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Spend more this Diwali with access to Instant Cash from these Apps, cash providers

Priyadarshini Maji
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instant cash, online money, credit card, debit card, e-wallet, paytm, phonepay, google pay, discount on fuel, discount on petrol, discount on diesel,

In rural India, festival expenditures amount to over 15 per cent of a household’s annual expenditures while urban India treats this as a social investment, according to industry data. Diwali is one such festival that includes grand celebrations, and money backup is always a necessity. Not only for family celebrations but most also voluntarily spend for local puja and on festival committee donations. Hence, all the more reason to be prepared for any unforeseen expenses, especially Diwali celebrations.

Catering to such situations and people, new-age online brands are here to be your savior. These apps have made it convenient for people to avail instant funds, for urgent situations, be it during the festivals or just to have a relaxing vacation. Be it a working day, a Sunday or national holiday, these are there to help you out.

Here is a list of instant cash providers:

Money View – It is an alternative option for availing personal loans in case an individual cannot qualify the criteria of banks. Money View not only deals with the short-term but also long-term loans. They disburse loans between Rs 10,000 and Rs 5 lakh, for a period of 3 months to 5 years. Around 60 per cent of the company's customers are from smaller towns.

Sanjay Aggarwal, Co-Founder, Money View Loans, says, "Using the Money View app, one can take a personal loan of up to Rs 5 lakh within 2 hours, anywhere in India. Through our technology and data-led approach, we have been able to provide access to credit to individuals in the ‘middle of the market’ segment who are unable to take loans from a larger financial institution."

MoneyTap – This fintech startup provides a credit line of up to Rs. 5 Lakh without any collateral. No interest is charged until the amount is actually utilized. MoneyTap also has a shopping card, MoneyTap RBL Credit Card, for its user. This is a regular credit card that is accepted at all locations and for all card purchases, both offline and online. Salaried employees can use this app and, by providing all the information generally required by banks, one can get started in just a few minutes.

Anuj Kacker, Co-founder and COO MoneyTap, says, "Instead of breaking the bank or dimming the celebrations, customers can easily avail instant credit, and we provide pre-approval credit within 4 minutes on the app. Once customers get the final approval and their credit line is set up (takes about 1-2 days), they can transfer any amount from their limit instantly."

Qbera – This lending platform provides lending services by enabling the transfer of funds to the borrower within 24 hours of receiving the online application. Aditya Kumar, Founder & CEO, Qbera, says, "Qbera offers amounts from Rs 1 lakh to Rs 15 lakh to salaried individuals. It is also a completely paperless loan process, affordable interest rates, disbursal within 24 hours, a wide choice of loan amounts, easy-to-meet eligibility criteria, and flexible tenure options. After submission and verification of documents, disbursal of loan happens within 24 hours."

The company mostly provides loans to potential borrowers who are largely overlooked by banks and financial institutions. These borrowers are individuals with incomes of less than Rs 3-4 lakh per annum. Also, they extend their loan option to employees working for companies unlisted with banks, and people who are new to credit, generally rejected by banks.

LoanTap – LoanTap generally looks at delivering customized loan products to millennials. LoanTap delivers instant, flexible loans to both salaried professionals and businessmen. You can choose, compare and customize loans from various offerings like EMI Free Loan, Personal Loan, Personal Overdraft Facility, Credit Card Takeover Loans, House Owner Loan, Rental Security Deposit Loans, and Advance Salary Loans.

RupeeRedee – Its application process requires minimum documentation and the customers can get access to small-ticket loans ranging from Rs 5,000 to Rs 25,000. The company claims that the average time for loan disbursement to customers is 10 minutes. Jitin Bhasin, Managing Director, RupeeRedee, says, "Diwali is considered the biggest shopping period in India when people shop mainly for consumer durable goods, home décor, new clothing, gifts, and gold. Hence, we facilitate small ticket size loans for as low as Rs. 5000 which customers can use to fulfill their needs by availing a loan that can get disbursed in a very short time." The company claims to have a disbursement time of 10 minutes for instant loans.

Early Salary – Early Salary’s mobile-first strategy claims to disburse loans within minutes. The credit scoring systems used by Early Salary for customer profiling combines traditional credit scoring with social and online scoring technology-linked risk assessments.