A loan in seconds was our goal, Akshay Mehrotra, co-founder and CEO, EarlySalary


THE IDEA: An app that offers young workers instant cash loans, payday advances and an easy line of credit
EUREKA MOMENT:Akshay Mehrotra said the idea arose out of a desire to provide assistance to working professionals who were in difficulty. “We have noticed that many young professionals in India cut back on even the most essential expenses towards the end of the month when their bank accounts are drying up. In times of emergency or large expenses, they turn to their friends or family, which can be embarrassing, ”he said. “While the number of young professionals in the country is at an all time high, less than 10% of them have access to credit cards. This is why we came up with the idea of Anticipated salary to provide unsecured and easily accessible financial assistance.
FIRST DAYS: The ability to lend in real time is key to building a short-term lending model, according to Mehrotra. “In the first phase, we created an application to facilitate customer interaction and started to create an algorithm-based subscription system for faster decision making. The key aspect of EarlySalary is that the loan process takes place without physical interaction or justification from applicants, ”he said.
BIGGEST CHALLENGE: Granting loans in seconds instead of days was the most difficult challenge. “Financial products carry several risks and minimizing them leads to delays. Over the past three years, we have built systems and processes for automating which have succeeded in eliminating the need for any customer to be physically present, ”he said. “Today, we are able to disburse more than 50,000 loans and salary advances in one month, with minimal risk. All this with the help of a small team of around 170 employees.
WHERE IS THE STARTUP NOW: EarlySalary is the nation’s largest consumer loan app with over 9 million downloads. He has disbursed over 5,000,000 loans worth over Rs 850 crore. Instant loans worth almost Rs 100 crore are currently disbursed every month.


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