EarlySalary solves month-end money problems - Fusion - WeRIndia

EarlySalary is a mobile app which is made for people who have financial issues at the end of the month. The app was founded by two friends — Akshay Mehrotra and Ashish Goyal. They got the idea for it when they were discussing their own financial woes at the end of the month. They found that the end of the month always gave them an empty wallet.

After finding out that many others have the same problem, the wanted to make something that could solve it. After talking to more than 100 working professionals across cafeterias, IT parks, and coffee shops, the duo decided to build a mobile app — EarlySalary.

The app gives instant cash and short-term loans to young working professionals in India. It is mainly made for salaried individuals between 22 and 35. It works like a salary advance or short-term bridge cash loan. People can get simple personal unsecured loans from Rs 10,000 to Rs 1 lakh for up to 30 days with an interest rate of 0.09 percent a day.

Users can use their Facebook ID, PAN card number, or bank login verification or statements. The user will get the money in about an hour.

Akshay says that the main part of EarlySalary is the risk assessment module and decision making. They use ‘Social Worth Score’ which analyses the credit-worthiness of the individuals. The score uses a traditional credit score along with a social media score. It finds out the eligibility of an individual within 10 minutes.

The app started from Pune. They now expanded to Mumbai, Delhi, Noida, Gurgaon, Chennai, and Bengaluru.

EarlySalary is aiming to reach seven metro cities in the next year. They are planning to add one city every 45 days. Akshay says the company will most likely have a book size of Rs 200 to 300 crore.

Image Reference: Earlysalary.com