Month-End Cash Crisis? Try the KreditBee Instant Loan App

If you’re a young working professional, you’re bound to know what a cash shortfall at the end of the month feels like. You know, when you hardly have ₹1,000 with you and you have to survive on just that for ten days till your next salary credit? Yeah, that. It’s very common for young, salaried professionals to face such a situation because they are prone to lavish spending in the first ten days of the month. It takes them another ten days to finally realize that they’re running short of cash and then before they know it, they’ve gone broke, and have to sometimes even go without a meal or two because they would have almost no money in their account. Nobody wants to suffer a cash shortfall every month, and things can get very unpleasant if you have a sudden cash emergency and cannot meet it because, well, you’re broke.

Of course, there are different ways you can avoid a cash-crunch in the first place. All you need to do is spend sensibly and find a way to save money that works for you. A good idea would be to set aside a certain amount from your salary separately for emergencies or unexpected expenses. You don’t know when you may need some extra cash for a sudden emergency, so having a little extra money to help you out without hitting your budget always helps. You could also set a daily/weekly budget and try living by it. Doing so would help you track all your expenses and eliminate unnecessary spending. You’d even know where you’re money is going and how much you’re spending on various areas like food, transport, and utilities. If you still can’t seem to curb spending, you could try starting a recurring deposit. It is just like creating an emergency fund, only a more robust plan. You can choose the monthly amount you wish to save along with a short or long tenure based on your convenience. Even if you want to make a premature withdrawal, you can’t do so until a minimum time period (for example, 6 months) has passed. Even then, you lose 1-2% in interest. Therefore, the motivation to save is much higher.

You’ll be able to avoid a cash crisis every month if you follow the above tips. However, these tips only work at the beginning of the month, when you still have most of your monthly salary intact. What do you do when it’s already the month-end, and you’re facing a cash crunch? Borrowing from friends or colleagues is embarrassing, as they’ll most probably be in the same boat as you. If you have a sudden expense to meet, and can’t seem to borrow from anybody, then the only option left is to approach a bank. However, even that comes with many disadvantages. Their traditional lending procedure followed by banks requires a lot of unnecessary waiting and paperwork. Also, a customer’s credit score is the standard on which they lend. Therefore, if you have no credit score (if this is your first loan) or a low credit score, you’ll be in trouble.

Even then, you have no reason to worry. You can get Instant Loans from KreditBee in just 15 minutes, with minimum documentation and from the comfort of your home.

What is KreditBee?

KreditBee is an Instant Personal Loan platform for young professionals, where they can apply for a Salary Advance or Short-Term Personal Loan starting from ₹1,000 up to ₹ 2 Lac as per their requirement. The documentation required is very minimal, and the entire process - starting from registration on our app to loan disbursement does not take more than 15 minutes. The application process is entirely online and happens on the KreditBee Instant Personal Loan app, which is available on the Play Store. That way, you save a lot of time and effort as there is no manual intervention required. Upon approval of your documents, the loan amount is transferred directly to your bank account within minutes!

Even if you haven’t taken a loan before, or don’t have a credit card, you can still avail loans with KreditBee. We offer loans in varying ticket sizes and repayment tenures, to suit all your unpredictable financial needs. Most of the time, these come up without warning and can be anything, like a sudden medical emergency, festival shopping, or paying your EMIs/bills. Even if it’s something you want for yourself, like a vacation, booking concert tickets or shopping online, we don’t believe that you must compromise of them just because you have very little or no money. That’s where we come in!

KreditBee was started by a group of individuals from prestigious institutions such as IIT, IIM, and NUS among others, to solve the issue of easy credit among young professionals in India. The founding team felt that the Indian demography has a large population of urban young adults that spend a lot online and offline. For such an enormous ecosystem, the need for urgent personal finance for purchase requirements is highly under-served. An appropriate focus towards tech-based credit evaluation can not only help this demographic segment in a big way but also fuel the Indian economy by encouraging responsible spending behavior among individuals.

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