In Indian corporate culture, it is common for an employer to hold back a month’s salary, or sometimes more, when an employee tenders his or her resignation. This salary is paid to the employee during the full and final settlement, which could take up to two-three months from the date of resignation, and sometimes more depending on the company’s policy. And since the new employer also pays the first salary after completion of one month in service, there is always a transition period – comprising of notice period in the former employer and first month in the new one – where one often struggles to make ends meet.
In such a scenario, taking a short term loan may come to the rescue. And with several online lending platforms cropping one, one can avail a short-term loan with no hassle at all. Here are some of the online lending platforms which could make your life between jobs completely hassle-free.
LoanTap is an online platform that delivers customized loan products to millennials. They innovate in an otherwise dull loan segment, to deliver instant, flexible loans on consumer friendly terms to salaried professionals and businessmen. Apart from offering advance salary loans, LoanTap lets one choose, compare and customize loan from an array of offerings like personal loan, EMI free loan, personal overdraft facility, credit card takeover loans, rental security deposit loans and house owner loan.
Touted to be India’s first app-based personal credit line, MoneyTap lets one borrow as little as Rs 3000 or as much as Rs 5 lakh, depending on the credit limit that is set by its banking partners. It also lets one transfer money from the app to the bank account and use one’s regular ATM card to withdraw funds and use them as one wishes.
EarlySalary brings together new credit scoring systems for superior customer profiling and has a mobile-first strategy that helps one get loans within minutes. It provides unsecured loans for up to Rs 1 lakh for up to 43 days. Any salaried Indian citizen over 21 years of age with a minimum net take home monthly salary of Rs 20,000 can get the loan sanctioned in minutes.
MoneyLoji is a modern money lending platform that offers short-term personal loans to salaried individuals for immediate requirement with flexible repayment options starting from 7 days to a maximum of 90 days. It uses AI to make the lending process, from application to disbursement, timeless, convenient and paperless.
A new-age P2P platform, simple to use, transparent and hassle-free, LenDenClub ensures that the borrowing needs of salaried individuals are met quickly and efficiently. LenDenClub's InstaMoney app has a targeted disbursement time of only 2-3 hours in the loan segment.