Looking to finance short-term loans? Here are 5 platforms that can help you


These range from a peer-to-peer lending platform to a platform pioneering the line of credit concept.

Silver Silver Tuesday 07 May 2019 – 20:39

If you’re looking for quick cash for home repairs, sudden travel expenses, or to meet an unexpected need, one of the easiest ways is to take out a short-term loan to fund your needs.

Here are five platforms that can help you according to your needs:

  • Myloancare.in: MyLoanCare.in is an online marketplace to provide financial services and products at the best rates for all demographic groups in India. Powered by bespoke cutting-edge technology, the digital platform connects borrowers with the right lenders to ensure they get the right loan product, matching their needs and credit profiles. Borrowers range from entry-level workers and small businesses to high net worth individuals and SMEs. Users can choose from a wide range of financial products such as home loans, personal loans, gold loans, housing loans, business loans and credit cards, as well as a property loan. It also allows for comparison of gold loan products from major banks and NBFCs, making it a pioneer of the popular concept of digitally sourcing gold loans in India.
  • Money Tap: MoneyTap introduced the concept of line of credit (personal line of credit for consumers) for the first time in India when it was launched in September 2016. “Line of credit” means that the bank will issue a limit of up to up to Rs. 5 Lakh without collateral or interest. Against this limit, using the MoneyTap app, consumers can borrow as little as Rs. 3,000 or up to Rs. 5 Lakh and repay it in the form of EMI from 2 months to 3 years. Interest is only paid on the amount borrowed and rates can be as low as 1.08% per month. The limit is also automatically recharged as soon as EMIs are redeemed. Any employee can use this free Android application and, in minutes, using a patent-pending Chatbot interface, provide all the information typically required by banks. The app securely connects to banking systems to give them not only instant approval, but also a credit limit, based on the individual’s credit history.
  • Qbera: Qbera is an online lending platform offering fast, frictionless and fair personal loans to professionals. Launched in January 2017 by Aditya Kumar, the company is headquartered and operates in Bengaluru and provides lending services through an end-to-end digital platform, enabling the transfer of funds to the borrower within 24 hours of receiving the online request. It is a product of Credit Exchange, a Bengaluru-based fintech start-up in consumer lending. Qbera was launched with the primary objective of meeting the growing market need for fast and convenient provision of personal finance services. One of the company’s main areas of focus is providing loans to potential borrowers who are largely overlooked by banks and financial institutions. These borrowers constitute a large portion of the population and include people whose income is less than Rs. 6 lakh per annum, employees working for unlisted companies and people new to credit, in addition to those who live in PG or Bachelor accommodation.
  • Incred Finance: InCred is Incredible India’s credit, which uses technology and data science to make lending fast, simple and hassle-free. Incred believes that traditional lending methods can exclude those who need it most due to outdated, rigid and often inefficient processes. InCred has simplified the lending process with a focus on meeting borrowers’ unique needs and circumstances, providing customers with a truly superior borrowing experience.
  • Lendbox: Lendbox is an RBI-licensed NBFC peer-to-peer lending platform in India, which creates an enabling environment for borrowers and investors. Unlike banks and financial institutions, Lendbox lowers interest rates for borrowers and increases returns for investors by eliminating mediators such as commercial banks, depository institutions, etc. Lendbox aims to revolutionize the personal loan market in India by creating a one stop shop for all borrowers. with varied profiles and needs who can access retail and institutional investors with varying risk appetites.

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