With its new 'InstaMoney' application, available for download on the Google Play Store, users can now easily get advances on their salary or an instant cash loan. The applicant merely has to confirm that they have employment and have a monthly income in excess of Rs. 12000 and enter their Aadhaar number to have their application for credit processed.
With smartphone and internet penetration in India growing rapidly, a new generation of digital natives is finding it easier to use apps and mobile platforms to access a wide variety of services LenDenClub is tapping into this opportunity by offering people better and quicker solutions for their financial needs through the InstaMoney app.
This is particularly true for millennials in tier II and tier III cities in the country that are gainfully employed, but find it hard to access reliable credit from conventional lending institutions like banks. They are either concerned about the laborious process, or have been so excluded from the legacy financial system that they are ineligible for credit. Through the InstaMoney app, they will now be able to access credit hassle-free.
"Our objective behind InstaMoney is to fulfill the short-term requirement for credit that salaried individuals face when they have to deal with some unexpected expenditure during a month. Over the last two years of our operations, we have found that such one-time expenses can often leave salaried individuals without liquidity to meet their immediate needs. Earlier, they had to rely on family members or friends. Now, they can rely on our app! Our targeted disbursement time is only 2-3 hours in this loan segment, which is a huge achievement in P2P lending, and shows that getting credit can truly be hassle-free," said co-founder and CEO, Bhavin Patel. (ANI)