EarlySalary, a consumer lending platform, has announced that it has disbursed over 1 million loans for more than INR 1,850 crore, reported ET.
The Pune-based company EarlySalary said that around 67 per cent of the loans were given to millennials in the 26-35 age-group, most of whom were job beginners with work experience of under two years.
“Completing 1 million salary advances is a major milestone for EarlySalary, as we continue to be the first line of credit for young Indians,” said Akshay Mehrotra, CEO at EarlySalary.
“These customers often experience a month-end cash crunch and due to lack of credit score knowledge, they are unable to borrow money from the traditional credit facilities available. It is this gap that EarlySalary has been able to successfully mitigate for its consumers,” he added.
The company EarlySalary also said that it has delinquency rates of less than 1 percent.
“At EarlySalary, upgrading lives through technology and customer experience has been at the core of every initiative we have undertaken,” said Ashish Goyal, chief financial officer, EarlySalary.
The average salary of borrowers was INR 40,000 per month.
“We are happy to have been of help to our customers a million times, who needed funds quickly and with ease, to either tide over an emergency or to fulfill their desire to upgrade their lifestyle,” Goyal added.