Earlysalary / Fibe is an online platform that offers working professionals instant access to various credit facilities through its smartphone application. Through this platform one can get to avail personal loans and other credit facilities 24×7. In this article, we will review the Earlysalary (Fibe) App, its features, and explore its pros and cons, along with some alternatives and frequently asked questions.

The minimum loan amount is INR 5,000 and the maximum loan amount is INR 5,00,000 with the minimum loan tenure being 3 months and maximum loan tenure being 24 months and interest rate being 18% per annum. The minimum age for the applicant is 21 years and the maximum age is 55 years. The processing fee is 2% of the loan amount. 

The platform provides various kinds of loans such as AC, Laptop, Automobiles, Electronics, Marriage, Home Renovation, Kitchen Appliances, Travelling, Smart TV, Refrigerator, Medical, Two-Wheeler, Washing Machine and Education. The loan eligibility criteria is as follows-

EarlySalary/Fibe Loan Eligibility Criteria

• You should have a minimum age of 21 years
• The maximum age of the applicant must not be more than 55 years.
• If you are living in a Metro city then you will need a minimum salary of INR 18000 per month.
• People living in Non-Metro Cities must have a minimum monthly salary of INR 15000.
• The applicant must be a citizen of India.
• You must submit all the documents that support your eligibility.

Documents Required

• PAN Card
• Address Proof- Passport, Driving License, Aadhar Card, Electricity Bill, or Telephone Bill
• ID Proof- PAN, Aadhar, or Driving License
• 3 Month Salary Slip in PDF.

The whole documentation process will be digital and one will have to submit all the documents through the early salary app. 

The customer care number of Early Salary is 02067639797 and you can call on this number anytime. This number can be used to register any query or complaints faced by the borrower or the applicant. You can repay the loan from Early Salary in easy EMIs.

The EMI will be deducted every month automatically from your bank account. Make sure you maintain the minimum balance for the EMI deduction. On the other hand, you can also repay the loan through cheque or cash at the respective branch. 

Fibe [EarlySalary] App Review by Users

Early salary also known as Fibe app is rated 4.4/5 on Google Playstore and 4.6/5 on Apple App store, which is a very good rating for financial apps. But you must keep in mind that it’s a NBFC with high rates for their unsecured loans.

The offers they provide are suitable for certain spends only. They sanction quick loans with high interest, if there’s even a day’s delay in payment-they charge you with hidden charges and fines. That’s how they make their money back. Its nothing but a digital loan shark. If you have any issues with the same, do not go for this app. A lot of other users on other platform also have a similar experience and always warn you not to use the app if you are not comfortable with high interest rates and many hidden charges. 

Pros And Cons of EarlySalary App

Pros 👍

• The Early Salary App loans are available at a competitive rate of interest.
• The whole process from application to disbursal is 100% digital.
• Flexibility of choosing the loan tenure from 3 months to 24 months.
• There are no prepayment and foreclosure charges.
• You can get an instant loan in 8 minutes from the EarlySalary app.
• Loan and financing more accessible for everyone.
• The app is safe and approved by RBI.
• No risk in taking money from the app. 
• No deposit or collateral is required 
• The interest rate is fixed and thus your EMI will not fluctuate during the loan duration. The Early Salary Personal Loan Interest Rates are competitive for short term.
• Easy to meet eligibility criteria.

Cons 👎

• Your social media data is accessed to calculate the Social Worth Score. Therefore, it is important to update all the information on Facebook, LinkedIn and other social media profiles so that the lender can offer you best value for your loan application. At the same time, everyone may not be happy to share the social media information with the lender. Though the systems are highly protected and secure, still you should be careful to not share information that may challenge your eligibility for loan.
• The rate of interest is highly competitive for small cash loans. It is not ideal for high ticket loans.
• The feature to borrow & re-borrow should not be accessed frequently. The high dependence on salary advance is not recommended or it can put you in financial mess. It is best to contact a loan expert and plan your borrowing.
• You should also compare the different options available in the market and choose the most affordable one only.

Top Alternatives for Earlysalary App

• LoanTap
• CapFront
• Navi Technologies 
• BankBazaar
• Aye Finance
• Lendingkart
• MyShubhLife
• RupeeRedee

Also Read: Kissht App Review

Also read: ETmoney Vs Groww – Which app is better for Investment?

Frequently Asked Questions (FAQs)