No matter how much one earns, we all end up exhausting most of our salary by the month-end. With the increasing expenses and lined-up wishes and expenses, it is never possible to go by the budget. An extra cost or a financial requirement during the festive season can create the need for an alternative source of emergency funds. These situations lead to the need for a salary advance loan. A debt that is easily accessible to add the extra units to the income sheet before the next salary is due. Some NBFCs (Non-Banking Financial Companies) have started this convenience through their mobile banking facilities!
The salary advance loan facility is based on the old concept of additional money from employers. Yes, earlier, most of the employers used to provide salary advances to keep the employees happy and linked to their company. The NBFCs extend this service as a type of unsecured personal loan. All one has to do is fill out a form by downloading the best application available and complete the minor documentation process. If he/she is eligible for the funds, the lender will accept the application and verify the details. The amount gets transferred within a few working hours. Let us understand the benefits of applying for an advance salary loan.
Salary Advance Loans: A Source of Smart Funding
With the overdue expenses in line, one is likely to exhaust the salary way before the next due date. Most people tend to rush to banks for personal loans, but the process is time-taking and a pool of formalities with a high-level of interest rates. NBFCs have found a more simplistic and convenient way to provide an easy way to emergency monetary funding. Borrowers just have to be very careful with their choice of the mobile application used for this purpose. There are plenty of finance apps claiming to offer the best services. One should analyse the market, check the company’s background and then make the final move!
Exclusive Benefits To Apply for A Salary Advance
The benefits of applying for a salary advance loan using a mobile application from a trusted NBFC are way more inclusive than the uncertain obligations. Borrowers always enjoy the gains from this source of emergency funding as long as the choice is accurate. Here are the prevalent benefits that one can reap by applying for salary advances.
Simple Application Process
The online application process through a preferred mobile application is a simple task. It takes one to enter his contact details, monthly salary, bank account information, PAN and Aadhar card details, etc. The process is a matter of a few clicks!
The approvals are fast and easy-to-get, as most leading NBFCs take a few working hours to transfer the funds to the defined bank account. If one is wise enough to make the right choice, he can get his salary advance within an hour.
Comfortable Documentation Process
There is no need to sign a bunch of papers of stand in queues for hours to complete the documentation process. All it takes is the PAN and Aadhar card details to get proof of identity and address. Most applications do not require a copy of the salary slip or anything! One just has to be honest with the details provided to be able to afford the loan.
Flexible Repayment Method
The repayment method is also convenient and flexible since one gets the option to choose the EMI amount. There is no fixation on that from the lender unless mentioned otherwise!
Salary advances fall under the category of unsecured loans. One does not have to provide any collateral or mortgage to get the funds. Avail financial help of up to 5 lakhs without keeping anything as a security deposit to the lender.
Convenient Eligibility Parameters
Any salaried individual with a decent credit score can get salary advances. It is just about the authenticity of the information provided that the lenders verify before passing the approval.
The Bottom Line: Know The Right Lender
Rushing into decisions can cost one a fortune than benefitting anything in general! Analyse the available options very tactfully. The best shot is to go through the customer reviews on the Google Play Store or App Store. Some customers may also leave their reviews on the application itself. Download the most high-rated apps and then compare the reviews to pick the most competent one. After all, a wrong lender can sour the money market experience forever!
Employees who avail the benefits of salary advances do not feel the burden of a loan! This monetary backup does not feel like a burden with these flexible EMIs and loan tenure. No need to go through the rigorous loan application process of banks. Download the app, apply for a salary advance and get the funds in a few hours. Meet financial shortfalls in a few clicks on the smartphone!