Introduction

Payday loans in India have gained popularity as a quick solution for immediate financial needs. These short-term loans are designed to cover urgent expenses and are typically repaid by the borrower’s next payday. Several fintech companies and non-banking financial companies (NBFCs) have made the process of obtaining payday loans simple and fast through their digital platforms. Below is an overview of 7 notable organizations offering payday loans in India, including Kredito24, Olyv, and KreditBee.

Kredito24

Overview: Kredito24 is a digital lending platform that offers short-term personal loans to salaried individuals. The company aims to provide quick and easy access to credit through a completely online process.

How to Get Money:

• Application: Users need to download the Kredito24 app and register by providing basic personal and financial information.
• Verification: The platform verifies the details through automated processes and provides instant approval.
• Disbursement: Once approved, the loan amount is disbursed directly to the user’s bank account within a few minutes.

How to Repay:

• EMI Payment: Kredito24 offers flexible repayment options through equated monthly installments (EMIs).
• Auto-Debit: Users can set up auto-debit from their bank account to ensure timely repayments.
• Manual Payment: Repayments can also be made manually through the app or website. 

Detailed review about Kredito24 available: Kredito24 

Olyv

Overview: Olyv is a fintech startup that provides instant payday loans to salaried professionals. The platform focuses on delivering quick and hassle-free financial assistance to individuals in need.

How to Get Money:

• Online Application: Users can apply for a loan through the Olyv website or mobile app by filling out a simple application form.
• Quick Approval: The approval process is swift, leveraging automated credit assessment tools.
• Fast Disbursement: Approved loans are disbursed within minutes directly into the applicant’s bank account.

How to Repay:

• Flexible Repayment: Olyv offers flexible repayment options tailored to the borrower’s payday cycle.
• Auto-Debit: Borrowers can opt for auto-debit from their salary account to streamline repayments.
• Payment via App: Repayments can also be managed through the Olyv app. 

Detailed review about Olyv available: Olyv 

KreditBee

Overview: KreditBee is a prominent online lending platform that offers personal loans, including payday loans, to young professionals. It provides quick and convenient access to credit through its user-friendly mobile app.

How to Get Money:

• App-Based Application: Users need to download the KreditBee app, complete the registration, and submit required documents.
• Instant Approval: The app provides instant approval decisions based on the user’s profile and credit score.
• Immediate Disbursement: Once approved, the loan amount is credited to the user’s bank account instantly.

How to Repay:

• EMI Options: KreditBee offers multiple EMI options to suit different repayment capacities.
• Online Payments: Users can repay through various online payment methods, including net banking and UPI.
• Auto-Debit: Setting up auto-debit for EMIs ensures timely repayment without the need for manual intervention.

Detailed review about KreditBee available: KreditBee 

CASHe

Overview: CASHe provides instant personal loans to salaried individuals through a digital platform. The company uses advanced algorithms to assess creditworthiness and provide loans without requiring traditional credit scores.

How to Get Money:

• Digital Application: Users can apply via the CASHe app by providing necessary details and documents.
• Quick Assessment: CASHe uses a proprietary algorithm to quickly assess and approve loan applications.
• Fast Disbursement: Approved loans are disbursed within minutes to the user’s bank account.

How to Repay:

• EMI Payments: Flexible EMI options are available.
• App-Based Repayment: Payments can be managed through the CASHe app.
• Auto-Debit: Setting up auto-debit ensures hassle-free repayments. 

EarlySalary

Overview: EarlySalary is a digital lending platform offering instant payday loans to young professionals. It provides loans for various purposes, including travel, education, and shopping.

How to Get Money:

• Online Application: Users can apply for a loan via the EarlySalary app or website.
• Instant Approval: The platform offers quick approval based on automated credit checks.
• Immediate Disbursement: Funds are transferred to the borrower’s bank account instantly upon approval.

How to Repay:

• Flexible EMIs: Borrowers can choose from different EMI options.
• Online Repayment: Payments can be made through the app or website.
• Auto-Debit: Auto-debit from the salary account is available for seamless repayment. 

MoneyTap

Overview: MoneyTap offers a credit line that can be used as a personal loan. Users can borrow as needed and repay with flexible terms.

How to Get Money:

• App-Based Application: Users need to download the MoneyTap app, complete the KYC process, and get approved for a credit line.
• Draw Funds: Users can draw funds from the approved credit line as needed.
• Instant Access: The drawn amount is credited to the user’s bank account instantly.

How to Repay:

• Flexible Repayment: Users can repay the borrowed amount in flexible EMIs.
• App-Based Management: All repayments can be managed through the MoneyTap app.
• Auto-Debit: Setting up auto-debit ensures that repayments are made on time. 

Bajaj Finserv

Overview: Bajaj Finserv offers a range of financial products, including personal loans that can function as payday loans. They provide quick approval and disbursement for salaried individuals.

How to Get Money:

• Online Application: Users can apply for a loan via the Bajaj Finserv website or app.
• Quick Approval: The platform offers rapid approval based on credit assessment.
• Fast Disbursement: Loan amounts are disbursed within a few hours of approval.

How to Repay:

• EMI Options: Various EMI options are available to suit different repayment capacities.
• Online Payments: Repayments can be managed through the Bajaj Finserv portal.
• Auto-Debit: Auto-debit options are available for convenient repayment. 

Also you can take the money from classic bank

I will tell you a little secret - money for urgent needs can be taken not only in non-banking institutions for a short period of time, but also use the service of opening a credit card in popular banks, which give a certain limit on withdrawals or purchases on loan from the bank.

Such services are provided, for example, by State Bank of India, Axis Bank. 

Conclusion

Payday loans in India have become a convenient solution for salaried professionals needing quick financial assistance. Organizations like Kredito24, Olyv, KreditBee, CASHe, EarlySalary, MoneyTap, and Bajaj Finserv offer user-friendly platforms that provide fast loan approval and disbursement. Each platform has unique features and repayment options, allowing borrowers to choose the one that best suits their needs. However, it’s essential to read the terms and conditions carefully and understand the repayment obligations before taking out a payday loan.