5 Best Instant Loan Apps for Salaried Employees: A Comparison Guide | Rupeezo

By Rupeezo | 3rd, Mar, 2023

Share
Share
Share
Share

Are you thinking of taking a loan from a salary loan app?

Does the abundance of loan apps available online make it hard to choose one? Don’t worry, we have you covered!

Instant salary loan app has become the go-to option when you need urgent financial assistance. These apps offer a convenient way to get a loan without pledging collateral, especially for salaried employees.

The minimum documentation requirement and seamless process make them a quick solution to deal with any financial emergency.

However, the excess availability of such instant loan apps makes it confusing to choose the ones that offer the best deal.

It is essential to know the best loan app for a salaried person so you can don’t get confused looking at so many options and choose the wrong app to get an instant loan.

Here are the best instant loan apps for salaried employees.

MoneyTap

MoneyTap is a well-known salaried personal loan app that provides personal loans up to INR 5 lakh to salaried employees. It offers considerable interest rates along with flexible repayment options. You can withdraw as little as INR 3,000 or up to the permissible credit limit offered by MoneyTap. The interest rate to avail of an instant loan from MoneyTap loans is 13% per annum, and the app charges a processing fee of 2%.

Amongst the various feature of this app comes a feature called "Credit Score Tracking," where you can check or track your credit score in real-time. Besides its incredible features, the app provides many tools such as budgeting and expense tracking, for better financial management.

CASHe

CASHe is the one-stop solution you need to cover your instant cash needs. This instant loan app for salaried employees offers personal loans of up to INR 3 lakh. The app offers loans flexible repayment solutions and repayment tenure of up to 6 months. Availing of a loan from them is a speedy process requiring minimal documentation for loan approval.

This is one of the best instant loan apps for salaried employees as it offers incredible features including 'Social Loan Quotient.’ In this, your social media presence is evaluated to gauge your loan eligibility. This feature can work in your favour if you have a decent credit score but a strong social media presence. To measure your SLQ (Social Loan Quotient), the scale range is 0 to 995, in which you have to score at least 500 in order to get eligible for the loan. Also, you get to use their 'CASHe StashFin Card' which is a virtual credit line card that you can use for making payments at ATMs, shopping sites, etc.

PaySense

PaySense is next in the list of best instant loan apps for salaried employees. This salary loan app offers personal loans up to INR 5 lakh. PaySense has an attractive and user-friendly interface, which makes availing of instant loans a smooth experience.

This instant loan app charges an interest rate of 16.8% per annum and the charges for the processing fee are 4.5%. The various benefits of getting an instant loan from this app include its unique feature called Instant EMI; using this feature one can convert their purchases into EMIs at the point of sale. PaySense also offers advice on budgeting and savings tips to facilitate better financing.

KreditBee

KreditBee is another popular instant salary loan app that offers personal loans up to INR 2 Lakh with flexible payment tenures. The app is easy to use involving a fast and straightforward application process. Once the application process is done, the loan gets disbursed in 15 minutes or less. Their unique feature is the long payment tenure they offer that lasts for 15 months.

The interest for the instant loans is 29.95% per annum, followed by a processing fee of up to 2.5%. One distinctive feature of the KreditBee app is its  "KreditBee Referral Program," which allows users to earn up to Rs. 1,000 for each referral.

EarlySalary

EarlySalary, which is now called Fibe, is another best loan app for salaried persons and a quick solution to meet your instant financial needs. This instant loan app offers personal loans up to INR 5 lakh with flexible repayment options and a tenure of up to 24 months. Their user-friendly app makes for a quick process with the loan getting disturbed in less than 10 minutes. Early Salary charges an interest rate of 24-30% per annum. The interest rate or other charges vary depending on the loan amount and tenure.

The app also offers low-cost EMI options for purchasing from online platforms like Amazon or Flipkart. EarlySalary has a feature called "Salary Advances," which allows users to get an advance on their salary up to INR 2 lakh.

Are Instant Salary Loan Apps Safe?

In recent years, there have been many bank fraud cases. Therefore, it is important to find instant loan apps that are safe. Also, it is important to verify the credibility of the loan provider or salary loan app company before you get a loan from them. The NBFC that you are taking the loan from has to be approved and recognized by RBI.

One of the best indicators to spot a fake salaried personal loan app is to see the various charges. Such fake app offers have extremely high-interest charges and are likely to misuse customer data.

So make sure you only pick a trustworthy loan provider or a personal loan app before you withdraw the money.

Here is the comparison guide for the top 5 instant salary loan apps for salaried employees in India:

Note: The interest rates, processing fees, and other terms and conditions are subject to change and may vary in accordance with the loan amount, tenure, and other factors. Please check with the respective loan app to find out the complete details.

Check out our personal loan app to get the best offers to avail of an instant cash loan.