Previously, the word “loan” was mostly associated with businessmen, while other people avoided taking loans or buying things on credit, unless they were in a financial emergency. But today the scenario is changing and taking on a new form, especially among millennials, who are more receptive to the latest technologies and smartphones for easy loans or buying things on credit. As a result, the trend to go online, from ordering clothes or food to making payments or transferring money, is growing at a rapid pace.
The total transaction value in the digital payments segment was $ 64,787 million for the year 2019 and is expected to grow at a rate of 20.1%, bringing the total amount to $ 134,588 million by 2023, according to a report.
Along with this, the online lending space is also growing rapidly, serving the new target audience instead of the old ones. New startups are coming up with the “buy now, pay later” concept, making the lending process more personalized, immediate, multiplatform and transparent. More and more millennials are turning to these digital platforms and applications to benefit from hassle-free loans and become independent financial decision-makers.
Here are some of the platforms that offer instant loans:
It is a mobile app-based digital lending platform that offers loans to any undergraduate or postgraduate student over the age of 18. The user just needs to upload the photos of the KYC documents and the student card. The loan disbursement amount can vary between 500 and 20,000 rupees. The user can choose the repayment period of up to 3 months. The money will be instantly credited to your PayTM or bank account, depending on your needs. An interesting feature of this app is that it gives mCoins if you connect with your friends thus allowing you to earn cashbacks.
Aimed at millions of borrowers in India who are not yet part of the formal credit system, Shubh Loans sets up a platform to facilitate credit assessment, lending and risk management. Shubh Loans enables lenders to access unserved and underserved market segments by providing real-time analysis and credit reports based on alternative data. He raised funding of Rs 34 crore from Omidyar Network India and also received an NBFC license from RBI.
It is an online lending platform, offering instant loans – from Rs 8,000 up to Rs 2 lakh – low cost purchase IMEs and travel IMEs, acceptable anywhere India for online and offline transactions. The amount is instantly transferred to the bank account with a flexible repayment term of 90-365 days. It also offers payday advances at a rate of 24-30% per annum.
Founded by a group of IIM and NIT alumni, it is India’s first online remittance store for students. It offers to pay on EMI for students and an online student credit card, known as KrazyBee Student Paycard. The enrollment process is fairly straightforward, users just need to register, upload the documents and place the order. After a quick campus verification check, you become eligible for the loan and the EMI with a small down payment.
It’s a fintech startup that focuses on young Indians. They provide a smart, simple, and transparent financial platform for rethinking the millennial financial experience. Users get a no-fee credit card, no-fee IMEs, and emergency cash loans once they become members. The card can be used anywhere for all transactions.
Although there are many options available to get easy loans, but before choosing one, potential borrowers should know about the repayment period, interest rate and penalty for not paying off the loan within the specified time.