Friday, November 23, 2018

Broke at month end? Now no more!

Coco Chanel once said, “The best things in life are free, the second best things are very very expensive. For a fashionista, this might be a much coveted pair of Jimmy Choos or for an avid traveller it could be that backpacking trip that all their friends are going on. At some point in life, each and every one of us has sacrificed some of these second best things because of a cash crunch. This is why I want to introduce you to a revolutionary mobile app called EarlySalary that will provide you with financial assistance to live the life of your dreams. 

The company provides an instant credit line which allows you to borrow 50% of your salary. So whether you want to buy the latest smartphone or get out of town for a weekend getaway, you can use the app to take a salary advance and meet your immediate needs. EarlySalary ensures that the money is available to you within the shortest possible amount of time.




How does it work? 

Download the EarlySalary application and create a profile & share basic details details like PAN number etc. Within seconds, EarlySalary calculates your ‘Social Worth score’ to determine if you can receive a loan. Once you're clear, the money is transferred to your bank account within a few minutes. The Social Worth score is generated by combining social media data with user profile and Credit Bureau data. Even users with a no credit history are given loans as long as they fulfil the other criterias. EarlySalary charges an interest costof INR 9 per day per INR 10,000 and simplifies the concept of borrowing. 

What more can you do with EarlySalary Approved Limit? 

What I really liked about EarlySalary was the ability to use the approved limit for shopping, they have a Zero Cost EMI to shop on Amazon &Flipkart for those must have mobile phones on 6 Months EMI using the EarlySalary limit. Also you can buy your groceries on EMI through a special tie-up with Big Bazaar and EarlySalary gives you a 3 months Zero Cost EMI even for grocery shopping. Interestingly the Shopping Limit is much larger & allows you up to 6months as repayment options. 

I spent a few hours with the founders of EarlySalary & the team at their office; what was really interesting is how they are creating AI & Machine Learning in giving instant credit; the ability to give loans without even speaking to a person is really building the future of banking. The start-up already has 7 Million downloads and has disbursed 350000 instant credit & salary advances making it the largest instant credit app in the country. I loved the idea of taking a salary advance rather than a personal loan from a bank and I will recommend friends to use EarlySalary in case of any cash flow issues. 

Interestingly Travel & Weekend Holidays is also one the biggest reasons to borrow from EarlySalary while Shopping is the next largest & settling into a new city is next. The team spoke about the a 100% surge in customer demand on 3 day weekends where users borrows 50% of their salary to travel to short 3 days weekend trips like Goa, Thailand. 


Akshay, the founder of EarlySalary spoke about how youngsters come to a new town to work and how they need to find a place to live and need to fit in. Since, it is not always possible to borrow from family and friendsto pay for a deposit on an apartment or a new office wardrobe instant credit line from EarlySalary really does come to the rescue. 

Key Highlights of EarlySalary: 

Rs.5,000 to Rs.2,00,000 loan 

Instant approved Credit Limit in a matter of seconds 

Get 50% of your salary credited into your Bank Anytime 

Shop now and pay later in EMIs at Amazon, Flipkart & Big Bazaar 


About EarlySalary 
The company is co-founded by Akshay Mehrotra (CEO) and Ashish Goyal (CFO) who have over a decade of experience and have an expertisein the field of marketing, finance and technology. They recognized a recurring need among young professionals due to which they were reaching out to theirfriends and colleagues and even their employers for a salary advance. That is where they came up with the idea of developing this app as traditional banking doesn't cater to short term needs and is very slow to cater to urgent needs. Thus, EarlySalary was found to offer consumers the convenience of availing loans at a short notice with minimum legal formalities involved. 

Tie Ups and Business Partnerships 
EarlySalary has tied up with over 200 large companies in the country to offer instant salary advances to employees with no prior documentation and at a lower interest rate. They also offer interest free EMIs to buy products on major online stores like Amazon, Flipkart and Big Bazaar. 

EarlySalary is now on the list of my must have apps and I suggest that you get it too for all those big purchases and month end cash crunches. 

App 
EarlySalary has achieved over 7 Million app downloads across the country. Download the app here -for iOS and android

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