The need for a loan can arise at any point of time in a person’s life. It has been observed that around half of India’s working population has taken loans in some form. When it comes to taking loans, personal loan is the easiest option. Traditional banks take a long time to process personal loan applications, and money lenders are known to charge high-interest rates making the process very uncertain.
Here is the list of lending apps that provide the safest and quickest loan option without any hassle just by sitting at home and tapping your smartphone.
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Branch Personal Finance App:
Branch is an AI-enabled customization-based Personal finance app through which borrowers can receive loans without the hassles of going through prolonged processes one usually encounters in traditional financial institutes. Going all digital with machine learning, Branch has done away with having to ensure collaterals, maintain credit scores and of course filling out paperwork. The app has enabled smartphone users to apply for loans in a jiffy, helping them gain access to financial assistance just within a few hours after application. Branch‘s algorithmic approach determines credit worthiness of customers through their smartphones using ethical, convenient and secure paths for customers to build their capital.
Loan process at Branch is tailored to fit users’ needs wherein opportunities are also given to procure larger loans over time by building credit with Branch. Offering seamless mobile services Branch presents a reliable platform for smartphone generation to gain convenient access to financial liberty.
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IndiaLends:
IndiaLends is an online platform that provides customers with financial products and services such as personal loans, line of credit, credit cards, and gold loans. They connect borrowers with lenders to help them get the best deal possible. The company was founded by former UK’s Capital One banker Gaurav Chopra who has more than 15 years of domain expertise in driving innovation in digital finance, credit analytics and mobile payments in the Indian and global markets.
IndiaLends also provides value-added services to customers such as free credit score check for maintaining their financial well-being, big-data analytics, credit risk assessment, and automated work-flows for loan origination and management services. The company also offers an open-API model for banks and NBFCs to partner with them through a plug-n-play approach.
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MoneyTap:
MoneyTap is India’s first app-based credit line that offers collateral-free short-term loans having ticket size as less as Rs 3,000. Such loans require minimal documentation and can be approved in just a few hours. The platform further offers a credit limit to its users with applicable interest only on the amount withdrawn by him/her, and not on the entire approved limit. The part is that this credit limit comes with lifetime validity for each customer.
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CASHe:
CASHe is a fintech company that provides fast, flexible, unsecured personal loans through a mobile application to young salaried millennials across India. CASHe was founded in 2016 by V. Raman Kumar, whose aim was to bring millions of young salaried millennials who were denied credit by conventional banks and financial institutions into the formal credit system. He also wanted to showcase that conventional credit evaluation metrics were woefully inadequate when it came to providing credit to young and new-to-credit millennials. So, he launched CASHe, one of India’s most preferred digital lending platform, providing credit to those that didn’t qualify for credit from conventional lending agencies and those that were new to credit.
