Payday loan app, also known as salary advance loan apps, make it easy to quickly obtain small, short-term loans, regardless of your credit score. But their convenience and ease often come at a price. Pay day loan apps are used to cover a one-time emergency or unexpected expense, but they can cost a lot.
Below, we analyze payday loan apps, explaining how they work, who they’re best for, how much they cost, and what we like and don’t like about them. We also cover loan app options for poor and fair credit, such as personal loans and pay day loan apps, and when they might be more suitable.
1. NEXILOANS
Nexi Loans is another payday loan company that offers individuals and families the freedom to access money anytime, anywhere. Payday loans range from ₹5,000 to ₹50,000. Even if you have a low CIBIL score, you can still avail of payday loan apps. However, loans are offered through RBI-registered NBFCs like Yashik Finlease Pvt. Ltd., making them fast, secure, and hassle-free.
NexiLoans Information
- Loan amounts range from ₹5,000 to ₹50,000
- Flexible tenure up to 45 days
- Interest rates: 1% to 3% per month
- Processing fee: 10%
- GST: 18%
Eligibility Criteria
- Must be a resident of India
- Salaried individuals
- Between 21 and 55 years of age
- Minimum income of ₹21,000/month
Documents required for NexiLoans
- PAN Card
- Aadhaar Card
- Bank Statement
- Proof of Income
For example
However, we have taken a loan of Rs 10,000 from NEXILOANS, the details of which are as follows
| Loan amount | ₹10,000 |
| Loan trem | 31 day |
| Processing fee | ₹1,180 |
| Amount Credited to Bank Account | ₹8,820 |
| Interest rates | 1% par day |
| Total Repayment Amount | ₹13100 |
2. Digi Credit
DigiCredit Loans is also a payday loan apps that offers short-term loans. It offers loans ranging from ₹5,000 to ₹75,000. Loan terms are up to 12 months. It is offered through Khosya Finlease Private Limited, an RBI-registered NBFC.
DigiCredit Loan Information
- Loan amounts range from ₹5,000 to ₹75000
- loan tenure: 12 months
- Interest rates: 3% per month
- Processing fee: 5%
- GST: 18%
Eligibility Criteria
- Must be a resident of India
- Salaried individuals
- You are 21 years or older
- Minimum income of ₹20,000/month
Documents required for DigiCredit
- PAN card
- Aadhaar Card
- Bank Statement
- Proof of Income
For example
We took a loan of ₹8,000 from the DigiCredit payday loan app, and the details are as follows:
| Loan amount | ₹8,000 |
| Loan term | 23 days |
| Processing fee | ₹1,120 |
| GST | ₹202 |
| Amount Credited to Bank Account | ₹6678 |
| Interest rates | ₹1840 |
| Total Repayment Amount | ₹9840 |
Note: This is the calculation of our loan by PAY DAY LOAN APP, it may vary depending on your profile.
3. Early Wages
Early Wages is an online lending platform that also serves as a PAY DAY LOAN APP that claims to offer loans ranging from ₹1,000 to ₹100,000, while adhering to RBI rules and regulations. The interest rate is calculated at 1% per day; however, only salaried individuals—specifically those with a monthly salary of at least ₹20,000 directly credited to their bank account—can apply for the loan.
However, we ourselves took out a loan from the Early Wages Loan App; we received ₹7,000 with a repayment period of just 32 days. Of the ₹7,000 loan amount, only ₹6,174 was actually credited to our bank account, and after 32 days, we still owe ₹9,240.
Early Wages Information
- Loan Amount ₹1,000 – ₹1,00,000
- Flexible Tenure up to 45 days
- Interest Rates: 0.10% to 1.00% per day
- Processing Fee: 4.00% to 10.00% (exclusive of 18% GST)
- Prepayment Charges: ₹0 (No charges on early repayment)
- Penalty: ₹50/- per day
Eligibility Criteria
- Must be a resident of India
- Salaried individuals
- Above 21 years of age
- Minimum income of ₹20,000/month
- Salary deposited in a bank account
- Good credit score
Documents Required for Early Wages
- Recent Passport Size Photo
- PAN Card
- Aadhaar Card
- Proof of Address
- Bank Statement (Last 6 Months)
- Last 3 Months Salary Slip
For example
We took out a loan of ₹7,000 from the Early Wages pay day loan app, and the details are as follows:
| Loan Amount | ₹7,000 |
| Loan Term | 32 Days |
| Processing Fee | ₹700 |
| GST | ₹126 |
| Amount Credited to Bank Account | ₹6174 |
| Interest Rate | 1% / DAY |
| Total Repayment Amount | ₹9240 |
Note: This is the calculation of our loan by PAY DAY LOAN APP, it may vary depending on your profile.
This article provides information about three payday loan apps, based on their loan offers. This article is for informational purposes only. Use your discretion when applying for a loan.
