Get a Loan Without Income Proof: 7Apps That Make it Possible

Friends, there are many loan apps in the market which give you loan based on your salary slip and also provide you the limit based on your salary which you can use. Many people want to know about loan apps that can provide you loan without salary slip. In this article, we will tell you about some such loan apps, from which you can get instant loan without showing your salary slip.

But here we would like to give you a disclaimer that we never recommend you to go towards instant loan apps or instant loans. Because in instant loan apps, you may have to pay a small amount on very high interest and for this you are not even told in the beginning by the loan apps. Apart from this, there are other disadvantages of instant loan apps, so it is better if you do not go towards them. Due to this, you can get loan from RBI Approved NBFCs without any fear. But if you ever need it in

an emergency, then at that time we will talk about which loan apps you should take a loan from in this article. Such instant loan apps which provide you loan without income proof, we can divide them into 2 categories –

• A category in which you can get loan without income
• In which you want income but do not need to upload income proof.

In this article, we will talk about the instant loan apps that come under both these categories. The data of instant loans like interest rate and processing fee is very variable, so it may appear different to everyone. Therefore, you may see different data from the interest rate and processing fees shown in this article, but you will definitely get a broad idea from this article. In this article, we will talk about 7 such apps that can give you an instant loan and will also know some of their important parameters, by analyzing which you can get an idea that which loan app is best for you.

Best 7 Instant Loan Apps Without  Income Proof

These 7 Loan Apps Without Income Proof can give you loan – 

• Lazy Pay Xpress Cash
• Airtel Flexi Credit
• Slice Borrow
• Money Tap
• Kredit Bee
• mPokket
• Pocketly

Now let us understand the most important seven parameters of these 7 instant loan apps with the help of tables in which we will know about the most unique features of all these apps –

1. Lazy Pay Xpress Cash

2. Airtel Flexi Credit

3. Slice Borrow

4. Money Tap

5. Kredit Bee

6. mPokket

7. Pocketly

Now let us understand all these parameters in brief?

Maximum Loan Amount – In all these apps, you are getting the highest loan amount in Airtel Flexi Credit, after that you are getting more loan amount in Lazy Pay, which is up to Rs.5 lakh. After this, you get a good loan amount on mPokket, KreditBee and Pocketly as well. In mPokket and Pocketly apps, you get the loan without income proof.

Repayment Tenure – If you look at the table carefully, Airtel Flexi Redit offers you the maximum loan amount and tenure. In both Airtel Flexi and Lazypay, you are provided with a Repayment Tenure of up to 5 years. After this Moneytap where you are provided tenure up to 3 years. mPokket and Pocketly are giving you the lowest loan amount as well as the time period, in which the tenure of four months is quite less. By the way, both these apps target such people who depend on personal apps for their monthly expenses.

Eligibility Criteria  – As we have told you earlier that mPokket and Pocketly specially target students, so you do not need any income proof in this. But if your age is above 21-22, then maybe you may have to upload your income proof in them. Apart from this, in any other app, you do not have the requirement of Income Slip. But some of these companies like Airtel, KreditBee and Moneytap only ask you your monthly earning, they do not even ask you to upload the proof.

Lazy Pay and Slice don’t even ask you that Monthly Earning Figure. Both of them verify only your basic documents like – Aadhar Card, Pan Card, Bank Account Statement and Cibil Score and provide you loan on the basis of these.

Interest Rate – Although Airtel Flexi Credit provides you the highest loan amount, but they have not mentioned their Interest Rate anywhere on their website, which is not a good sign. KreditBee and mPokket charge you an interest rate ranging from 70% to 140%, which is very high. Here the lowest interest rate is of Slice Borrow and after that Lazy Pay and Money Tap charge you an interest rate of up to 36%.

Proc. Fee And Late Fee – You can see the Processing and Late Fee of all these apps, someone is charging a fixed amount and someone is charging a Vaiable Amount. Now which one will be right for you, it will depend on your loan amount. Out of these, you should not even think of delaying the payment of Airtel and Pocketly because both of them charge the most Late Payment Fees from you.

Disbursement Time – Some of these apps like Lazy Pay, Kredit Bee and mPokket in which you get loan in Within Minutes. After this, Slice Borrow and Pocketly where it may take one to two days to get the loan approved. By the way, Honestly, how soon or how late will you get the loan, it totally depends on whether your Cibil Score and your Documentation is correct or not and whether you have defaulted in any loan in the past or not.

Customer Service – It has been seen many times that these loan companies charge anything which is beyond our understanding and for this we have to contact those companies. That’s why in such a situation it is very important to have a good customer service. Always try to take loan from the company in which both phone and email customer support is available.

In the list of these 7 Instant Loan Apps, mPokket, Money Tap and Pocketly are loan apps in which you get email support only. Apart from these, all other companies provide you customer support both by phone and email.

Final Words:

Now you must be seeing that even after all this comparison, it is difficult to decide which is the Best Instant Loan Apps out of these? It completely depends on your requirements from which company you should take loan. If you find this information beneficial, then share it with your relatives.

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