Payday loans can be expensive and hard to come by for those who have no credit records because of banks’ loan restrictions. The latter has often made people more vulnerable to scams involving cash advance schemes that only leave them more in debt.
Early Salary, Fintech startup, provides a solution to this problem. This app aims to make cash advances and quick loans available through mobile phones. Through it people can apply for a loan by uploading a selfie and filling out an application form. Once the loan is approved,
it will be credited directly into their accounts. They can pay the loan back when their salary arrives the following month with a 22-30% annual percentage rate.
Recently, the startup has secured US $1.5 million seed money to help get the app up and functioning in the next three months.
