In this article, we have compiled a list of the top-rated money lending apps for online loan in India. These apps are considered to be the best loan apps by Indian consumers based on the ratings and reviews on Google Play Store.
Are you short of cash to run your expenses for the month?
Desperately waiting for your next payday to make some urgent payments?
Worried about getting behind with your EMI’s and credit card payments?
Need some urgent cash to throw a party or gift something to your best friend?
Don’t want to go through the embarrassment of borrowing from your friends or family members?
Does it sound like your story?
Well, you are not the only one. This is a common tale for most of the salaried employees especially for those based in the metro cities(Mumbai, New Delhi, Kolkata, and Chennai).
In fact, this has turned into a stressful trend for the salaried class. Even I am one amongst all the others including you dealing with these situations.
In spite of a decent salary, it might become difficult at times to manage your expenses with multiple EMI’s, payments and bills to pay.
So, what do you do when need urgent money and your payday is 7-10 days away?
The answer is simple. You apply for something called salary advance loan or instant cash loan.
A salary advance loan is nothing but a payday loan which you return with a nominal charge as interest after you are paid your salary for the month.
Some of the lenders even offer short-term personal loans with options to pay back in easy EMI’s ranging from 3 months to 2 years.
Short-term personal loans come in handy if the amount is more than Rs20,000 and you need more than a couple of months to pay off.
It is also known as instant cash loan because of the entire process which is done online. It takes just a few minutes to complete the application.
The money is disbursed on the same day if the application is completed and submitted within the banking hours.
The required documents can either be scanned or photographed and uploaded. There is no physical verification required.
There might be plenty of other lenders which I might have never heard of apart from the names that I am about to mention in this article.
But the reason I will discuss them today is that I have personally used their products and services. I can bank on them and recommend them to everyone based on my user experience which is more than satisfactory.
These lenders provide salary advance loans, instant cash loans and short-term personal loan in most of the cities in India including all the metros.
So, in no particular order here is the list of the lenders that provide salary advance loans or instant cash loans and their features.
The list of Top 6 Money Lending Apps for Online Loan
- Indiabulls Dhani
PaySense is a Mumbai based company offering short-term personal loans and instant cash loans to salaried people.
You can borrow anything from Rs5,000 to Rs2,00,000 and pay off in easy EMI’s for 3 months to 2 years.
The entire process is done online however, photocopies of the necessary documents might be required which are picked up by the company’s courier.
When you are applying for the first time the whole process takes 3-4 working days for loan disbursal.
After getting the first loan, you can take multiple loans without even paying off your existing loans and the money will be disbursed within 1 working day.
You will have a pre-approved limit from which you can take one or multiple loans. The rate of interest at which they offer short-term personal loans is incredibly low which is between 1.1% to 2% per month.
You need to sign a document to setup NACH(National Automated Clearing House). NACH is nothing but an auto debit setup on your salary account to deduct EMI’s every month on a pre-specified date.
Early Salary is a Pune based company offering salary advance loans or instant cash loans to salaried people.
According to their website, you can borrow a maximum of Rs2,00,000 for a maximum duration of 12 months depending on your salary.
The entire process is done online and is fast and hassle-free with zero paperwork. You can take multiple loans after paying off the first loan.
You can apply for another loan five days after paying off your current loan. The best part is that the money is transferred to your bank account within five minutes of the request irrespective of the day of the week or time of the day.
Another advantage of using Early Salary for salary advance loans is their low rate of interest which is less than 3% per month.
There are no prepayment charges. They also offer loan to shop on Amazon which you can repay in 3 EMI’s.
You don’t need a credit history to apply for a salary advance loan with Early Salary.
To add to that, you can also get Rs200 off on your repayments if you refer Early Salary to your friends and family members and their loans are approved.
They get Rs200 off as well if they signup with your referral code. You can either visit their website which is www.earlysalary.com or download their app from Google Play Store to apply.
Cashe is a Mumbai based company offering salary advance loans or instant cash loans to salaried people.
Their website states that you can borrow anywhere between Rs5,000 to Rs5,00,000 for 15, 30, 60, 90 and 120 days.
The entire process is done online and requires no paperwork. You need to upload four basic documents and that’s it.
The money is transferred to your account within minutes once the application is accepted after submission.
Cashe also offers fresh loans once your existing is loan is paid off. There are no prepayment charges with Cashe as well.
You don’t need a credit history to apply for a salary advance loan with Cashe. They offer loans at a very low rate of interest ranging from 1.5% to 3.5% depending on the duration of the loan.
You can refer as many friends or relatives as you want only if they are salaried.
You get Rs200 for each successful referral and your friends or relatives get a 50% discount on the processing fee when they apply for an instant cash loan online.
Their website is www.cashe.co.in where you can find all the information but you need to download and install their app from Google Play Store to apply for a loan.
MoneyTap is Bangalore based fin-tech startup founded in the year 2015. They offer instant cash loans, salary advance loans, and short-term personal loans.
The minimum amount is Rs3000 and the maximum amount for which you can apply is Rs5,00,000.
MoneyTap has also automated the entire process which takes place online. It is very convenient and totally hassle-free.
After downloading the app, all you need to do is enter certain information such as age, PAN number, etc. to know what is your pre-approved limit or how much are you eligible for.
For final approval, you need to submit your KYC documents. The KYC documents are collected by a representative who will visit your residence.
After that, the pre-approved amount is made available to you for use. You can use as little as Rs3000 and all the way up to your limit.
You only need to pay interest only on the amount you use and you can also choose a monthly payments schedule as per your convenience.
Their rate of interest is around 1.25% per month. You can avail a loan from MoneyTap for a wide variety of reasons such as Medical, Marriage, Travel, Education, Gadgets, etc.
Kreditbee is a Bangalore-based fin-tech startup that provides personal loan, Salary advance loan and instant cash loan to young professionals.
After fulfilling the eligibility criteria and getting approval, a pre-approved credit limit of Rs1,00,000 will be made available for use.
You can utilize a minimum of Rs1,000 to a maximum of Rs 1 lakh. They require very minimal documentation and the entire process starting from registration on the app to getting approval doesn’t take more than 20 minutes.
The application process is completely online, and upon approval, the cash is immediately transferred to the bank account.
After completing the KYC and uploading the required documents, loan amount is disbursed within 15 minutes.
The repayment period or tenure of the loan is 30-90 days and the rate of interest is around 1.48% to 2.96% per month.
They provide four different types of loan – Micro Loan, Salary Advance, Personal Loan andCash Loan.
Even if you’ve not taken a loan in the past, you can still apply with Krebitbee. You can take a loan for a wide variety of reasons such as paying EMI’s or Credit Card bill, Vacations, Medical emergency etc.
Dhani is application where you can apply for an instant personal loan online. Its is backed by Indiabulls Consumer Finance, Its head office is in Mumbai.
You can get instant approval and quick disbursal without even uploading any documents. You don’t need to talk to anyone or visit any branch either.
All you need is your PAN card and the address proof to apply and check the eligibility. Upon approval, the loan amount is immediately disbursed to the your bank account.
The minimum loan amount is Rs1,000 and the maximum amount goes all the way up to Rs 15 lakhs. Their interest rates starts from as low as 11.99% p.a.
You can select a repayment period of 3 months to a maximum of 2 years depending on the loan amount.
Apart from personal loan, you can avail business loan, 2 wheeler loan, used car loan, new car loan, marriage loan, medical loan, travel and education loan etc.
Dhani doesn’t have any pre-closure charges for loans up to Rs20,000. The entire process from approval to disbursal is very hassle-free and swift.