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.

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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.

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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.

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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 LoansUnsecured Loans
1Fluctuating loan repayment EMIs if the interest rates are variableFixed instalments
2Available for medium to long-termCan be availed of for exceptionally short period
3Lower interest ratesSlightly higher interest rates
4Collateral is a mustNo need to pledge any valuable
5Extended processing periodNegligible processing time
6Offered by banks and other institutionsOnline loans from non-banking financial companies are available
7A larger value of the loan has to be availed ofSmall 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?

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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.

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India Stack

In September 2010, India set out on an arduous journey. A journey to provide every one of its billion plus residents with a unique identification number. A journey that would prove to be the beginning of a FinTech revolution for the country.

INDIA STACK

What is India Stack?

In simple terms, India Stack is:

  • A paperless and cashless service delivery system.
  • The India Stack is a set of APIs that allow governments and private companies to deploy cashless and paperless technology products.
  • The stack is a new technology paradigm that is scalable to handle massive data inflows, and is poised to enable entrepreneurs, citizens and governments to interact with each other transparently.
  • It is an open system to electronically verify businesses, people and services.
  • It gives the data to the concerned individual and lets him decide who he can share the data with. The smartphone will be the delivery platform for services such as digital payments, identification and digital lockers.
  • It is the largest application programming interface (API) on the planet.
  • Poised to change the lives of 1.1 billion Indians.
  • On December 1st 2016, in a much-awaited press conference, Mukesh Ambani, CMD of Reliance Industries, announced that Reliance Jio had crossed 50 million subscribers – a feat it had achieved in a mere 83 days. This made Jio the world’s fastest growing tech company surpassing the likes of Facebook, WhatsApp, and Skype. This astonishing achievement was made possible by the strategy of rolling out e-KYC across all outlets in India, allowing SIM activation in under 5 minutes. 95% of activations were done using e-KYC resulting at a staggering average rate of addition of 6 Lakh subscribers per day.
  • It gives data to the concerned individual and lets him decide whom he can share data with. The smartphone will be the delivery platforms for services such as DIGITAL PAYMENTS,IDENTIFICATION AND LOCKERS.

Here are the 5 tenets of India Stack and the Startups leveraging it

  • Paperless identification
    • Aadhaar’s 12-digit unique identification number, floated by the UIDAI in 2009, has more than one billion Indians registered who have became the basis for the India Stack.
    • This system of identification and delivery of services is already being used by the startup world.
    • Aadhaar to deliver banking services to citizens.
  • Paperless payments
    • mobile payments through the smartphone. This can become India Stack’s signature delivery mechanism to make India a digital cash economy.
    • Also, Nowdays the short term online loan is being provided by the companies in just a click without paper work through your smartphones
    • Digital payments platform Paytm has announced partnership with major NHAI toll concessionaries like Reliance Infra, Sadhbav, IRB, MEP, L&T and GMR to enable cashless payments at all state, national and city toll plazas.
  • Paperless documents
    • Although digitisation is growing, India consumes the largest amount of paper.
    • the per-capita consumption of paper is 9kg and is all set to double by 2020 because of the growth of the education industry.
    • But with smartphone prices dropping, at least financial services and the healthcare industry can move to a paperless scenario in major cities with the help of India Stack.
    • The Stack’s APIs allow startups to bring solutions that can make documents go digital. Like for example taking online loans can help in saving the all paper documentation and verifications.
  • E-KYC
    • Abbreviated as electronic Know Your Customer
    • A key challenge for the customers while opening bank accounts is providing address proof, identity proof and physical copies of documents.
    • E-KYC simplifies the customer experience for the Aadhaar-registered individuals to open bank accounts.
  • Digital signature
    • This would be the last mile to cross, and can be made simple between two or more parties executing contracts over the mobile.
    • Today, most HR offers are online documents that contain digital signatures.

How it affects India?

  • Citizens

Brings millions of Indians into the formal economy by reducing friction.

  • Software ecosystem

Fosters innovation to build products for financial Inclusion, healthcare & educational services at scale.

  • Government

Brings a paradigm shift in the way government services are delivered in a transparent, accountable and leakage free model

How Fibe uses India Stack for enabling E-KYC & Faster loan disbursement.

  • Fibe provides short term cash to salaried individuals without any paperwork or documentation, thus following the digitized route.
  • The transfer of money into an individual’s bank account is a seamless process without any physical layer involved.
  • The paperless process not only helps in management of time and resources but also avoids redundancy.
  • Because of digitization, the process becomes smoother, as opposed to the traditional banking systems that turn out to be cumbersome and time-taking.

Rise of Online Loan Lending Platforms

Online money lending

With the evolution in the field of information technology, the lifestyle of people started changing gradually. It started showing its effect on various sectors and one of them is banking and finance sector. Before the evolution, the process of completing a financial transaction was tough and physical presence of both person (borrower and lender) was must. But nowadays everything has changed even the way of money is being borrowed has changed by online lending platforms. One can easily borrow a sum of loan/money from the lender without knowing each other or meeting each other. The transactions are carried out in short time period with the help of information technology.

How it all started?

Lending has existed for thousands of years and has taken on many different forms throughout. At the very end of the 20th Century, First Internet Bank emerged. Consumers could apply for an online loan from their home or office computer, and they didn’t actually have to visit a bank or speak with a loan official.
The number of start-ups in the online consumer lending space has grown significantly from a mere 2 in 2013 to 30 in 2015. These firms either operate as NBFCs, intermediaries for banks/NBFCs or serve as a P2P lending marketplace. People conduct all kinds of business transactions online that they used to perform in person. This includes shopping, paying bills, researching business decisions, and of course, applying for loans. As both consumers and business owners grow more comfortable with conducting business over the internet, online lending is also expected to continue to grow.

Today, online money lending is in full swing and only getting bigger day by day with lakhs for transactions and crores of the loan being distributed per month.

How one may lend money online?

The process of lending short term loan online is quite easy. It is divided into the 4 simple steps as shown

Lending Process

For instant loan the borrower needs to apply online, once the lender receives an application they will check for eligibility and approves/dis-approves the application. Once the application is approved the disbursement of the loan takes place.

These online platforms work more like a bank. When a person applies for a personal loan online there is evaluation of creditworthiness and repayment capacity of an individual. The only difference between banks and the online lending platforms is that there will be no executive visiting to collect the documents and provide other services A borrower needs to scan and upload documents for KYC, such as photo, PAN card, Aadhar card and passport. Then, they need to provide income-related documents such as six months’ bank statement, three months salary slip and income tax returns.

We are one of them

We all have gone through the situations where we are left with empty pockets and being broke at the end of the month is a common problem.

We at Fibe.in offer quick short term loans to salaried individuals. We plan to help provide a small bridge loan to tide over that short difficult period till your salary reaches your account. The process of applying for a loan on EarlySalary is very simple. It is consisting of three easy steps. The first step is that one needs to log in and apply for the loan after which loan request will be approved or rejected (depends upon credit worthiness) and at last as soon as the request is approved the cash will be transferred into your account immediately.

Sounds good? Let’s try it out here and get your salary in advance with Fibe.

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