When one runs out of cash by the month-end or gets a financial emergency, most of us run to friends or relatives, or dig into our savings.
Spotting an opportunity in the salaried millennial’s need for such short-term loans is the New Delhi-based fintech start-up Loanwalle.com, which offers loans for a period of 7-30 days, to cater to any medical or financial emergencies.
The USP of the fintech firm, founded by Sachin Mittal, lies in providing instant loan facility to individuals stuck in a crisis situation, through speedy approval of loans. One can get a loan approved in just 15 minutes, while generally the process including online and physical verification is completed in an hour.
“The process is less cumbersome and the amount of loan is very short, from Rs 5,000 to Rs 1 lakh. The interest rate is 1 per cent per day and the loan cannot be exceeded beyond 30 days,” Mittal added.