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 10 Money Lending Apps for Online Loan in India
- 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 an 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 Rs 1,000 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 swift and hassle-free.
Stashfin is a Pune based fin-tech startup that provides personal loans and credit line cards to working professionals.
They claim that getting a credit line card is simpler and faster than getting a personal loan.
A credit line card is nothing but a pre-approved line of credit made which can be availed with the help of the card that they provide.
It can also be termed as an instant cash loan. The maximum line of credit that can be availed using a credit line card is Rs 5 lakhs.
The procedure to apply is quite simple and involves only 3 quick and easy steps.
First, you need to fill a basic form with information such as your name, age, mobile number, email address, banking details, etc.
The second step requires you to upload the KYC documents. In the final step, a representative will visit you for final verification.
The amount is disbursed through the card after completing the final verification and fulfilling the minimum requirements.
You can take multiple loans after the line of credit is made available to you. After the initial approval, the loan amount is transferred within seconds for the second loan and so on.
You pay interest only on the amount you use or load on the credit line card. You can borrow anywhere between Rs 500 to Rs 5 lakhs.
There are no hidden fees and the processing fee is quite low and transparent. For repayment, you can choose a tenure of anywhere between 3 months to 3 years.
You can avail an instant cash loan from Stashfin for several reasons such as vacation, education, family emergency, medical expenses, etc.
SmartCoin is an app-based instant cash loan provider based out of Bengaluru. They have been in operation since November 2015.
As per their website, they have a user base of around 100k. They have disbursed more than 300k loans so far amounting to a total of Rs 100 crores.
The procedure to apply for an instant cash loan with them is completely digital and 100% paperless.
The process is quick and hassle-free and it takes only a few minutes.
You need to fill an online form with your details and upload a few documents. After you fulfill the eligibility criteria, the loan amount is transferred to your bank account within a couple of hours.
You can take multiple loans from SmartCoin after getting the initial approval. The minimum amount is Rs 1,000 and the maximum amount for which you can apply is Rs 25,000.
The rate of interest can range between 2.5% to 3% per month and the maximum tenure for repayment is 4 months.
They provide online cash loans for various reasons such as medical expenses, travel loan, bike loan, utility bills payment, credit card payment, etc.
LazyPay is a Mumbai-based fin-tech company that provides personal loan and buy now pay later options to its users.
According to their website, they have disbursed credit of more than ₹500 crores with 1 crore+ credit transactions and more than 1 million+ app installs.
LazyPay is a part of PayU India and is considered to be one of the most reputed companies.
They provide instant personal loans ranging from ₹10,000 to ₹1 lakh. The procedure to apply for a personal loan is 100% digital and requires minimal documentation.
Once you get an approval, a line of credit is assigned to you with lifetime validity. Interest is charged only on the amount taken or used and not on the amount approved.
Their repayment tenures are flexible and range between 3 months to 2 years.
Apart from personal loans, they also provide buy now pay later option on more than 250+ websites and apps.
You can shop directly or buy a voucher to shop on a partner website or app. Their partner websites and apps include renowned companies like Swiggy, Zomato, Book My Show, Flipkart, Tata Sky, Make My Trip, Goibibo, etc.
You can use Scan & Pay at a physical store or use the LazyPay UPI ID for purchases made online.
You can either make the full payment after 15 days or pay in flexible installments of 3,6,9 or 12 months.
To apply for a personal loan or use the pay later option, you need to download and register yourself on the LazyPay app.
You must be an Indian citizen with a regular/full-time job and living in tier 1 or tier 2 city to apply for a loan or pay later. Age criteria range between 22-55 years. Required documents include a photo ID, address proof, Bank Account details, and a selfie.
The rate of interest can range between 18% to 25% per annum depending on the applied loan amount and user profile.
You can take a personal loan from LazyPay for several reasons such as two-wheeler purchase, travel expenses, medical emergencies, education/course fees, home improvement, wedding expenses, etc.
Credy is an app-based personal loan and instant cash loan provider. They are based out of Bangalore, Karnataka.
Their website states that they also offer loans to people with a low credit score. They provide personal loans for a wide variety of reasons such as education, medical emergency, debt consolidation, credit card refinancing, salary advance, two-wheeler purchase, marriage, etc.
The maximum loan amount is ₹1 lakh which can be repaid in flexible installments of 3 to 12 months. Upon approval, the loan amount is disbursed within 24 hours to your bank account.
You can apply for a personal loan or an instant loan through their app or website. To be eligible you must be a salaried person with a full-time job and a minimum monthly salary of ₹15,000.
The documents required are a photo ID, address proof, employment details, and bank statements for the past 6 months.
You also need to share some information such as current credit score, current EMI’s if any and the purpose of the loan.
After you provide this information online, an executive from Credy will visit your residence to collect the required documents.
These documents will be reviewed and sent for approval before disbursal. The rate of interest charged by Credy is very low and starts at 1% per month only.
All the applications/providers included in our list of top 10 money lending apps for an online loan in India are genuine, reputed, trustworthy and have been around for quite some time now. More or less, all of them are providing almost similar products, offers, and features. You can try any one of them to fulfill your temporary financial needs. You can also suggest similar apps that you have used and you think will be beneficial for Indian consumers.