EarlySalary owns and operates a mobile app-based lending platform that offers short-term loans to working professionals who are short on cash and need funds until their salary gets credited. It uses a proprietary credit scoring systems for customer profiling and offers loans from INR 10K to 100K for 7 to 50 days. EarlySalary uses India Stack for enabling E-KYC & Faster loan disbursement. Currently, the company operates in eight cities including Mumbai, Pune, Chennai, Bengaluru, Hyderabad, New Delhi, Jaipur, and Ahmedabad.
PRODUCTS & SERVICES:
Online/mobile lending platform for salaried persons.
EarlySalary provides a small bridge loan to its customers to overcome short difficult period at the end of the month till their salary is credited.
The avg loan size is $126.1-$3,154 (INR 8,000 to INR 2 Lakh), and its repayment period is between 7 days to one month.
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Online retail consumers
The company has partnered with Couponraja, BW Coupons, Corporate & SMEs.
The company claims to make lending decisions based on borrower's social and banking data within 70 minutes. EarlySalary developed its Underwriting System which is a self-learning Algo Based Decisioning System. The System in real time reviews Social Media and Credit Bureau data of customers and helps approve the loan for them.
The company claims that 70% loans are given in under 10 minutes.