NEW DELHI, Mar 31: With an aim to support young professionals overcome their mid-month and month-end financial needs. Mobile app EarlySalary.com today launched its operations in Bengaluru. EarlySalary App has seen 32000 downloads and received an overwhelming response in its first month of pilot launch in Pune. Now, the app is extending to Bengaluru to answer the huge customer demand coming in from this Tech Savvy city. The company offers short term personal loans up to Rs 100,000 for 7 to 30 days. The app is currently available on Google Play Store for android smartphone users and will launch the iOS version this week, said the company. The Pune based Fin-tech Startup uses new age technology which power first of its kind Social Worth Score which combines credit bureau reports to social media details of the user and decision within few minutes. User can get instant fund transfer to his bank account and can use it every month anytime he likes. “Traditional banking instruments don’t cater to short term needs, they are also age biased when you are young. We wanted to solve the problem of the younger population needing access to short term funds and the idea of EarlySalary took shape,said Akshay Mehrotra, Co-founder and CEO at EarlySalary.com in a statement. The Idea for the app was to give credit to youth of India by offering short term credit to salaried individuals. Its unique product positioning allows to get instant cash transfer to their bank account,the company stated. We have developed a unique social worth score which allows to judge the credit in non- traditional way and provide a better assessment of risk. It also broadens the target group. Technology savvy Bangaloreans are our key customers, we are very sure EarlySalary will appeal them,added Mr Mehrotra. (UNI)
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