EarlySalary Launches a New Tool to Check Your Financial Wellness
|
|
|
|
|
|
|
|
|
|
Date: 10-12-2019 10:30AM Source: EarlySalary Category: Business/ Finance, Technology, General, Consumer Interest, Human Resources & Consultancy Services, Internet, Lifestyle, Start Up, Banking & Financial Services, Telecom, Business Services, Sme Location: Pune, Maharashtra, India
Business Wire India
| EarlySalary launches a new tool for its customers to check their financial wellness |
EarlySalary, India’s largest consumer lending application has recently announced the launch of its free monthly bureau credit score for its users. This feature not only will encourage them to make progress towards improving their financial health, but will also help them to work towards increasing their credit worthiness. India’s quick acceptance of fintech innovations in the past few years by millennials has made this feature an important credit-improving aid. According to the Credit Score Knowledge 2016 Consumer Survey, while a large majority of consumers know some basic facts about credit scores, many of them do not understand the credit score details that have important cost implications. This feature aims to simplify credit reports for EarlySalary users, considering large percentage of their audience are new to the credit system. The credit score system offers a detailed snapshot of a person’s credit financial position, and helps them with tips on how to build their score and become loan-worthy. Another part of the product describes the historical score data which can be used to check a person’s score trends over that period and also analyse the factors affecting his score. A person’s credit score is determined by their credit card payment history, percentage of credit limit used, type of credit, late fee charges, loans active and various other factors. Apart from the credit report, the feature will also suggest suitable loan advisors and offers to earnest users. This will help users avoid pitfalls, further apply for loans judiciously and demonstrate stability in credit and financial matters. EarlySalary also plans to set up financial wellness seminars among corporates to help millennials improve their financial health. Akshay Mehrotra, Co-Founder and CEO of EarlySalary said, “Our data points suggest more advisory efforts are required to help millennials and young adults to take control of their finances, and make smart monetary decisions to ensure a prosperous and stable future. Today over 10 Million customers have downloaded the EarlySalary app and more than 400 corporates have signed up for the Financial Wellness Offering and Salary Advances of EarlySalary. Encouraging them to sign up and check their credit score regularly, is a crucial first step in supporting them to understand their financial health and setting them on the right path towards making better financial decisions. To encourage growth in financial literacy and wellness, education and awareness programmes are important. We also have an on-ground education campaign with the same motive. We believe such initiatives will go a long way to help people understand the intricacies of managing their credit well, and also play a useful role in influencing their financial wellness.” EarlySalary.com was founded by Akshay Mehrotra and Ashish Goyal in 2015 and is India’s largest consumer lending application, crossing the INR 2000 Crores disbursal mark. The mobile-first lending application has provided financial assistance to over 250,000 unique customers through 1 million cumulative loans across 17 cities, which has made EarlySalary the first line of credit for young working Indians.About EarlySalary.com Founded by Akshay Mehrotra and Ashish Goyal, EarlySalary is a mobile app that allows salaried individuals to avail of financial assistance. The company offers a bouquet of products tailored to the need of young India including salary advances, instant loans, interest-free EMI options and a line of credit to shop. The company conducts a prudent risk assessment by leveraging machine learning to go beyond financial underwriting. EarlySalary earlier raised INR 100 crores in January 2018 led by Eight Roads Ventures (Fidelity). With more than 10 Million Downloads and loans worth Rs. 2000 crores already being disbursed, EarlySalary is helping customers borrow within minutes. EarlySalary has fast become the 1st line of credit for young working professionals in India. Key Features - Instant access to funds in less than 10 minutes
- High Automation: 73% of loans are Machine Approved & instantly disbursed
- Loans of values ranging from Rs. 5,000 to Rs. 2 Lac cash can be accessed for a tenure from 50 days to 2 years.
- Shop now and pay later – the ability to use the loan limit to shop online on credit on Amazon, Flipkart & many other partners.
For more information please visit www.earlysalary.com
Like us on Facebook: Facebook.com/EarlySalary
Follow us on Twitter: @Early_Salary
|
More Press Releases C3.ai Digital Transformation Institute Announces AI for Energy and Climate Security Grantees Moody’s Launches Moody’s Moments Video Series Providing Insight into Corporate Strategy IDEMIA Signs With Storstockholms Lokaltrafik “SL” to Launch the World’s First Ever Public Transport EMV White Label Cards Celebrity Face: India's No.1 Platform for Aspiring Content Creators and Fans to Photoshoot with Top Celebrities Tally Solutions Announces the First Edition of MSME Honours Sourced from the Himalayan Regions, Moving to the Wonders of Australia - BOHECO Joins Hands with Spring Sciences Australia Moneycontrol App's Monthly Active Users Six Times Larger Than Its Closest Competitor for May 2021 - Similarweb Healthcare Cloud Unicorn, Innovaccer, Certified as a Great Place to Work® Company The Nation Gears up for the First-ever Edition of National Poker Series, India DXC Technology Welcomes Brenda Tsai as Chief Marketing and Communications Officer Schlumberger New Energy and Panasonic Energy of North America Announce Strategic Collaboration on New Battery-Grade Lithium Production Process Fashion Designer Sanjukta Dutta Contributes Towards the Vaccination Drive Held in Assam Under the Guidance of Honorable Chief Minister Dr. Hemanta Biswa Sarma Western Union Accelerates Digital Money Movement for Postal Networks Worldwide NMIMS School of Branding and Advertising Partners with 120 Media Collective and Advertising Standards Council of India High-Touch Spectacles Now Made Virus Free by ZEISS DuraVision AntiVirus Platinum UV IRM India Affiliate Announces Results for May 2021 Level-1 Examination Wipro Annual Report 2021 on Form 20-F Available Online for ADS Holders RSA Introduces Outseer, a Spinout of its Fraud & Risk Intelligence Unit, to Transform Customer Authentication and Accelerate Revenue for the Digital Economy Abu Dhabi Based Tablez to Expand Upon Investment in India’s Toys Sector With Its Proprietary Brand
|