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Short-term loans for short-term credit requirements.
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Who Can Apply for a Short-Term Loan?
Here are the varied kinds of people who may apply for a Short-Term Loan.
Salaried Employees
Individuals who require instant cash and cannot wait till the time that their salary is processed.
Quick Money
Somebody that requires money fast to satisfy unexpected financial obligations with ease.
Ones looking to build credit score
A short-term loan could act as a credit builder for applicants with a low credit score.
Getting a loan was never this easy
Even a first-time applicant can get a short-term loan swiftly approved.
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Instant Loans
Take care of instant financial obligations with a short-term loan starting from Rs. 5,000.
First-time loan applicant
Never taken a loan previously? No worries! Users who are new to credit can also apply.
Speedy Approval
Get quick loan approval. The loan amount gets disbursed in just a few hours.
Paperless Process
Follow a seamless process and upload relevant documents on the app to save time and energy.
How It Works?
It takes 3 simple steps to apply for a loan. Digital and paperless process give you the much-needed edge!
1
2
Select Offers
Select the best-suited offer from multiple short-term loan options that’re available.
3
Apply
To apply, upload recent salary slips, bank statements, and other documents.
What is the eligibility criteria for a short-term loan?
Any salaried individual with a monthly income that’s more than Rs. 15,000 can apply for a short-term loan online. Just provide the basic details required to check eligibility instantly.
The final loan amount to be sanctioned is decided on the basis of social score, alternate data and factors.
What documents are required for a short-term loan?
These are the documents that’re needed:
- PAN Card
- Current Address Proof
- Pay slip for the last 3 months
- Bank statement of salary account for the last 6 months
Please note that additional documents might be requested if necessary during credit checks.
Are short-term loans good for your credit score?
Yes, because a short-term loan can be used to improve a borrower’s credit score. Social score, alternate factors along with credit score are considered for a short-term loan. These include habits that determine a borrower’s credibility across social platforms like LinkedIn, Facebook, customer’s spending patterns, financial behavior, address, demographics etc.
What is the minimum salary required?
The minimum salary is approximately Rs. 15,000. In certain cases, it could increase to about Rs. 18,000.
Can a short-term loan be taken with a lesser credit score?
Yes. A Credit Score is one of the factors that is used to determine your eligibility. A less-than-perfect credit score could work for a borrower as there are other factors that’re considered. These comprise the customer’s social score and alternate data. Weightage given to these in considering short-term loan eligibility is much higher.
What is the maximum tenure to repay a short-term loan?
Ideally, repayment towards a short-term loan can be done within 1 to 6 months’ time depending on the provider.
Great things customers are saying!
Here is what our customers have to say about us and our services.
Quick loans!
I really needed money on an urgent basis. Found your company listed on Google. I liked that you’re really quick. Arif was too good at his work and follow-ups. Good luck, keep growing.
Prasad Rai, Mumbai
Co-operative staff
The staff is very co-operative, especially Pratiskha who guided me to get the loan on the same day. Thanks to 5nance.
Dev Das, Kolkata
Personalized loan worked for me!
The personalized loan option really worked for me. I got to choose the lowest EMI that I could repay with ease.
Akanksha Mishra, Mumbai
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AlgrowDisclaimer
Innovage is not responsible for the accuracy or reliability of any information displayed about the loan products as the same is received from the respective loan providers.
Further Innovage accepts no liability whatsoever for any loss or damages of any kind including but not limited to, direct, indirect, incidental, equitable and/or consequential damages suffered by the user arising from availing the loan product.