Struggling with financial blues every month-end? EarlySalary might just have the right solution
It was late at night when two companions — Akshay Mehrotra and Ashish Goyal — couldn’t help but discuss the financial woes the end of the month inevitably brings. Even though they were no longer students, the end of the month invariably meant a flat wallet. While discussing their story, they understood that this issue is not specific to them and that most of the working class had a similar woeful story to tell. When they chose to scout the market for money related arrangements, they didn’t find any product that could help them. In the wake of meeting over a 100 working experts crosswise over cafeterias, IT parks, and coffeehouses, the duo chose to assemble a portable application — EarlySalary.
Powered with social media underwriting, EarlySalary gives instant cash and short-term loans to young working professionals in India. The application targets young salaried people of age between 22 to 35 and works as an advance salary or short-term bridge cash loan provider. The individual unsecured loans are accessible for as low as Rs 10,000 to Rs 1 lakh for up to 30 days with a financing cost of 0.09 percent a day. The user can apply with his/her Facebook ID, PAN card number, or bank login confirmation or explanations. The remittance takes just one hour after applying.
Starting out from Pune, EarlySalary is currently operational in Mumbai, Delhi, Noida, Gurgaon, Chennai, and Bengaluru. It is based on the concept of ‘payday loan’ which is rather popular in the US, with both banks and new companies in the shred. The market has also attracted investor interest in the US. The pattern at last is by all accounts getting on in India, with payday loans — indeed, short-term lending segment — gaining traction. In the first half of the year, more than 10 deals adding up to $741 million were made on Fintech lending platforms.
Akshay includes that their endorsing framework is churning out loans to young working professionals using a machine-learned algorithm called Social Worth. It has additionally guaranteed to process applications for more than 4,500 clients crosswise over areas and has dispensed loans worth Rs 2 crore. EarlySalary provides short-term loans for 30 days, and expects to concentrate on the age section that most conventional banks and lending platforms are careful about. The team is also in the process of launching new products catering to various needs of the same consumers. They rose seed funding of $1.5 million from Ashok Agarwal of Transcorp Group and are expecting at the next round of funding. EarlySalary expects to achieve seven metro urban communities in the following year by including one city every 45 days.
Start by doing what’s necessary; then do what’s possible; and suddenly you are doing the impossible