Managing the End of the Month Cash Crunch with an Advance Salary Loan
Salary day is great. It gives you reasons to celebrate. You pump up because your account has been replenished with fresh money that you can use to buy grocery, eat at a nice restaurant or buy the shoes you have been wanting for long.
But the celebration doesn’t last…
Despite meticulously planning your monthly expenses, you may face a financial challenge. As the month progresses, there’s this sinking feeling that something bad is going to happen. Then, it hits you hard. You realize that you have an upcoming bill that you don’t have the money to pay. The month-end cash crunch dilemma thus begins. You see yourself worrying about filling fuel in your car. The fear is real. The reasons for being low on cash around the month-end could be any of these – a medical emergency, unexpected car repairs, sudden expensive school project, etc.
So, what’s the next obvious step?
Weigh Your Options
To help you see through the month, you may want to ask your parents, but that may leave you embarrassed. You may want to borrow from your friends, but most often they themselves are in a similar situation. You may then consider asking your employer for an advanced salary loan, but your company may not have the policy to cater to this need. Where do go you now? Not many traditional banks cater to this need as well. You may take a quick personal loan or withdraw money from your credit card but that can leave you burdened with an exorbitantly high-interest rate and stay trapped in the cycle of debt.
FinTech to the Rescue
FinTech companies have identified the opportunity and tried to fill the void by coming up with a financial product that can take care of your month-end cash woes. Advance salary loan can help you to cross the difficult period from now until your next salary. Working on a similar concept of lending, MoneyTap’s quick loans offer you the benefits of an advance salary loan without the pressure of paying it in just a few months or as soon as your salary comes in.
MoneyTap’s instant loan is your best alternative to an advance salary loan. How?
1. It’s simple, quick and hassle-free borrowing process
Download the app and register to get your loan approved in just a few seconds.
2. It has a low-interest rate
The interest rate can be as low as 1.08% per month.
3. It offers flexible repayment option
Use the funds for whatever you need and repay the loan in comfortable EMIs spanned over a range of 2 months to 36 months.
4. It doesn’t charge any prepayment fee
Prepay the full loan amount if you like. No prepayment charges are applied.