all about listing those apps and procedure to get instant payday loans with no credit check.
1. MoneyTap offers instant payday loans with no credit check
Moneytap is the leading and popular payday loan lender in India where you can get the credit line of up to 5,00,000/- (based on your salary) with no credit checks and can be instantly credited into your bank account.
All you have to do is to download the app and fill the required details like PAN, KYC document, and the respective bank statement. Once your online documents are verified you will be verified in physical by the field agent.
Meanwhile, your maximum credit line will be set by the app based on your salary.
The best part in an online payday loan is you pay interest only for the money you use not for the credit line.
In money tap if you are getting loan less than 10,000 your EMI tenure is fixed for 2 months you cannot extend it but above 25,000 you have the provision of 6, 12,24 and 36 months.
Percentage of interest varies based on the repaying tenure and the amount you borrow. Money tap applies processing fee + tax to process your request.
I have recently downloaded the app and tried to lend the money for some financial urgency. As per the procedure, I have uploaded all the required documents and it got verified on the same day but the process completed with the physical verification by their field agent.
After the field agent visit to my office it was more than a month I didnt get any single followp call from moneytap.I just lost the hope and abondoned the app.
But few weeks later I got the “Tong” sound in my mobile( an app notification from money tap) , yes my final credit line is set and documents are also verified.
Now I can start borrow instant money for my emergency use which can be repaid in EMI.
This app is really usefu for all the month end borrowers.Just try you luck here.
Get exciting Amazon vouchers worth ₹500 upon final approval of your credit line @ MoneyTap app. Money available 24×7 on the app! Credit limit up to ₹5,00,000. No usage, no interest charged.
Very recently I tried dropping Rs.20,000/- from monytap, after deduction of the one-time processing fee, tax and EMI I received around Rs.18,500/- though Rs.1500/- in twenty thousand looks huge the crediting process is very instant.
Problems I am facing with Money tap
Very recently I made a test request for Rs.3000/- but it didn’t deposit as per their promise, though they advertise as instant payday loan lenders, it took time to hit your bank account.
And another important thing is they keep on sending reminder messages and few automated remainder voice calls one week before the EMI period, it a is little irritating.
FlexSalary is another blessed way for a salaried person to get a payday loan with no credit check faster at better interest.
You can borrow money from 4000 to 200000 and pay the interest only on the amount you used.
There is no fixed emi, you can choose as per your need.
3. Early Salary
Ealrysalary claimed to be India’s 1st mobile application platform to provide salary advances at lower interest with zero employer liability.
The process remains the same, you have to upload the basic key documents with a selfie. once the documents are processed your credit line will be set.
Field agent will be sent to your doorstep to verify your physical existence and get documents signed.
Once the verification is over you can request the money and it will be credited to your linked bank account instantly.
Here also you will be paying interest only on the used amount.
4. Aditya Birla Capital
Loan amount ranges from Rs.25,000/- to 15lac, interest starts from 14% with a 2% processing fee.
All you need is to provide Aadhar number, pan card, Bank statements and Profile eligibility, the borrower in the age between 23 and 55 is only eligible for a payday loan.
A salaried person can opt for a personal loan and a self-employed borrower or businessman can apply for the business loan.
This particular payday loan is geographically limited. Only applicable to Chennai, Mumbai, Bengaluru and Pune resident.
The borrower with a minimum salary of Rs.15,000/- per month is eligible to avail this loan, instant approval within 48hours if your cibil is good.
Interest rate vary from 12% to 22% , but the processing fee of 3% is comparatively higher than any other payday loan lenders with no credit check.
Finnable is a Bangalore based fintech startup helping both employees and employers.
For employees: Its like other fin tech apps, you need to submit the documents and bank statement once the credit line is approved you will get the instant payday loans.
For employers: It helps employers to sort out the heaping salary advance requests, by signing up with Finnable employers can equip their employees to get instant payday loans directly from Finnable to their salary account with applicable interest.
Finnable promise employer is not liable for the dispersed loan to the employee.