New apps that provide loans
Posted on: 11/Oct/2016 2:25:45 PM
A congregation of new mobile apps like CASHe, GoPaySense has come up that are also brokering loan applications for NBFCs, banks and providing credit advice. Some of them are going a step further and handing out loans themselves like InstaPaisa, EarlySalary.
For example CASHe is the app which will provide short-term loans till Rs. 50,000 and it is mainly targeted towards the young professionals as well as the salaried class. The personal loan will be credited within few minutes and the registration for this requires only minimum documentation
InstaPaisa operates on a hybrid model.
App use proprietary algorithms for assessing loan borrowing eligibility by looking at their social profile, merit and earning potential.
Nikhil Sama, Founder & CEO of InstaPaisa while speaking about loans said: We look at mobile usage pattern, GPS location, SMS pattern. We can also verify PAN number, Aadhar number, date of birth and mobile phone. When it comes to social media, we look at how many followers you have on Facebook or connections on Linkedin, how many likes or comments you get for what you post, how long you have used this medium. We just want to make sure you are a real person with a credible profile. Also this gets fed in and a black box decision algorithm makes the decision as to whether to give out the loans.
