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Signs Indicating The Need For Financial Health Checkup

Financial planning can be a tricky business. Managing finances is not really as simple as it seems and sometimes you may hamper your financial health without even realizing.

Your overall financial health comprises several things such as:

Your credit score,
Your investment portfolio,
The liquidity of your assets and
The amount of savings and emergency funds.

A perfect balance of all these factors, though desirable, is very tough to achieve. So don’t kick yourself too much if you struggle. Here are a few signs that you should watch out for and reevaluate your financial health in case you can see a few of them:

1.You have a Low Credit Score

A credit score depicts the creditworthiness of an individual. It takes into account your past credit transactions, its repayment et al and depicts whether or not you are a reliable borrower. In case you have a low credit score, it means that you are a risky borrower and you will have trouble getting any form of credit. Even in case you do get the credit, it would be at a significantly higher interest rate.

You can use our credit score calculator for free and while sitting within the comforts of your home.

2. No emergency fund

Saving and setting aside some part of your income every month for a rainy day in the future is pivotal. The importance of an emergency fund was felt extensively during the COVID 19 pandemic were a lot of people incurred huge unexpected medical expenses while not having a job or having salary cuts.

In case you do not have an emergency fund for any contingent needs, it is definitely time to reconsider your financial plans and take a thorough look at your financial health.

3. You are stuck in a vicious debt circle

Borrowing money can help tide over some emergency expenditures and with the advancement in the fintech sector, getting a loan has become as easy as ordering food online. However, in case you are borrowing money to return older loans or pay your credit card bills, it is safe to say that you are stuck in a debt trap. If that is the case, you should replan your finances or consolidate all your debts for easier repayment.

To know more about how to restructure your debt and consolidate it, refer to one of our earlier blogs here.

4. You are living paycheck to paycheck

In case your income is just sufficient to cover whatever expenditures you are earning and you are not saving anything, it can cause a lot of trouble to your financial planning. This is because saving is the bedrock upon which all future financial decisions and investment prospects rest on.

Therefore, if by the end of the month you are broke, it is time you reconsider your financial health or think about supplementing your current income with some alternate income stream.

To learn more about how to save from your salary, read one of your earlier blogs here.

5. Your net worth is stagnant or declining over the year

If your net worth is declining then it is a dead giveaway that your financial health is not optimal. Net worth is essentially the sum total of all the assets and the income that those assets are generating in a specific period.

In case your net worth is not rising, chances are that there is some problem with the way you are planning your finances. In such a case, you should definitely reconsider your financial goals or even consult an expert about replanning your financial goals.

Concluding words

It is extremely important that you get started on your financial goals from the very beginning. At the end of the day, it is about making the right financial choices.

If the magnitude of the task is bothering you, simply visit our website and put all your worries to rest. We, at Fibe, provide several financial services school fee financing, instant personal loans, medical emergency loans and a plethora of other services with no hassle and at just a click of a button. What are you waiting for? Partner up with us and take care of all of your financial wellness needs.

Get started on the Fibe experience now!

Want to talk to us about credit, loans, and your instant cash needs?

Download the instant loan app here, or simply log in to our website and be a part of the #OneSmallStep experience.

Financial Habits In Your 20s That can Make You Rich In Your 30s

Whether you are a young graduate, a small business owner or a professional in your 20s, the desire for a good lifestyle is common. However, that lifestyle you aspire cannot be sustained by many unless there is a steady fire hose of regular cash flows. This is why you need sound financial habits that can catalyse your meticulous and consistent hard work into wealth.

Myths about becoming rich within months followed by the shiny, glittering social media images abound us. Becoming rich is not a matter of luck, but about setting goals, ignoring distractions and most importantly- ignoring naysayers. While you may not be amassed with a fortune, there are ways to create one for yourself with time. In this blog, we share the 5 financial habits that you can adopt in your 20s and become rich by your 30s.

Track your Spendings

Take a long hard look at your spending patterns. If you are an impulsive shopper, then you should know that the idea of becoming rich in your 30s is a real stretch. Start with record keeping of every expense you make such as grocery, leisure, fees levied on your credit card (unlike on the Fibe Salary Card), subscriptions, etc. While setting personal budgets, first set aside the money you’ll need to fulfil your financial goals and then spend the remaining amount.

2. Buck the Short-Term Market Noises

With the financial markets sending mixed signals with rising crypto fever, fiscal stimulus, inflation risk or fluctuations owing to economic and political instability, you need to ensure that your financial decisions are based on fundamentals and not market rumours. Leveraging volatility is an art, we suggest you sit tight and ride the market when you are well-armed with information and a money corpus that can act as an insurance.

3. Invest

If you think that socking all of your money away can make you rich in your 30s, then you are mistaken. You need to diversify your money through a well-rounded investment portfolio that provides passive income. Explore and invest in instruments that you understand well. Allocate resources as per your risk appetite and never be greedy. After all, getting rich is easier than staying rich. Leverage the power of compounding and rotate your money to earn higher returns that beat inflation. It’s the snowballing effect with multiple income streams.

4. Avoid Debt for Debt

Live within your means or else debt will trap you. Learn to fight your impulses as you would be left with nothing but the regret of wasting money and the opportunity to earn more. If you have bad debt, know that you are paying higher monthly interest rates. Avoiding bad debts in your 20s is like a heuristic. Develop the habit of evaluating debt decisions by determining whether they are conducive to your overall financial goals.

5. Earn and Create Wealth

Your income is not equal to the wealth you have. Accumulate wealth in your 20s and earn returns. Indian tax laws incentivise long-term investments, so invest in real estate, bonds or ETFs to accumulate wealth. They can reduce your overall tax liability with concessions and deductions. Prioritise financial stability and allocate any raises you have in a fixed ratio, say 80:20, wherein 80% is into wealth creation and the rest to spend now. Apportion some portion to high-growth instruments like large-cap equities.

Who wouldn’t want to make astronomical returns? But let’s agree that expecting king-sized returns without these habits is a recipe for disaster. While there is no exclusive path to becoming rich, financial habits instill financial discipline and help you become more objective in money matters.

With all of the 5 habits above as the backdrop, there are instances when one may need external support to fight the cash crunch. We, at Fibe can help you with financial wellness ideas, credit, or personal loans to fulfill instant cash needs!

Download the instant loan app here, or simply log in to our website and be a part of the #OneSmallStep experience.

Tips To Do Budgeting With A Variable Income

Knowing budgeting tips can help you manage your finances better. This becomes especially crucial if you are one of the 31.8% of urban Indian workers who are self-employed or work as contractors or freelancers. In such employment, your income is proportional and related to your work. As a result, determining or predicting your monthly income can be challenging.

Assume you work in the sales industry. Here, your monthly income depends on your commission, which can vary depending on various factors. Similarly, if you work in the service industry or a job with rotating and hourly schedules, your work duration can vary, making your income variable. One way to navigate this is to know how to make the budget. A budget will help you plan your resources and manage your money for better financial health.

Also Read: Why Your Employees Should Be Helped With Budgeting

Read on to learn some successful budgeting tips for a variable income.

1. Create a baseline budget for every month

If you are wondering how to do budgeting for variable income, a baseline budget is the place to start. A baseline budget refers to the bare minimum budget, which includes the total amount of necessary expenses. The total is also the minimum amount of money you need to make or earn each month.

This budget usually accounts for necessary utilities and bills such as rent, food, water, and transportation. It is crucial that you do not include non-essential expenditures, such as eating out, shopping, or entertainment, in your baseline budget.

You can use several online budgeting tools and templates to create your baseline budget based on your variable income. These help you categorise past expenses and determine how much you spend each month on necessities and essential items.

2. Prioritise monthly expenses based on your variable income

Prioritising your monthly expenses based on your variable income is the next step after creating a baseline budget. This is crucial as it can help you figure out what you need to pay first and what can be taken care of later, such as leisure-related expenses.

Under this budgeting strategy, you need to determine what bills you need to pay first, second, third, and so on. This has to be in the order of importance and overall value. To create a comprehensive plan, you can also rank them by their due dates.

Assigning priority can be game-changing because it ensures that you adequately and appropriately allocate your money to top-budget items when you get paid. It also ensures you can still pay for the essential things with your variable income, even if your paycheque does not cover every aspect of your budget.

So, assign your monthly expenditures along the lines of what is necessary and crucial, such as your electricity bill and rent, and what you can let go of temporarily, such as eating out and that monthly Netflix subscription.

3. Plan better for the future months when you earn more

Finally, having a variable income also implies that there will be months when you will earn more and planning out your expenses wisely during those months is crucial. Suppose you earn more than your average variable income in a certain month.

In that case, you first pay for the essentials and then set aside a percentage of the remaining money to create an emergency fund. This budgeting strategy ensures that you have something to fall back on when your variable income is dwindling or is less than average.

This also helps you prepare better for unprecedented events, especially if they require you to spend a substantial amount of money. It is crucial to add a small part of your variable income to your emergency account each month before you reward yourself with leisure and non-essential services.

It is important to remember that formulating a detailed and meticulous plan is the first step in knowing how to do budgeting with variable income. This will help ensure you make the most of your income every month and take the necessary steps to secure your financial well-being.

In case you run out of financial resources or face an emergency even after using these budgeting tips, Fibe’s Personal Loan can help. With this loan, you can get instant financial assistance at attractive interest rates, with a simple application process that requires minimum documentation.

Download the Personal Loan App or log in to our website to get affordable funding of up to ₹5 lakhs.

FAQs on Budgeting Tips with a Variable Income

What are 3 examples of variable income?

Some examples of variable income include commissions, bonuses, or the income of an hourly worker with fluctuating work hours.

What is a variable income?

A variable income is when the compensation one gets is not fixed and fluctuates each month. In simple words, you may not earn the same amount every month.

What are the sources of variable income?

Bonuses, commissions, hourly wages, grants earned from equity compensations, freelance income, and business distributions are some sources of variable income.

Teach Money Lessons To Your Teens

Do you ever look back at the things you did in your teens and wonder if you could have done them differently? It’s that age when we feel that the world is our oyster, and we often act impulsively. Well, breaking bad habits in adulthood is tough, which is why it is important to teach your teens good management skills that they would need in life. One such skill is money management. While your children are still in their teenage years, it is much easier to mould them into money-wise stewards of tomorrow with financial literacy.

As parents, we never want our kids to make the same mistakes as we did. Let’s not forget that they would have to charter their path, make mistakes and learn. However, what you can do is help them side-step the pitfalls you had experienced. In this blog, we highlight the 5 money lessons that you should teach your teens.

a.Involve them in Monthly Budgeting Exercise

Involve your teenagers to actively listen and participate in the budgeting exercise. This is an excellent way to teach them how to save money and the value of saving. You can start with something as simple as explaining your budgeting process and how much things cost as a percentage of the monthly budget. Don’t overwhelm them with price tags. Instead educate them with the worthwhile options. As they grow older, you can also discuss the trade-offs made and the future returns from delayed gratification. However, make sure you breakdown your budget and discuss areas that are okay to talk about with your teens.

b. The Art of Saving

As your teens prepare for higher education, it’s the right time to introduce the concept of saving for short-term goals versus long-term goals. Teach them the power of compounding through compound interest. Teach them using specific examples of how money can double in a shorter time duration and how with saving they can fulfil their more expensive wishlist. This has the dual benefit of checking on the impulsive buying behaviour and instilling long-term vision and planning attitude in them.

c. Experiential Lessons

Do you give pocket money to your kids? If yes, then this can be the beginning of their relationship to money and influence their behaviour with money. Limited pocket money can empower them and make them responsible for their decisions. You can even open a bank account in their name and expose them to various aspects of banking. Alternatively, you can take them shopping at the grocery store. This way they can see the family’s budget, induce them to compare prices and then make money decisions.The What,

d. Why and How of Debt

As your teens progress for higher studies, debt may be required sooner and sometimes life may tumble because of a medical emergency, unexpected house repair, etc. This is when debt may come in handy. Educate them about the prerequisites for taking debt, responsible credit behaviour and the difference between good and bad debt. Teach them about the common tools lenders use for due diligence and credit decisions so they can build a good credit score from the beginning.

e. Goal Setting

Saving and spending wisely is important but what’s even more important is goal setting. Ask them what kind of lifestyle they want in future, a timeline for their goals and educate them about what they need to do to keep up with those lifestyle choices. This can motivate them to think long-term, begin planning and act accordingly.

As per T. Rowe Price’s 2019 Parents, Kids & Money Survey, 75% of kids wished that their parents had taught them more about money, and 72% reported that their parents are “always worried about money.” Such statistics are not uncommon, so begin money lessons for your teenagers early as they could have a huge impact on their financial trajectory in future.
With all that in mind, there are times that even we as adults need financial help to strike a balance. We, at Fibe, can help you with financial wellness ideas, credit, or loans to fulfil instant cash needs!

Download the personal loan app here, or simply log in to our website and be a part of the #OneSmallStep experience.

Transcend Boundaries, Straighten Finance: #YouGotThePower

From juggling household errands and office chores, from being a daughter to a sister to a wife to being a mama, she goes around heroically vanquishing every barrier in her path.

This Women’s Day, as we commence our campaign to applaud “her”, we urge you to join hands with us, to empower, exemplify, educate and encourage women. Let’s whirl our words “#YouGotThePower” into a thunderous voice.

Since forever and a day, the survival of the fittest has persisted. In this epoch of materialism, none can deny that money keeps you at par with those around you.

Why women have got to appear at the financial forefront

Priyanka Chopra Jonas put it just right- “No matter where you go in life or who you get married to, you have to be financially independent – whether you use it or not.”

How many times have you canceled taking off on that holiday or buying that costly dress you couldn’t take your eyes off of or held yourself back from splurging on that beauty or hair treatment?

Well, we got good news. You don’t have to worry about shopping on Amazon, or scheduling the voyage on MakemyTrip as we at Fibe let you directly spend money there!

If you crave to revisit or undertake to study something you have often wanted to, but the packed finances constrain you, our education loans are just the answer.

As we age, with the lines on our faces, our healthcare needs arise. With the government supplying tax advantages to women who invest, it’s time for the females to talk money.

Being a caregiver shouldn’t restrict you from spending on yourself or saving for trying times. Did you too overlook the fact that women presently control up to 85% of household spending? That puts them on the map as they are in charge of more than $5 trillion, in the United States alone.

What do the stats say?

In India, the average male life expectancy is 67.4 years while the female is 70.2 years.

Post-retirement, or even now, women have more expenses to take care of.

If the husband, unfortunately, passes away earlier, we would hate for you to stumble with finances. With family assistance diminishing in present times, it is now on women to take their care in the later years of life. Women have been kept miles away from taking decisions, especially monetary since times unknown. This has continued even after Independence.

One-stop solution

At EarlySalary, we believe in doing our bit for the goddesses we commonly forget to revere.

Every woman out there is entitled to know her net worth. With zero prepayment charges and loans up to ₹ 5 lacs, we have your backs.

Nervous about the hassle of paperwork, standing in line, and numerous visits to the bank? What if we tell you that you can apply in just 10 minutes? Yes. What’s more, is, you can rapidly transfer to and from your bank account, with a couple of taps on the screen!

Now if you don’t want a loan right away, wouldn’t it still be good to have some in store for a mishap?

In case you are wondering, our signing-up process is as simple as it gets. Within 10 minutes of downloading the app, you can transfer that currency to your bank.

Here’s how. Register with your mobile number, fill in the deets and as soon as you get the approved limit, you are good to go!

You no longer have to depend on your husband or your salary as we let you pay your child’s school fee in EMIs too! The cherry on top is that low-cost EMIs are available on travel and shopping loans too, as we attempt to give you wings to fly!

As soon as the pandemic’s over (or even if not) and you feel like swiping a card at the salon or your favorite restaurant, we have for you, the salarycard! Acceptable pan India, with adjustable EMIs on every transaction and no renewal or prepayment fee this is surely the best gift you will have ever received!

With ever-increasing responsibilities and even the simplest of things costing us all money, why not let the woman (or men) in your life, feel being looked out for? And what’s better than this International Women’s day to express how much you adore her? For the women reading this, it’s time you call the shots.

Cheers to the new horizons of womanhood!

Happy Women’s Day from ours to you and yours!

Download the instant loan app here, or log in to our website and be a part of the #OneSmallStep experience.

How to ask for a raise

Asking questions makes people nervous, and asking for a raise, more so. Those moments could be nerve-wracking and stressful. It seems like an extremely difficult task where some employees wait for several months before asking for a raise.

Asking for a raise might be necessary, albeit being an uncomfortable task, so we, at EarlySalary, have some tips for you.

Prepare

Anything important requires preparation and is especially crucial when asking for a raise. You should be sure about the claims you make and ensure the timing of the meet is crucial.

Positive testimonials: Keep a folder of all the positive comments you have received from your superiors, colleagues, and customers. Check on that track record in certain periods. This will also help in your improvement.
Consider what you bring to the table: In the long run, how would you contribute to the organisation to be worthy of the raise? This question will definitely be in the minds of your superior, and so should it be in yours.
Knowing your worth: Consider certain factors like the job description, the tenure you have been serving for, your current salary, and other related factors to find what you should ask for. Try researching how much a similar role is offered by other companies in the market.
Data is the key: Statistics and data backing up how valuable you are to the organisation can really help convince your superiors in giving you a raise.
Correct timing: You cannot just barge in your superior’s office asking for a raise while they might be busy with some prior engagements. Ensure their availability before you approach the topic.
Practice: You can record or practice in front of the mirror. Or you can even have someone role-playing as your superior to help you prepare.

The D-Day

Once you’re confident about your preparation, you can go ahead and ask for that raise. However, preparation alone is not enough. Make sure to keep the following tips in mind when approaching your boss for a raise.

Introduction: Go with a formal opening instead of directly asking for raise. It doesn’t have to be detailed, but make sure your crisp opening has the necessary substance. Keep it short, sweet, and simple, as it is better not to beat around the bush. Their time is as valuable as yours.
Be ready to take more responsibility: If you get a raise, it is extremely probable that it comes with additional responsibilities. Understand what the organisation might need and attempt to pitch yourself for that position along with the raise.
Proactive communication: Try to shake off the nerves and communicate proactively with your superiors. Tell them what you need, what they can expect out of you, and be receptive to the feedback they give.
Pull out your folder: While modesty is often a prized quality, make sure to talk (not boast) about your accomplishments to your superiors. Demonstrating the work you have done will certainly help in your case. Make sure to use as much data as possible, and make use of numbers.
Be ready for the hard questions: You have served the company well, and your superiors are sure to appreciate the fact. However, be ready for any hard questions and substantiate your answers with facts and numbers.
Confidence and Gratitude: Be confident and specific and express your gratitude to the panel or the person with whom you are communicating with.
Knowing how to respond in case of a NO: If it’s a no, remember to learn how you can get better.. Try to ask for feedback and constructive criticism, and make sure to implement them in your work before you ask for that raise again. If the answer is maybe or not right now, you may try to follow up at certain intervals with prior appointments with them.

Irrespective of whether you get a raise or not, make sure to take that in stride. If you get a raise, don’t let it get to your head, and if not, don’t get too dejected. If you really feel that your work is not valued enough, and you are rejected for a truly well-deserved raise, consider taking a look at similar roles in the market, and see how much they offer.

If you were really looking forward to the raise, looking for your next lifestyle upgrade, Fibe will always be at your rescue. With an instant transfer to your bank with no prepayment charges, you can avail of up to Rs 5 lakhs from their easy-to-use platform. Their instant cash and instant loan products aren’t limited to just personal loans, but you can get loans for even the basic needs such as paying your utility bills!

Download the personal loan app here, or simply log in to our website and be a part of the #OneSmallStep experience.

Why Financial Wellness Matters in a Multigenerational Workspace

Financial wellness has acquired considerable importance in the contemporary times, from the perspective of both the employer and the employee. It is because of its positive impact upon all stakeholders involved that a financial wellness programme is being called as the must-have benefit of the recent times for any kind of workspace.

While it is easy to say that financial wellness is one of the most important goals for the individual, it also cannot be ignored that the dimension of financial wellness can mean different things for different people. Understood in the most basic terms, financial wellness essentially means the financial freedom to make choices. However, it is very difficult to make a one-size-fits-all solution when it comes to financial wellness. In fact, in the post COVID times, the contours of financial wellness are changing and the 2021 trends exhibit that things like Education financing et al are gaining more importance with respect to financial wellness.

Problem with implementation of a financial wellness programme in a multigenerational Workspace

The attainment of financial wellness for all the employees in an organisation becomes even more difficult when the workforce is not completely homogeneous. In fact, different employees have different expectations from a financial wellness programme even if they are working in the same workspace. Therefore, it can be a difficult task to formulate a programme which caters to the financial wellness goals of the workforce all across different generations.

However, what is uniform is their need to have a sound financial wellness programme. In fact, according to a report by PwC in 2020, not less than 75% of the baby boomers as well GenX and millennials agreed to the fact that they would be attracted to a different company in case they show more concern about their financial well being.

Hence, in order to effectively take care of every person’s financial wellness needs, the following tips can be kept in mind by the organisation:

1. Know about the different wants amongst different generations and try to find out convergences

According to a PwC report in 2020, even though a majority of GenX and Millenial workers stated that job security is the most important factor when it comes to financial well being, for the baby boomers it was found to be lower healthcare cost and better healthcare facilities. Therefore, it is imperative for the organisation to take care of the expectation of both generations while planning a financial wellness programme. It is of utmost importance to see and measure your employee’s financial wellness before you start planning anything.

2. Address top health-related issues

DIfferent generations in the workspace will naturally have different health-related concerns and goals. While for an average GenX or millennial worker, it might be to stay fit, have a toned body, and get time to work out regularly, the same might not be the concerns of a Baby Boomer worker. It would rather be having rebates on healthcare services, tie-ups with hospitals, among other things. Therefore, it is important to take these factors into account while making a financial wellness program.

3. Know about their financial commitments

Repayment of the student loan is one of the most pressing issues for the younger generation in the workspace, in fact, as many as 80% of this generation touted it as the most important factor stopping them from achieving their financial goals.

However, for the older generation in the workspace, post-retirement benefits and easy housing loans, among other things might be of more significance. Therefore, it is important to understand their financial goals and liabilities in order to be able to effectively address their financial wellness.

4. Understand their financial position

It also helps to understand their position when it comes to savings so as to combat the problem of financial stress. In fact, according to the PwC report (2020), as many as 67% of the GenZ employees had less than $1000 in savings while the number was significantly lower in the Baby Boomers (37%).

Clearly, it is important that in contingent and emergency situations, more importance is given to the former over the latter when it comes to helping their plan their savings and they in fact need more robust and comprehensive training with respect to personal finance management.

EarlySalary introduces #BetterWay and #SafeSigns to educate consumers and improve awareness

EarlySalary, one of the leading applications for instant loans, is introducing a customer-centric consumer awareness intending to educate them and make them more aware of the risks and necessary precautions associated with online lending and related platforms. Instant loan apps have come under public scrutiny and faced widespread criticism due to recent scams and frauds that involve transactions amounting to whopping INR 423 crore, spread over 75 bank accounts, and carried out through 30 mobile applications, none of which were approved by the Reserve Bank of India (RBI).

The preliminary investigations have revealed that about 1.4 crore transactions worth INR 21,000 crore have taken so far, which goes on to show the importance of consumer awareness to help them avoid these frauds and scams every time they engage and interact with an instant loan app. The #BetterWay and #SafeSigns campaign by EarlySalary focuses on encouraging and instilling best case practices and practicing necessary caution when it comes to letting digital lending apps gain permissions and access to their devices, some of which are listed below:

Choosing caution over speed

When applying for instant loans through instant loan applications, do not throw caution to the wind. Fraudulent instant loan applications focus on distracting consumers from the overall terms and conditions and focus on the speed of the process. Hence, before you grant permissions and access to sensitive information to digital lending apps that provide attractive instant loans, always go through the terms and conditions and ensure that it only accesses the information while the app is in use and not in the background while you are running other applications.

Ensuring that privacy settings are apt

Not reading the fine print can hurt you, and many fraudulent applications ensure that the small print is as minute as possible to distract you from going through the terms and conditions. A recent study found that an appalling 97% of youngsters aged between 18-34 consented to terms of service without even reading them. Hence, the next time you are about to click on ‘I agree’ without actually revising the terms and conditions and looking into the privacy settings of the app, remind yourself about the importance of doing so and only choose instant loan applications with apt and sound privacy settings to provide information breach and fraud.

Look out for the #SafeSigns when using a lending application to apply for instant loans and avoid scams that can dupe you of sensitive information and hard-earned savings.

Looking out for #SafeSigns such as interest rates below 3%

Looking out for important #SafeSigns also involves ensuring that the terms and conditions of the lending application are reasonable and viable. One popular example is the interest rate offered by applications that provide instant loans.

As a customer, you should steer clear of interest rates above 3% per month, as this can be a huge red flag. Although interest rates can vary depending on the loan period, it is always advised to read the terms and conditions associated with the final interest rate before submitting your final application and you should constantly monitor your interest rates.

Trusting only RBI listed NBFCs

Finally, when you are applying for instant loans on lending applications, always take out the time to check whether or not they are listed on RBIs official website. Instead of taking convenient shortcuts that can contribute to monumental financial losses, in the long run, dedicate a few extra minutes to run a quick background check and verify the credibility and authenticity of the application you are trusting your sensitive data and information with.

Legitimacy is a huge factor that is often overlooked but can help you save a gargantuan amount of money by helping you make the right choice.

There are undoubtedly a plethora of lending apps providing attractive instant loans online. However, practicing necessary caution is one of the best ways to have a safe and secure experience. Always remember, before letting an application gain access to your personal details, always look at factors and features concerned with privacy, legitimacy, and pricing for a seamless and pleasant experience.

If you need financial wellness ideas, credit, or loans to fulfill instant cash needs?

Download the Fibe app here, or log in to our website and be a part of the #OneSmallStep experience.

Five Years of EarlySalary: From MVP to a Much Loved Product

Five years ago, on the 23^rd of Feb, we pushed out EarlySalary MVP with a belief that it would be a stepping stone for building a credit ecosystem that would power and upgrade our customers’ lives in a meaningful, tangible way. We were a small team that worked around the clock, spent sleepless nights fueling this vision of making credit accessible to all.

The thesis of Fibe was very straightforward. We knew that:

Customers are often seeking a salary advance which no one was there to cater
99% of such customers pay back on time.
The entire journey can be self-served on a mobile app without any human intervention which means customers’ experience has to be supreme.

With this in mind, in the first 180 days, more than 10,000 people experienced our product, and not just they liked the idea but came back with suggestions to help us improve. Of course, this helped motivate us to keep working harder. EarlySalary elevated itself into a full-fledged digital lending service with the capacity to manage few lac customers simultaneously, to borrow, repay and engage with.

The Journey to becoming a viable business model

As we persevered hard and transitioned to build a platform for solving the credit needs of our customers, personal loans were a logical extension to our portfolio. Of course, this was done without losing focus on our shorter tenure loans. From here on, the innovation flowed more fluidly than we had ever seen. We came up with credit to shop online, followed by us launching a direct partnership with corporates to offer credit to every employee – Blue, Grey, or White. The second phase for EarlySalary allowed it to grow to more than 100,000 active customers. But for us what really mattered was customer feedback and appreciation. And we strived hard to measure and perform on those metrics more than any other.

Gaining customer love

As we started our next sprint, the focus remained on being loved by our customers. To overperform on this metric, we ensured:

Self-serve as a clear focus: customers should be able to do everything from borrow, to repay, to solve doubts, set-up repayments, increase limits or resolve issues digitally. We call this Uberization of lending as a business.
The second was going beyond just giving money and becoming a part of our customers’ everyday life. We fueled it by adding a universal credit limit that could be utilized anytime and repaid anytime. It could also be used to shop or travel apart from withdrawing cash. This helped establish us as a recurring, significant part of our customers’ life instead of being a transactional service.

As we analyzed our data, we saw a lot of customers referred by existing users. That is what we wanted to achieve as a brand. We were not just assisting our customers with their credit needs but earned the position of a brand that they can recommend to others.

One Platform for all products

Our next pivot came when we expanded our vision to be a single platform for all lending needs of our customers, Hence, more choices of products to our customers.

As you can guess, every new product involves new risks, new innovation, a new product journey, and a new way of doing business. But credit (pun unintended!) goes to our Risk and Product teams who took up this challenge and built railroads to get a customer to borrow for any need and build the backbone for our checkout business and Salary Card business. Today, a customer is managed on a dynamic behavioral risk scorecard, which allows them to borrow longer tenure when they need to, finance their skill up-gradation needs or shop on EMIs when they want. This capability is now being harnessed by our partnership teams to build No Cost EMI for consumer products as we grow and cater to our 500,000 active customer base.

Sustainability as a business

Financial services start-ups have faced multiple challenges in the last 24 months. We have seen two NBFC crises & two banks collapse that led to immense capital shortages followed by extremely difficult times for everyone during the recent pandemic. It is why we must extend our gratitude to our teams that kept our heads down and focused on doing what’s right for customers. How you ask? By focusing on principles of automation and ensuring we stood strong as the business climate did a 180. The results have been more than satisfactory and give us an opportunity to thank every member of the EarlySalary family and every customer who used our services, enabling us to build a sustainable business today. Over the past 2 years, we have grown to process 10x the loans, and are one of the highest-rated FinTech apps in India. Most importantly, we see ourselves as a part of our customers’ life. And that was always the goal.

What is in store for our customers and EarlySalary family?

While we have achieved one of our early goals, the journey is of course, far from over. For our customers, we have a lot in the pipeline. We still seek a utopia where an even larger number of customers recommend us to their friends, family, and employers. We are working tirelessly to ensure we keep innovating to introduce new products and features that can service every credit need – from cards to Buy Now Pay Later, from salary advance to personal loans. We want to make sure we are your first choice.

A message to our EarlySalary family – we need to go 10x on our current size in the next 24 months. This will only happen if we continue to do what we have always done – focus on making sure we are part of our customers’ lives, by enabling them with meaningful credit that serves as an upgrade.

Celebrating 5 Years of EarlySalary App
Akshay & Ashish

Why Your Employees Should Be Helped With Budgeting?

Succeeding as an organization requires a robust combination of business skills, change management and decision-making, and most importantly, happy employees. Employees need to drive performance and create value for the organization. In return, the ideal enterprise should assist them with what matters the most – budgeting and financial wellness. Especially in an age dominated by millennials.

One of the most important skills to master is budgeting. This would require the HR and finance departments to customize training programs to meet changing needs. Having well-rounded communication with a team is not only excellent for recruitment and retention but also translates well into crucial metrics – improving productivity and profits.

Let’s delve deeper to see how you can help them in the process of preparing and overseeing their financial plans and expenses.

Help them Getting Started

The simplest way to help employees with budgeting is by giving them access to tools and schemes that help them control spending and learn about reliable investment sources. Financial literacy is low at 24% in the country, despite well-developed financial markets. Financial literacy for managing debt or education about decision-making criteria for instruments offering varying interest rates and options is of utmost importance as your employees’ progress and set afoot in asset creation.

With the increase in salary deducted savings and loan products becoming popular, advise them about the tax consequences and long-term effects on credit score. The provision of simplified frameworks on how to approach spending is also helpful. Evidence-based training that teaches the steps to stay on budget and means to direct surpluses can lead your team towards building financial resilience and superior lifestyle choices.

Credit Counselling & Debt Management

The biggest advantage of credit counseling and debt management sessions is fewer garnishments or advance pay requests and also fewer unexplainable or frequent calls at work. When employees know how to strike the right balance, they would need no time off to deal with exigencies from legal matters that arise from mismanagement. Refer them to reputable sources of assistance such as Fibe, which can offer instant digital salary advance, a Salary card, and instant loan and help your employees escape the complete nightmares caused due to stress and anxiety.

Employee Benefit Schemes

While savings may be a borderline utopian idea for the millennial workforce, it’s essential to reinforce the age-old saying, “money saved is money earned”. Encourage them to save and invest appropriately depending on their risk appetite and age. Meal coupons, employee discount programs, company medical insurance schemes, etc. can help your employees control spendings and get some tax savings too.

Retirement plans

With the wave of privatization ever so strong, the cohort that can rely on pensions is shrinking. The YouGov-Mint Millennial Survey revealed that among millennials, only 40%, and among the GenZ, only 17 percent are saving for retirement. The middle-aged working population is struggling to juggle higher education expenses for their children and maintaining a lifestyle. This is a trade-off being made in favor of current consumption over the future.

It’s important to make employees understand this trade-off’s opportunity cost by introducing schemes like the National Pension Scheme in your organization, which can help them with pension and tax savings. It is also important to help your employees understand the tax and inflation-adjusted returns of PPF/ gratuity/ EPF and other schemes.

Make such conversations a part of monthly meet-ups to help employees develop financial discipline. In a society awash with financial instruments, help your employees with effective financial wellbeing communications to make a real difference.

We Can Help

That said a professional financial counselor can provide the necessary support to help your employees with decision-making. Fibe (Formerly EarlySalary) has a stellar track record of powering financial wellness for corporate India by training employees for today’s financial challenges and tomorrow.

If you need financial wellness ideas, credit, or loans to fulfill instant cash needs!

Download the instant loan app here, or log in to our website and be a part of the #OneSmallStep experience.