Myths You Have Heard About Advance Salary Loan in India

1. Myths You Have Heard About Advance Salary Loan in India

2. An advance salary loan have been taken by the storm and hit in the financial market. The product has provided a sort of assurance to people, i.e. you can avail money within a jiffy, when you are running out of the budget. As soon as the concept of advance salary loan in India hit the market, large number of people started applying for, and today, the concept has become a successful. But still, people get stuck in rumors that get associated with anything and everything that are present in the market.

3. And, advance loans too are not untouched with such rumors or myths. This article is focused on few myths associated with advance salary loan in India that circulates in the market. So, today, we enlist few fallacies below with their justification:-

4. It Targets Poor One of the common myth associated with advance salary loan is that it targets only poor who are really not able to repay the amount, and we found no authenticity in the rumor. This financial solution can only be applied when you are employed and are earning a certain fixed amount of salary; each and every lender has its own specific criteria. Even the stats also show that more than 90% of the applicants are well placed and earning well.

5. Charge High Interest Rates Another myth about advance salary loan in India is all about high interest fee and charges unnecessary in the form of hidden fees. Most of the lenders have process and sanction loans with proper disclosure and agreement where the entire amount, fee and interest rate are clearly mentioned.

6. You can easily apply for the advance salary loan through their mobile application or website and can go through their disclosure before finalizing the loan amount.

7. It’s a Trap! • This is the third most common myths we found out. It is associated not only with just this financial product, but every type of loan available in the market. Well, we have justification for this, as an advance salary loan is a kind of a short term loan that put people at ease at the time of financial exigency. It puts you at ease when you need an urgent cash and running low with money.

8. Market stats show that more than 70% of the employed people with certain fixed monthly income apply for this kind of financial product. The frequency of applying depends, as some people apply once in a year to once in a month, and then they pay back the amount when their next month salary disburses in the bank account. Advance Salary Loan in Indiahas given many families an assurance, and the loan helps to get instant money without delaying the process of accepting application and other formalities.

9. Well, these were some of the handful of rumors or a myth which is associated with advance salary loans in India, and there are many like this that circulating in the market. In the next article, we will try to debunk some more myths associated with it. However, when you apply for advancesalary loans, it is always recommended that you do check all the guidelines, eligibility criteria, documentation process from your side to avoid any misconception.

10. Hope this information has been helpful! Happy Borrowing!

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