Top RBI licensed lending platforms for small financial needs
By Leandra Monteiro
The pandemic has caused unprecedented financial crises for many people across the nation. In such times, banks and NBFCs have been at the forefront of enabling financial inclusion by making credit accessible to underbanked users across India. Some of the top RBI Licensed platforms that have been at the forefront of lending money to such users are:
MoneyTap: 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, they provide small-medium cash loans.
The FinTech start-up is aimed to provide flexible, fast, and convenient credit to people, with the help of convenient and easy technology making it easier for consumers to access credit in times of need. The RBI licensed app is not just aiming for financial inclusion of Indian consumers but is also expanding to global underbanked users.
True Balance: True Balance – an RBI authorized digital lending mobile financial platform operated by Balance hero India Pvt. Ltd. The platform provides digital wallet services, lending, recharge & utility payments, e-commerce, insurance, and cash loans mainly to financially underserved customers in India.
A one stop platform enabling consumers to help ensure ease of financial transactions while also providing access to credit to consumers who have been traditionally underserved by mainstream banks. True Balance focuses on non-online payment users, and non-credit score users. These are users who are underbanked or not serviced by the traditional financial institutions.
The application aims to ensure to reach the next billion users of India who deserve financial help. They offer three loan instruments through which the borrowers can borrow as per their needs. The loan products have been customised in order to cater to small and bigger financial needs of the customers, especially when many of them get declined by the mainstream financial institutions.
LazyPay: With LazyPay consumers can avail the credit from INR 10,000 to INR 1,00,000 and return it in easy and convenient instalments. The App also facilitates discounts and cashbacks on popular applications such as Zomato, Swiggy, Amazon or Flipkart. Their buy now, pay later option enables consumers to reach their aspirations with easy access to credit.
Another one of its many benefits is that you can easily track your purchases in one place and make one consolidated bill payment. Payments can be made between 3rd and 18th at ZERO extra charges. This can prove to be a boon for those who dread borrowing money even during emergencies due to high interest charges.
CASHe: CASHe a digital lending startup caters to the financial needs of professionals who need quick and easy cash during times of financial crunch. We are all aware of that time of the month when cash crunch causes many of us to borrow from friends, but with CashE, one can avail quick and easy personal loans through processes that are transparent and tuned to the times.
CASHe is driven by a fundamental belief in how financial technology should be built to address people’s immediate credit requirements. They provide seamless financial services to young urban working millennials by redefining the way creditworthiness which is assessed by tapping into highly reliable alternative data sources to underwrite and offer loans that are available anytime, anywhere – with just a mobile phone.
CashBean: CashBean is an Instant Personal Loan Platform for Indian mobile users. Presented by P.C. Financial Services Private Limited, a certified NBFC, CashBean fulfills customers’ financial needs 7/24 completely online. The application process takes just three steps with minimal documentation in no more than 10 minutes and the approved loan amount is immediately transferred to the applicant’s bank account.
CashBean – a mobile and web-based platform was developed and designed to make individual’s personal financing needs easier and faster. Unlike banks, consumers do not need to visit a branch or call anyone or make efforts but just need to apply online through the mobile app. It enables consumers to get a loan within minutes without any paperwork & hurdles. They also provide advance on salary and also for special occasions like festivals and holidays.
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