Small Loan Apps : Your Quick Financial Solution

In today’s fast-paced world, financial emergencies can arise at any moment. Whether it’s a medical bill, a car repair, or any unexpected expense, having access to quick cash can be a lifesaver. But what if you don’t have a credit history or a high credit score to secure a traditional loan? That’s where small loan apps come to your rescue. These apps evaluate your loan eligibility based on your social credibility score, rather than relying solely on your past credit history or CIBIL Score.

The Speedy Solution

Small loan apps offer a hassle-free and rapid lending process. It all begins with a quick sign-up or registration process, where you provide some basic details. Once completed, the app promptly shares the available credit facility tailored to your needs. The request is swiftly approved and sanctioned as you complete the Know Your Customer (KYC) process and agree to the terms and services. The entire process is 100% digital and contactless, ensuring both convenience and safety. It can be as fast as 5 minutes to a maximum of 2 days from start to finish.

Explore Your Options

Nowadays, there is a plethora of online personal loan apps available, each with its unique features and offerings. Some of the prominent small loan apps in India include MoneyTap, Indiabulls Dhani, KreditBee, CASHe, mPokket, PaySense, EarlySalary, and more. However, it’s essential to conduct thorough research to make an informed decision. Before choosing the most suitable app, consider factors such as interest rates, charges, and terms & conditions.

Top 25 Small Loan Apps Comparison in 2023 – India

Here’s a comparison of 25 of the best personal loan apps available in India in 2023:

Features of Small Loan Apps

Here are some key features of small loan apps available in India:

• Fast Disbursal: These apps offer instant access to cash, helping you meet financial obligations in real-time.
• Paperless Process: The entire loan application process is online, accessible through a website or mobile app.
• Social Quotient: If you lack the desired credit score, these apps consider other parameters, such as your social profile, to determine your eligibility.
• Quick Financing: Small loan apps provide the fastest and easiest financing for your immediate cash needs.

Minimal Documentation

One of the significant advantages of personal loans from app-based lenders is the minimal or no documentation required for existing customers. Typically, only basic KYC documentation is needed to apply for a loan through a website or smartphone. Moreover, many of these loan apps allow customers to borrow with little or no credit score, evaluating creditworthiness based on social profiles and personal factors.

Here is the list of documents usually required for instant loans through these apps:

• Fulfil KYC
• Provide PAN & Aadhaar
• Photograph (Clicked during v-KYC)
• Bank account details & statements
• Income proof/ salary slips

Eligibility Criteria

The eligibility criteria may vary from lender to lender, but some common requirements include:

• Must be salaried or self-employed, depending on the target audience of the loan provider.
• Age requirement: Must be above 21 years and below 60 years.
• Indian resident.
• Minimum net monthly income: Rs. 15,000.

How to Apply

Applying for a personal loan through these apps is straightforward:

1. Download the lender’s app on your iOS or Android mobile phone.
2. Register with a social media account and provide basic details like your name, mobile number, email ID, income, and bank account details.
3. Upload and share basic documents, including PAN Card, Aadhaar Card, job proof, income proof (salary slips, bank statements, etc.).
4. The lender will verify your details.
5. Upon meeting the eligibility conditions, you’ll receive instant approval.
6. Enter the loan amount you need based on your eligibility.
7. Get the money transferred to your bank account or wallet within minutes.
8. Repay the borrowed amount via bank transfer in easy EMIs.

Explore Your Options

When it comes to small loan apps, you have a variety of options to choose from. Depending on your eligibility and needs, you can opt for the one that best suits you. Here are some of the top choices:

StashFin

StashFin offers an instant credit line of up to Rs. 5 Lakhs for up to 3 years (36 months). With features like flexible tenure and a quick rate quote within 15 seconds, StashFin provides a convenient borrowing experience.

ePaylater

ePayLater is perfect for online shopping enthusiasts. It offers a ‘Buy-Now-Pay-Later’ option, allowing you to make online purchases with a 14-day interest-free period.

MoneyTap

MoneyTap provides instant credit lines of up to Rs. 5 Lakhs for both self-employed and professionals. With competitive interest rates, it’s a go-to choice for many borrowers.

KreditBee

KreditBee is a reliable option for young professionals, offering direct money transfers to your bank account. It’s an RBI registered loan app, ensuring credibility.

LazyPay

LazyPay stands out with its unique lending approach. You don’t need to provide complete details to check your loan eligibility. It’s hassle-free and quick.

mPokket

mPokket specializes in quick loans for college students, catering to their urgent needs. It offers fast loan disbursement and low documentation requirements.

LoanTap

LoanTap offers a range of loan products, from Two-Wheeler Loans to Flexible Personal Loans, providing online access to financing tailored to your choice.

Credy

Credy’s Short Term Personal Loans are available in major cities like Bangalore, Chennai, Pune, Mumbai, and Hyderabad. It’s a reliable choice for short-term financial needs.

Realme PaySa

Realme PaySa provides instant Personal Loans to salaried individuals, with loan amounts reaching up to Rs. 40 lakhs. It’s a collaborative effort with EarlySalary.

Mi Credit

Mi Credit, backed by Xiaomi, offers Personal Loans of up to Rs. 5 lakhs. It has tie-ups with various financial institutions for quick loan processing.

CashBean

CashBean offers instant cash loans of up to Rs. 60,000 for your urgent needs. It’s as simple as ordering pizza online, ensuring quick financial relief.

Nira

NIRA Personal Loan app, powered by Federal Bank, offers a safe and reliable interface for borrowing. It’s an excellent choice for those in need of quick loans.

ZestMoney

ZestMoney allows you to borrow or shop online in easy EMIs, with quick access to up to Rs. 1 Lakh without the need for a credit history.

SmartCoin

SmartCoin specializes in short-term small personal loans starting from Rs. 1,000 to Rs. 25,000 for professionals and executives.

Indiabulls Dhani

Indiabulls Dhani is one of the fastest instant loan apps, providing access to Instant Personal Loans of up to Rs. 15 Lakhs digitally.

Flex Salary

FlexSalary offers easy loans for professionals and salaried individuals in metropolitan and tier one/two cities, with loan amounts of up to Rs. 2 lakhs.

PaySense

PaySense, in partnership with IIFL and Fullerton, facilitates fast and easy Personal Loan processing in 40+ cities in India.

CASHe

CASHe is known for its hassle-free loan application process, powered by NBFC Bhanix Finance and Investment Limited.

EarlySalary

EarlySalary is popular among young salaried individuals, offering payday loans for urgent short-term cash needs.

PayMe India

PayMe India is a new-age Fin-Tech company that provides instant term loans to salaried individuals.

MoneyView

MoneyView offers contactless Personal Loans, allowing you to check your eligibility instantly and providing flexibility in borrowing and repayment.

Home Credit

Home Credit caters to those with no credit score and low income, offering Personal Loans accessible in more than 150 Indian cities.

RupeeLend

RupeeLend offers fast short-term loans in metro cities like Bangalore, Mumbai, and NCR, ideal for urgent small-term needs.

Bajaj Finserv

Bajaj Finserv allows you to borrow high-ticket Personal Loans within 24 hours, with a straightforward eligibility check process.

MobiKwik

MobiKwik offers instant loans of up to Rs. 5,00,000, accessible through your smartphone or website.

Conclusion

Small loan apps have revolutionized the way individuals access quick cash for their urgent financial needs. Whether you’re a student, young professional, or salaried individual, these apps offer tailored solutions to meet your requirements. With minimal documentation and speedy approval processes, they provide a convenient and efficient way to bridge your financial gaps.

FAQs

1. How do small loan apps determine eligibility?Small loan apps consider various factors, including your social profile, income, and age, to determine eligibility. They may not rely solely on credit scores.
2. Is there a minimum credit score required to apply for these loans?Many small loan apps do not require a minimum credit score. Instead, they assess your creditworthiness based on other parameters.
3. What is the typical tenure for repayment?The repayment tenure varies depending on the app and the loan amount, ranging from a few months to several years.
4. Are there hidden charges associated with small loan apps?Most small loan apps are transparent about their charges. However, it’s essential to review the terms and conditions carefully to avoid surprises.
5. How quickly can I get the money after loan approval?In most cases, you can expect the money to be transferred to your bank account or wallet within minutes of loan approval.

Don’t let unexpected financial challenges hold you back. Explore the world of small loan apps and discover the convenience and speed they offer in securing quick cash when you need it the most.