Top 5 APPs providing Instant Advance Salary Loan in India

Whether it is an unexpected expense at the end of the month or a flash sale that you don’t want to miss – the need for cash can emerge at any time. Despite our best efforts to save money and curb expenses, we are often faced with unforeseen financial challenges. 

Businessmen and entrepreneurs can arrange funds from various sources. High-income professionals too have ample disposable income. Unfortunately, salaried individuals having fixed income often find themselves in a financial quagmire when faced with sudden and unforeseen monetary challenges. 

While conventional personal loans from banks are certainly an option, the hassles of documentation and strict requirements for having a perfect credit history can often prove to be a hurdle. 

Introduction to Advance Salary Loan Apps

Instant personal loans are the perfect option for salaried people looking for some extra cash. These loans are disbursed in minutes and require minimal documentation. Often known as advance salary loans, such loans can prove to be a lifeline for many. 

These instant loans for salaried professionals are now made available through a range of online mobile applications or apps that offer quick disbursal, attractive interest rates and minimum documentation requirements. While the play store is filled with a range of apps, in this blog we take a look at the 5 best apps for salary advances. 

Is it safe to get an Online personal loan?

Personal loans when approved via banks or even non-banking financial institutions are safe. However, such loans are not easy to get. Thanks to the progress made in the world of finance and technology, several fintech companies have emerged, which provide instant personal loans online without making you go through the grind of filling up long forms. But there is always a lingering thought in our mind: Is it safe to get an online personal loan? 

Here are some reasons why online personal loans are safe:

Online personal loans are unsecured. For applying for such loans, you do not need to pledge any collateral security. Instant personal loans are of small amounts and are meant to be used for different financial needs and even emergency purposes.

Usually, such loans require minimal documentation. A few simple documents to prove your identity and residential address are required, along with bank statements and salary slips of the last three to six months. Less documentation ensures that you are not revealing too much personal information online. 

These online loan apps are totally secure and keep your personal data safe. They use state-of-the-art technology for data protection. 

Online loans are easier to get than business or housing loans. A quick check of the CIBIL score and phone verification later, your personal loan is approved. 

Finally, what makes online personal loans particularly safe is the fact that such loans are offered by reputed, credible fintech companies, which are constantly reviewed by online users. This makes online personal loans your best bet to tide over any personal need for immediate cash.

Best mobile Apps providing Advance Salary Loan

Credy: This is a full-stack, consumer-lending fintech company that has gained quite a reputation in the market for providing quick loans. It offers a range of financial products, such as personal loans, instant loans and emergency loans, via a largely paperless process. Some of its unique features include allowing a credit line even on a low CIBIL score, interest rates starting from as low as 1% and fast reliable service. Click here to download app.

MoneyTap: It claims to be India’s first personal line of credit and offers a range of short term loans for emergency purposes. The company offers instant approval for a credit line of up to Rs 5 lakh. It allows users to withdraw as little as Rs 3,000 from the full approved credit limit. You have to pay the interest only on the amount that is used. Click here to download app.

Phocket: One of the brightest stars in the field of instant advance salary loan apps is Phocket. Phocket is emerging as the most preferred app to cater to all sorts of personal financial needs such as shopping, education, travel, medical, rent, etc. Click here to download app.

KreditBee: It offers quick and easy loans for up to Rs 2 lakh. Customers can also shop on e-commerce companies’ apps with the help of easy KreditBee EMIs. They claim that the entire process is usually online and does not take more than 15 minutes – starting from the registration to the disbursal of loan to the bank account of the customer. Click here to download app.

PaySense: With a large number of loans disbursed so far, PaySense enjoys a great customer satisfaction record. It offers a range of loans for emergency purposes and requires minimal documentation. Offering instant loans between Rs 5,000 and Rs 5,00,000, PaySense offers its customers some special features like approval on zero-credit history and one-click subsequent loan options. Click here to download app.

Why choose Phocket as your Instant salary loan partner?

Phocket is a new-age fintech lending platform, which understands the needs and wants of the current generation of millennials and their lifestyle adversities. 

As the world becomes aspirational, there are expenses we simply cannot avoid. Be it a sudden trip to a foreign destination or paying for an unforeseen medical emergency, Phocket has come up with a range of tailor made loan options – from advance salary loan options to credit card repayment loans. 

Phocket even provides a range of unique credit offerings, such as Skill India loans and low CIBIL score loans. The entire process of loan approval is quick and easy. All you need to do is to download the Phocket app on your smartphone and fill up the simple and easy form. After a quick check of your past credit history, your loan is granted within minutes. 

Phocket operates in many Indian cities, including Delhi, Noida, Gurgaon, Mumbai, Faridabad and Bangalore, among others. Its advance salary loan option is perhaps the most preferred product with the loan amount ranging from Rs 5,000 to Rs 1,00,000. With flexible EMI options, Phocket has positively impacted the financial wellbeing of today’s generation of youngsters and made their life easy!