Secured monthly income is something that mostly tempts people to do jobs rather than starting their own business. But even when you know that you will get a fixed amount of salary every month, you can never be sure whether you will be able to manage your expenses with it or not.
A sudden illness or an accident can lead to a sudden offset in your financial situation and in such situations you have two options. The first is to get a loan from a bank or a relative and the second option is to get your salary in advance. While many people will without a doubt opt for the first option; we are here to tell you how the second option of getting a salary advance loan in India is a much better way through fin-in.com/loans/salary-advance-loan.
What Is A Salary Advance Loan?
The advancements in technology have increased the pace of the way things were done. Salary advance loans and interpersonal loans are branches of these innovations that were made to speed up the loan process and make money easily and quickly available to people. Advance salary loans are new-age borrowing options for retail consumers that offer credit without collateral to salaried professionals.
This is technically an advance loan against your salary which can be up to 2.4 – 2.5% times double your total salary. This term also refers to borrowers taking small amounts of loans that they can return in a small time. The return time duration of the loans can be from one month to 6 months or more depending on the amount of loan.
This advance loan against the salary can be returned in installments with a very low-interest rate so that it wouldn’t burden the borrower. This new way of meeting expenses is gaining quite a lot of fame in India and this is why different apps have been developed which offer small loans against the salary.
These apps are also proving to be very useful where paperwork is involved. When you apply for a salary advance loan in India through an app, you can skip all the lengthy paperwork required and just fill out your basic information regarding your gross salary and some other important details to process the loan.
Why Opt For Salary Advance Loans?
Here are some reasons why you should switch to advance salary loans.
You Don’t Need To Have A High Salary for The Loan
Since this loan is against your salary, you don’t have to have a high salary to ask for a loan, unlike the traditional banking system which was hesitant in processing loans to people of lower pay grades.
Lower Rate Of Interest
The salary against advance loans is offered at a very minimum interest rate which means they are easy to return.
Can Help Improve Your Credit Score
Getting a loan like this can help you improve your credit score which will make you eligible for bigger bank loans in the future.
Best Option For Emergency Purposes
These loans can be processed within a short time. Where the traditional loans required 7-15 working days, these loans only require a few hours to be processed.