5 digital startups for instant money lending
By Leandra Monteiro
Technology has become the core of the Indian banking system & the occurrence of Covid-19 has increased the shift of offline banking to digital banking. The journey started first from internet banking, then learning account openings, wealth-tech solutions, invest-tech solutions & digital lending.
Digital lending refers to the online expending of loans where all processes, even loan approval and recovery, take place online, typically through mobile apps that too in few minutes. The business of lending is influenced by digitization. It is important for customers to ensure whether the platform is secure or not. PCI DSS, The Payment Card Industry Data Security Standard improves global payment account settings. Such courses raise the bond between the customers & Digital lenders.
Below detailed are the digital lending startups, which are safer for instant money lending.
Incepted in 2018, RupeeRedee is a digital lending platform that allows consumers to fulfill their lending needs in simple steps with the help of technology. The app gives you access to personal loans within few minutes on your fingertips.
It is a tech-driven digital lending platform that leverages technology and data sciences to make lending accessible for India’s massive population of underserved customers. With robust KYC and smooth process, it makes the consumer journey hassle-free, quick and also safeguard your data. It currently has 4.51 million Installs on Google play Store and has an average traffic of 400K on its website.
Operating with its own Captive NBFC FincFriends Private Limited in the background to facilitate short-term personal loans coupled with digital lending services and have deployed various forms of underwriting including alternate data sources and is not restricted to credit score-based underwriting only. Following the Fair Practice Code and compliance process it offers its consumer a great experience and satisfaction.
Incepted in 2018, the company has acquired a huge customer base from more than 600 towns across the country. The digital credit card can instantly be made available within 3 minutes and benefits the customers with no annual, joining, or interest charges. GalaxyCard focuses on making credit cards easily available to customers with an income of less than 30k a month. Customers can simply download the app and make a free online registration for processing. The entire application process is digital and requires three basic details – PANCard, Aadhar Card, and Bank Statements. Unlike the traditional lending process, it eliminates elaborative paperwork and long processing duration.
Founded in 2014, LendingKart’s primary mission is to make it easy for SMEs (small and medium enterprises) in India to have easy credit access. It operates as an NBFC, and focuses on the MSME lending and capital space. LendingKart uses big data analytics to help lenders determine a borrower’s creditworthiness. It also completes the loan disbursal process much quicker than the traditional banks.
LoanTap Financial Technologies is an online platform committed to deliver customized loan products to millennials. The Pune-based company was established in the year 2016 with an aim to provide seamless consumer experience from the application to the disbursal process. The platform is said to be committed to deliver flexible loan products to salaried professionals. LoanTap offers loans to help millennials achieve a life they desire. The company is said to deliver fast personal loans at customer-friendly terms. LoanTap’s focus is to delight its customers by helping them choose the best loan products.
MoneyTap is India’s first app-based credit line. Offered in partnership with leading banks, it is not just a personal loan, not just a credit card, but a personal credit line. In simple words, MoneyTap is catering to the credit needs of middle-class customers in India. Present in 40+ cities, we are providing small-medium cash loans, quick credit on mobile, affordable interest rates and flexible EMIs.
Founded by a passionate pack of IIT/ISB alumni, MoneyTap aims to make credit accessible to the millions of Indians, who have a hard time getting credit when they need it.
ALSO READ: Global Lending Vendors & Landscape Report Q1 2022
IBSi Daily News Analysis
June 02, 2023
How wealth management firms can grow revenues in a declining marketRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage