The concept of loan has been prevalent in our society since time immemorial. Societies have accepted and embraced its benefits both for the borrower and the creditor. In modern times, this has substantially changed with the rise of fin-tech. With people becoming more financially independent and educated, borrowers seek a trusted and legal channel to opt for loans. In short, people are becoming more financially aware of the options available to them. One such type of loan that has become quite popular among the people is the advance salary loan.
What Is an Advance Salary Loan?
The advance salary loan is a short term loan, which is usually given for a smaller amount. The interest rates and tenure periods for this type of loan are mostly low. The best interest rates can be found at various creditor websites. A loan worth mentioning is the MoneyTap advance salary loan.
Why Does One Need an Advance Salary Loan?
Finances can be stressful and confusing. Often, we find ourselves in situations that we had not planned due to their volatile nature. What does one do? Seek financial assistance! Traditionally, people borrow from their peer groups, families or private individuals who charge high-interest rates.
You can now seek financial assistance just by logging on to an online creditor and filling in your details. The application for a loan is completed by following a few simply steps using online creditors like MoneyTap Advance Salary Loan.
What Is the Eligibility Criteria for This Loan?
The minimum eligibility criteria for this type of loan is:
- Age: The applicant’s age must lie between 23 and 55.
- Monthly Salary: The applicant must have a minimum salary of INR 15000 monthly.
This is a fairly low barrier to avail this type of loan and is accessible to employees from all types of occupations.
Since the criteria for this loan are low, any salaried person can seek it. They can be used to pay medical bills, car servicing bills, electric wiring maintenance, education fees, any overdue bills, deposit and rent. These miscellaneous expenses can arise in any situation and create an undue financial burden. Hence, any eligible individual can ease his financial pressure by seeking this type of loan.
In brief, the advance salary loan is designed to assist people in short term emergencies. They are different from personal loans and are available only to people with a fixed, active salary. Anyone with an annual salary of INR 1,50,000 and above is eligible for this type of loan. The loan amount can be anywhere between INR 35,000 and INR 5 lakh.