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Making The Right Financial Choices Through Financial Literacy

The current workforce consists of a considerable percentage of millennials. It is estimated in a study by the University of North Carolina that nearly 50% of the workforce will consist of millennials by the year 2020. With such a large proportion being millennials, the big question that arises is whether they are equipped enough to conduct their finances wisely. Can they manage it better than the previous generations?

The Gen-Y, famously known as the millennials have lived through the infamous recession that crippled the global financial market a decade ago. It is safe to assume that living through the financial crisis have made them more aware of the tough choices and consequences they can face financially. But are they financially literate to make the right choices?

A report by the investment banking giant Goldman Sachs states that millennials are more adaptive to technology than the generation that preceded them. “So what?”, you might ask! The connection is that most financial instruments now provide services through mobile apps, reducing the gap between the young population and various financial aids. This allows the millennials to be updated with their monetary commitments, but does it make them financially literate? Access to cash goes hand in hand with financial literacy to make the right investment and the right choices.

Here are ways to stay financially literate and make the right financial choices.

No further loans should be taken to repay what has already been borrowed

A debt trap is created when new loans are taken to repay older loans. The repayment of a loan must come from income.

Place a curb on spending and usage of credit for consumption

Learning to live within means is not easy. Adopting a lifestyle that is in line with earnings, making sacrifices to ensure that debt is paid off, as a means to come back debt-free are all decisions that require determination. There are several instances of psychological damage that severe indebtedness can create, including depression and suicidal tendencies. It is important to take help before it is too late.

It is important to see that debt can be reduced only by repayment

Deepening the crisis by borrowing more are not solutions. Debt incurred must be repaid and figuring how this can be done is what debt restructuring is about. Seek help before it is late.

Seek help to restructure and re-organize existing loans

Many banks have a debt restructuring and advice facility that helps chronic borrowers. There are also external agencies that can help. Seek professional help to see what it is due, and how can be reworked. Credit card dues can be converted into personal loans; penalties can be negotiated for waiver; repayment schedules can be structured in line with capability of the borrower.

Do not hesitate to put assets to use

Assets such as house, investments, provident fund balance and gold, can be pledged or mortgaged to raise money. Assets can also be sold to repay the loans. Many borrowers worry about saving face and social costs. With some help, they may be able to make decisions that have short-term costs but long-term benefits.

Keep Bad Credit at Bay: 5 Reasons Why

Credit Score is a numerical expression based on borrower’s credit history which is record of borrower’s responsible repayment of debts. Having a good credit score is all that matters in today’s fast paced world, you may miss out on many benefits if you fail to maintain one.

Here are 5 ways a bad credit can negatively impact your credit score.

1. New Loans

Loans are the best way to get a huge sum of money in one instance. This attracts an interest rate that needs to be paid while repaying the loan. Failing to maintain a good credit score means you can kiss your dreams of buying a new house or studying abroad goodbye. Because when you apply for a new loan, your credit score will be one of the first few factors to be checked.

If a low credit score is found, then the loan application will either get rejected or you will be charged a higher interest rate. You may also need to show higher collateral in case of a low credit score.

2. Insurance Premiums

Insurance companies also check your credit scores. Timely repayment of loans and lower outstanding debts are what insurance companies are on the lookout for. And so a lower credit score will inarguably result in you paying a higher premium.

3. Renting a House

Renting a new house can also be very difficult if you have a low credit score. Yes, you read that right! Many landlords scan your credit score before they rent their house with excellent amenities and in prime locations to you to ensure a timely payment of the rent.

If you have a bad credit history, then the odds of getting a house are very slim. Landlords whose houses that have a bad infrastructure and that are present in areas where the demand is low may not check your credit scores. But you wouldn’t want to live anywhere like that, right?

4. Finding Employment

The competition to land in a job has increased exponentially in the recent times. And most employers make it a point to check your credit score.

In fact, as per the Society for Human Resource Management Report, 60% of the companies avoid hiring people with low credit score. They are of the opinion that a low credit score indicates lack of ability to manage your finances which can negatively impact your performance at the job.

5. Security Deposit on Utilities

Utility companies – electricity, phone, and cable – check your credit as part of the application process. If you have a bad credit history, you may have to pay a security deposit to establish service in your name, even if you’ve always paid your utility bills on time. The security deposit will be charged upfront before you can establish service in your name.

Save Yourself from These Problems by Keeping Your Credit in Check

Credit Score is becoming an important measure to assess your financial stability. Not having a good credit score could impact you negatively on various fronts as discussed.

Hence, it is advised that you keep your credit payments in check and maintain a healthy credit score. By doing so, you can reap benefits like quick loan sanctions, lower premiums, cheaper insurances and even access a better lifestyle. So get going to improve your credit rankings!

Give your Financial Goals an Early Start!

Getting your very first job is one of the most significant turning points of your life. You start making money, you start believing your dreams can finally come true. That’s wonderful! But are dreams enough? Hardly!

When you fail to plan your goals, you plan to fail your goals. Confused? Ask yourself how much money you need to make your dreams come true and that is when your dreams start to become an achievable financial goal. Wanting to own an expensive phone is a dream; planning to buy an iPhone X worth 1 Lac in 5 month’s time is a financial goal.

Determine your cash flow

The starting point of any financial plan is to determine your cash flow or the difference between your monthly income and expenses. It is important to first differentiate which of your expenses are essential and which are discretionary and then to limit those discretionary expenses.

Estimate your financial goal time frames

Your financial goals should ideally be broken down into three categories; short-term, medium-term and long-term goals.

First, you need to calculate the inflation-adjusted price of the goal based on your time horizon. And when you have ascertained the goal cost, your monthly savings and the time horizon in mind, find out the tax adjusted rate of return (rate of return is the difference between the gross rate and inflation).

For a net return of 10%, tax slab of 20% and inflation of 7%, your gross return would be a handsome 22%! You also need to factor in long-term and short-term capital gains tax.

Where to invest?

Long-term goals (over 7 years) ideally should have an asset allocation of 100% equity or 80% equity with a 20% debt.

For medium-term goals (between 4 and 7 years), a ratio of 60% debt and 40% equity is desirable.

Short-term goals (below 3 years), could comprise entirely of debt or a 90% debt and 10% equity.

That is how calculative you should be from the very start!

Also, as investment options, long-term equity-based mutual funds, New Pension Scheme or Public Provident Fund can be considered. For medium-term, it could be balanced mutual funds or equity-linked savings schemes with debt. For short-term, the choices are liquid funds, recurring deposit, fixed deposit or short-term debt funds.

Know about tax-savings

There are certain statutory deductions available for tax-payers from their taxable income. Take a quick note of these too!

– Section 80C of the Income Tax Act allows deductions when you invest in Equity Linked Savings Schemes of mutual funds, New Pension Scheme (NPS), life insurance and so on. The maximum deduction is for a sum of up to INR 1.5 Lacs.

– Also, the Income Tax Act has a deduction for health insurance premiums paid in Section 80D with the upper limit being INR 25,000/- each both for you and your parents and INR 30,000/- if your parents are senior citizens.

Choose the right insurance

Insurance is meant to be a protective cover for you and your family. Investments help you achieve your financial goals. Both are not to be confused.

In today’s uncertain times, the best life insurance solution is a term plan which has no maturity value but provides high protection at a low cost. We might fall ill or need an operation. Hospital costs are very high, so a health insurance policy will also come in handy.

Keep an emergency cushion

Emergencies strike without a warning! A contingency fund equivalent to 6 months of your household expenses should be created with liquid funds or savings account or both. This should take care of a sudden job loss or illness.

Avoid a debt trap!

You fall into a debt trap when you don’t pay your credit card bills every month or take excessive loans or avoid budgeting.

So first identify your financial goals. Then begin with your saving and investment processes as early as possible. Be disciplined in your investments and then watch your financial goals being achieved!

Skip the Bank : Online Non-traditional Lending is the Best Bet!

Are you on the look-out for a simple and efficient way to get instant loans? Are you aware that traditional, big banks aren’t your only option anymore? Whether it is for your month-end needs or your next vacation or a home investment, online loans have proved to be much easier to get as compared to the traditional, lengthy bank rounds. Let’s look at some aspects of online lending which makes it the best bet out of the two.

Speed

There can be multiple reasons for you to look out for instant cash loans. You may want to invest in self-learning courses, or may need it for a medical emergency? Maybe you failed to manage your finances well this month but you need to pay off some high-interest debts?

These issues are extremely sensitive to time and if you have gone through a bank loan application you would know that it is everything but a speedy process. Opting for an online lender has made the borrower’s life much simpler, the approval process is definitely faster than that of the conventional lender.

As secure as banks, the online lenders have significantly lesser regulations and simpler procedures to follow which translates to lesser paperwork and quicker approvals.

Assured Loan Approvals

More often than not, banks refuse to lend money if the amount is not large enough to make a good profit on. In other words, banks are not a suitable option to ask for smaller loans. So, if you are looking a short-term instant loan, the odds of you being denied one are comparatively higher if you go the traditional way.

Most times, the borrower is left in the dark and the reason for rejection is not disclosed to the individual. There is no room for correction and your application may get rejected multiple times for the very same reason.

When it comes to online lenders, your chances of receiving a positive response are greater as they have tailor-made loaning options for you with complete transparency about the process.

Flexibility

Traditional banks offer business loans that you are all too familiar with. Line-of-credit, interim loans, credit cards are some of the basic loans that are offered by big banks.

Online lenders tend to have a lot more flexibility without being limited to these conventional options. Different loans, based on loan sizes and different repayment periods serve a variety of purposes. Therefore online lenders will fund a variety of loan sizes depending on your needs, be it big or small!

All that needs to be done from the borrower’s end is to choose a lender based on their requirement.

Choice of Repayment Terms

There are lenders who require weekly or even daily payments. Short terms equal large payments. You can choose your payment methods based on what is convenient for you and the portion of your salary you can save each month to repay the loans comfortably.

The Caveat of Online Lending

With online lending, you will acquire your loans and get your documents verified quickly. Being easily accessible and fairly convenient, online loans charge a processing fee as a part of repayment amount.

Unfortunately, if you bear a less-than-ideal credit score, funding your small business is a risky investment for the online lenders. Hence, to minimize their losses in case you default on your loan, online lenders may charge high interest rates and fees.

Online or Offline Lending: What suits your business needs?

Online lending has shown exponential growth in the past decade proving its credibility and reliability. Most salaried professionals, therefore, choose to opt for it, in an attempt to save time, rejection overheads and incur flexibility. Big or small, they will provide for the amount you require and help you in emergencies.

Why Millennials Aren’t Afraid to Talk About Money

There are a few topics that you don’t discuss in polite society, and money is one of them. However, millennials are going to talk about their finances, and they don’t care if the discussion makes you uncomfortable. Being saddled with enormous college debt and coming out of school during the recession may have led to this significant behavioral change. Fortunately, their openness regarding their finances creates a strong possibility for financial literacy.

India has never been younger, we are a country of millennials. An analysis by Bloomberg suggests that the country will have the world’s largest workforce by the year 2027, two-third being below the age of 35. While vast majority is far more educated, technologically savvy and ambitious than the previous generation, they are also transparent when it comes to discussing their finances and how much money they make. Knowing what your friends and colleagues make in the similar field is empowering and helpful in making sure you’re being compensated fairly, knowing when it’s time to request a raise or finally moving on to rewarding job.

According to a new study by TheCashlorette.com, population between 18 to 36 say they discuss how much money they make with their immediate family (63%), friends (48%) and even coworkers (30%). Though “How much do you make?” is a question considered taboo by other generations, 33% of older Millennials (ages 27-36) say they don’t hesitate when it comes to sharing their salary information with their colleagues.

However, millennials aren’t exactly sure they have it all figured out yet, a survey by Franklin Temple notes that Gen Xers and Millennials are both stressed out about their finances. “Having an early foundation in financial literacy would significantly help the millennials through critical financial decisions, like having lower debts, financing a car or buying a home” says EarlySalary Co-Founder and CEO, Akshay Mehrotra.

The approach towards personal financial literacy in India has been more reactive than proactive. The population resorts to finding less-than-ideal solutions when met with financial roadblocks instead of finding better ways to ingrain basic financial and economical concepts.” By being adept at basic financial concepts and knowing more about financial wellness, we can make smarter financial decisions and ask the right questions when needed.” Akshay continues.

According to Bankrate, millennials are feeling secure in the employment and have better overall financial situation than they did few years ago. While other generations gripe about stagnant income, millennials who are finally getting into decent-paying full-time jobs are finding their feet and accruing savings. Yet, corporates in India are facing high attrition rates due barrage of poor treatment, unfavorable working conditions and mostly, lack of financial wellness.

For employees, money and finances can be a stressful topic to talk about. Most of them are looking for answers in all the wrong places. Our Financial Wellness Seminars help employees become better with money.

We are Fibe, a digitally dynamic solution designed to help employees feel financially secure at every stage of life. We aim to redefine people’s relationship with money by offering plethora of services centered around financial wellness of our customers. Fair and transparent in our conduct, we uphold our promises and value the trust our customers put in us.

Need help in getting financially secured?

Can instant loans help in improving your credit score?

Are you broke by the end of the month? Waiting for the salary to be credited to your bank account to meet an emergency at hand? Here’s the solution for you. Look forward to instant cash loans to meet an emergency requirement.

Instant cash loans provide you with the required cash loans whenever you need it and that too, with low-interest rates. All you have to do is fill up a simple application form and submit the required documents along with it. Once your application is approved, the required cash is transferred to your bank account immediately.

Benefits of immediate cash loans

· Loans are granted as and when needed.

· Less interest rates.

· Procedure for applying for instant cash loans is simple and easy to grasp.

· Immediate cash loans can be availed through a user-friendly mobile application thus making the entire process less cumbersome.

· Secured and time-saving process.

· Paperwork isn’t required. Thus it is devoid of any hassles required for the traditional loan processing system.

· Easy and Flexible

· Extra cost overheads aren’t involved.

· It can also help improve your credit score.

How to Improve Your Credit Score through Instant Cash Loans?

Credit score determines the loan repayment history of an individual. In other words, it states how likely are you able to meet your financial commitments.

A good credit score implies you have repaid your debts on time, and you are likely to pay back your debts on time in future as well.

A credit file is a database which maintains a detailed history of credits for each and every individual. A credit file has three sections:

1. Consumer Credit Information

2. Commercial Credit Information.

3. Public Credit Information.

The instant loans you apply for are categorized under the consumer credit information which includes various details such as a type of credit you’ve applied for, opening and closing date of the account, credit limit and payment history.

If you repay your loan on time, you have higher chances of improving your credit score and this may prove useful for accessing the loans in future. The lenders have a clear idea about your repayment capability by just looking at your credit file.

Tips to Improve Your Credit History:

· Applying for too many loans at a time can be a bad sign for a prospective lender. What made you apply for so many loans at a time, is the first question popped up in the heads of the lender.

· Late payments or a missed payment can negatively affect your credit score. Make sure you clear off your payments on or before the deadline.

· Not only applying for too many loans at one time but also making too many applications within a short span of time indicates your finances aren’t in good position.

· Decide a judicial amount of a loan. Too much of it may overburden you and as a result, you may not be able to repay on time thus affecting your credit score.

· Apply for a loan only when you need it. Avoid making frivolous loan applications.

Conclusion

Keeping in mind the above tips can help in improving your credit score greatly and thus aids in accessing the future loans easily.

Fibe understands and caters to the urgent requirement of cash in an effective manner accommodating the tech-savvy needs of this generation.

Benefits of Applying for Immediate Cash Loans

Life is always unpredictable. Imagine your salary is due in 5 days and you need cash urgently for the unexpected car repair. In such unforeseen cases, Cash loans can be at perfect solution in such times of need.

Immediate cash loans have revolutionised the way a loan process is carried out. It has come up with benefits that the traditional loan processing system doesn’t offer. The system is designed to reduce the unnecessary overheads for the borrowers and make good use of the existing technology.

Disadvantages of the Conventional Loan Processing System

· Time-consuming Process

The process is completely offline. People have to wait the long queues to submit their applications. Again, it takes a great deal of time for the approval and sanction of the loan.

· Heavy Paperwork

It is a tedious and daunting task to handle all the documents concerned with a large number of individuals at the same time.

· High-Interest Rates

The sum of money borrowed for a longer period of time is subject to high-interest rates.

· Repayment Overheads

A borrower has to make periodic payments to the bank depending upon the amount of loan taken. What if you can’t make timely payments in a particular month? A late payment can affect your credit score. Eventually, it is difficult to acquire a loan in the future.

· Financial Decisions at Stake

If you manage to get a loan with variable interest rates, it is subject to change based on market fluctuations. So, the exact amount to be paid cannot be determined which will eventually affect your ability to make sound financial decisions.

Benefits of Quick Cash Loans

Cash loans are processed immediately with the benefits of low-interest rates and availing the loan for a short duration.period of time.

Time-saving process

Being an online process, you can fill up the application online. The entire process hardly takes a day or two including the loan approval and funding. You will see the cash credited to your bank account within no time.

Flexibility

It gives you enough flexibility to use your money the way you want to, without giving explanations to anyone.

Devoid of Paperwork

You can’t risk losing your important documents because of manhandling, can you? The best part of instant loans is you don’t need any paperwork.

Low-Interest Rates

It involves less interest rate. Hence it is quite feasible to repay the loan within a short period.

Secured and Transparent Process

Your personal information is safeguarded. The terms and conditions are clearly stated so that you determine the authenticity of the process by yourself.

Advanced process

Best data-driven algorithms are employed for the verification process to eliminate fraud and improve the efficiency of the process.

Why should you consider Fibe for accessing Instant Loans?

Fibe (formerly known as EarlySalary) understands your requirement for urgent cash. The entire process of granting quick cash is simpler, easier and more flexible. The application is driven by the best data analytics algorithm to assess the credibility of individuals, thus, aiding in improving credit scores. Moreover, the security of transactions is guaranteed. And the application is user-friendly enough to be used by a layman.

Know Secured Vs. 4 Things to Know About These Loan

Knowing the differences between secured loans and unsecured loans is crucial to help you choose the right lending option for a sudden monetary exigency. While both these loans have pros and cons, selecting one may be overwhelming due to the availability of multiple loan options.

Read on to learn what is a secured loan and an unsecured loan and four essential things to know when choosing between them.

Four Essential Parameters to Choose Between Secured vs Unsecured Loans

Here are four salient features to help you select between secured and unsecured loans:

1. Need for Collateral

Secured loans require you to pledge your valuable assets as collateral. This is an ideal option if you have a low credit score or are new to credit. On the contrary, lenders disburse unsecured loans without collateral, provided you are a salaried professional with a spotless credit history.

2. Processing Speed

Secured loans involve lengthy processing time due to the extensive documentation involved. Short-term secured loans are usually not available.

With the unsecured option, you can even avail of online loans for a shorter duration immediately. You can get these loans at affordable interest to meet various short-term needs like relocation, marriage, house renovation, etc.

3. Risk of Losing the Collateral Pledged

In the case of secured loans, you may have to forgo your claim on the valuable mortgaged with the lender if you fail to comply with the terms of repayment. Low-interest rates may seem appealing for a longer duration, but the potential of losing your collateral is high.

In the case of unsecured loans, you can enjoy complete peace of mind as you stand to lose nothing valuable. Interest rates may be slightly higher, but they offer unparalleled flexibility in repayment.

4. Variation in Loan Amount Payable

In the case of secured loans with a variable interest rate, your monthly instalments depend on the volatility of the economy and you may end up paying more. The possibility of interest rates going up, in the long run, is high.

With unsecured loans, you don’t have to pay even a buck more as the loan repayment instalment and tenure remain fixed.

Secured vs Unsecured Loans: Key Differences

Here are some of the key differences between secured and unsecured forms of credit:

	Secured Loans	Unsecured Loans
1	Fluctuating loan repayment EMIs if the interest rates are variable	Fixed instalments
2	Available for medium to long-term	Can be availed of for exceptionally short period
3	Lower interest rates	Slightly higher interest rates
4	Collateral is a must	No need to pledge any valuable
5	Extended processing period	Negligible processing time
6	Offered by banks and other institutions	Online loans from non-banking financial companies are available
7	A larger value of the loan has to be availed of	Small loans can be easily secured

Why Opt for Unsecured Loans at Fibe?

Fibe has been instrumental in changing the dynamics of unsecured loans with its readiness to help out professionals with easy and swift monetary assistance. Small loans with no collateral are now available within your reach, even if your creditworthiness does not measure up to market stipulations.

With the Fibe Instant Personal Loan, you can get up to ₹5 lakhs in just a few minutes without any lengthy paperwork. Affordable interest rates, quick disbursal and no collateral required are a few benefits you get to enjoy. So, download the Fibe Personal Loan App on your smartphone and apply now!

FAQs on Secured and Unsecured Loans

What is the difference between a secured and unsecured loan?

When comparing secured loans vs unsecured loans, you must know that the former requires a valuable asset as collateral and has a lower interest rate. On the contrary, unsecured loans do not require collateral and have higher interest rates.

What is an example of a secured and unsecured credit?

Home and car loans are two types of secured loans where the home and car act as collateral, respectively. Personal loans are examples of unsecured loans.

Is a student loan secured or unsecured?

Financial institutions offer secured or unsecured education loans, depending on whether you need to pledge any security. Generally, lenders require collateral if you apply for a longer tenure or a higher loan amount.

Which is the most common unsecured loan?

Personal loans are the most common unsecured loans available in India as they provide funds for versatile uses.

Bank or Non-Banking Financial Company: Which is Better for Loans?

A Bank is the first thing that pops into your mind when searching for a loan. That’s how we have been wired and it seems like a logical choice to go with. But you would be surprised to know that Non-Banking Financial Companies or NBFCs are continuously outperforming banks today. According to the latest Financial Stability Report from RBI, the satisfaction rate of the customers of NBFCs is 15% more than those of banks.

What is an NBFC?

NBFCs are financial institutions that provide the same lending facilities of a bank, but function without a license. Services provided range from personal loans, credit facility, retirement planning, etc.

Comparison Between Banks and NBFCs

Let’s draw the comparison on the basis of certain fronts as follows:

1. Processing Efficiency

Banks: It is crucial for banks that customers fulfill the eligibility criteria on all fronts, including their credit history and CIBIL scores. More often than not, this defeats the whole purpose of borrowing in the first place.

NBFC: NBFCs are quite lenient in this regard and loans are passed more smoothly and efficiently. This serves the purpose of borrowing in the case of an emergency. NBFCs have realized this market potential and serve accordingly.

2. Interest Rates

Banks: The interest rates of banks are in accordance with the regulation of central authorities such as RBI. Hence, they are changed at will and are often high and out of the reach of the common populace.

NBFC: They have brought down the interest rates gradually and they are often at par, and even lower at times, as compared to banks. Such practice also brings down the EMIs for borrowers.

3. Rules and Regulations

Banks: Banks are regulated by the RBI Banking Act. Therefore, a plethora of rules and regulations, including strong background checks are usually involved in the loan process.

NBFC: NBFCs are companies instead of banking institutions and are hence registered under Companies Act. Therefore, all rules and regulations rest on internal companies policies. This makes the loan availing process much easier and less stringent.

4. Credibility

Banks: When it comes to credibility, banks are more credible in the case of a doubtful loan situation. Government regulation gives them an upper hand.

NBFC: These are not regulated and have their own set of rules and regulations. Thus, they may not be relied upon in case of an uncertain situation.

Which One is Better for Short Term Loans: Bank or NBFC?

Non-Banking Financial Institutions prove to be better than banks due to their ease of Instant loan disbursement and less stringent regulations. It is also seen in some cases that even when the rate of interest is higher, customers often opt for NBFCs over Banks due to the lesser complications involved.

NBFCs are also a better choice especially when a short-term loan is to be availed. They prove to be a life-saver for borrowers who have poor credit history due to which they will never be able to avail loans from banks. On the other hand, since such short term loans are offered by companies, there are high chances of availing other benefits such as discounts and offers. Banks are pretty immutable in such matters since they fall under the purview of governance.

Lastly, short-term loans are usually required during emergencies where funds are needed right away and any delay would kill the whole purpose of availing the loan. Since banking processes may take several days to complete, NBFCs prove to be a far better choice since loans can be disbursed immediately, sometimes even in minutes.

How to Avail Short Term Loans from Early Salary

We at Early Salary have got your back whenever you are in dire need of funds. We disburse short loans in 3 easy steps and the money is directly credited to your bank account. All you have to do is log in and share your details with us before your request is approved and the cash is transferred.

Read all about how it works here!

How Short Term Loans Work?

While scheduling monthly calendar, you suddenly realize that plan to celebrate the favorite festival with schoolmates, and girl friend’s birthday falls within first twenty days on the month. To add-on, your restlessness, gentle reminder SMS to pay monthly EMI for the bike, drops in. You are still to pay the balance payment of air ticket to an agent.

At the back of the mind, you apprehend that salary advance request will get rejected, as you’ll be on leave. Now What? A personal loan from a bank? Cancel the long-awaited celebration with schoolmates? Borrow money from parents? Well, the answer is a big-No! There is impressive, convenient, fast and sure shot benefit of short-term loan

Take the advantage of short-term loans which are best suited for professionals and emergency situations. In financial emergencies, for festival shopping, paying EMI, unexpected bill payments, get online loans offered by professionally managed Non-Banking Financial Companies (NBFC).

These NBFCs extend unsecured loans, generally small amounts for short terms, for less than twelve months. The benefit of these loans are-

– Fast Disbursement: Short-term loan approvals are as fast, no paper documentation, and are online.

– Low amount approval: Your small financial crunches can be addressed with easy loans. You are not forced to borrow large amounts against your needs.

– Easy repayment options: You yourself decide the date of repayment, unlike fixed dates of repayments in other loaning or credit systems.

– CIBIL or Credit Score: You do not have to always score well on your CIBIL or have a pre-history of financial transactions or credit score.

Why Short Term Loans?

Short-term loans are the best recourse in emergencies.

You Prefer Using Cards?…Check-Out!

What if, in case you do not have a credit card? If you have exhausted your credit card’s limits you need some other alternative. Likewise, a credit card will not be accepted everywhere like- your landlord might not accept it to receive the rent. Or, for that matter, when you wish to pay back your credit card bill you cannot use it. Also, a cash advance can only be availed from an ATM using your credit card which depends on your fixed limit.

Do Personal loans suit you?

Personal loans need a lot of documentation and take days and weeks for approval and disbursement. They cannot be an option for emergency needs. They check your previous financial transaction or take into consideration Credit Scores.

All such hassles are not applicable in short-term loans and at the same time your privacy is retained. You can repay the moment you receive your salary, the very next month.

Choose the Best

The best way to zero down on a Non-Banking Financial Company which can offer a superior easy loan

product is the convenience, speed of disbursement and the flexibility they offer to customers. One such company offering short-term loans with all these features and much more are EarlySalary.com, a leading Fintech company using advanced technology of “Social Score”, to approve loan amount. Unlike the traditional methods of checking historic financial transactions or Credit Scores, they employ an advanced Social Scoring system defined by the customer’s presence in the digital ecosystem or social community.

Loan on Mobile App

What makes small loans offered by EarlySalary.com pre-eminent are its distinct features. Unlike no credit check loans where you visit a bank or call a loaning agent; it’s all there on a “Mobile App”. You just have to download the mobile application on your Smartphone from “Google play store” and get started.

Zero Documentation and Credit Score

Neither paper document nor credit score is required for short-term loans. Simply click your selfie, and use the “upload documents” option in the app. This is the most convenient and fast way to receive online loans. The unbelievable speed of approval can astound you, as it is as less as just 30minutes.

Contain One’s Self-Respect

With Fibe.in your privacy is maintained, as you need not disclose it to anyone. You do not experience embarrassment and tide over the situation.

Step-by-Step Easy Loan

Simplified steps, to apply for short-term loans, on the instant loan app of the company make them popular. The steps are user-friendly and easy to maneuver. Similarly, the approvals and disbursals are simple and fast. Register using your Facebook account and upload few basic documents. After entering the amount, choice of repayment you get instant approval within 30 minutes, based on social scores. You sign some documents, delivered at the doorstep, and cash is transferred to your account immediately.

It’s a definite win-win for professionals like you, who are connected to the social media community. The bigger the network the strong “social scorecard” and in turn better chances of high values and faster approvals.