India’s quick acceptance of fintech innovations in the past few years by millennials has made this feature an important credit-improving aid. According to the Credit Score Knowledge 2016 Consumer Survey, while a large majority of consumers know some basic facts about credit scores, many of them do not understand the credit score details that have important cost implications.
This feature aims to simplify credit reports for EarlySalary users, considering large percentage of their audience are new to the credit system. The credit score system offers a detailed snapshot of a person’s credit financial position, and helps them with tips on how to build their score and become loan-worthy. Another part of the product describes the historical score data which can be used to check a person’s score trends over that period and also analyse the factors affecting his score. A person’s credit score is determined by their credit card payment history, percentage of credit limit used, type of credit, late fee charges, loans active and various other factors. Apart from the credit report, the feature will also suggest suitable loan advisors and offers to earnest users. This will help users avoid pitfalls, further apply for loans judiciously and demonstrate stability in credit and financial matters. EarlySalary also plans to set up financial wellness seminars among corporates to help millennials improve their financial health.
Akshay Mehrotra, Co-Founder and CEO of EarlySalary said, “Our data points suggest more advisory efforts are required to help millennials and young adults to take control of their finances, and make smart monetary decisions to ensure a prosperous and stable future. Today over 10 Million customers have downloaded the EarlySalary app and more than 400 corporates have signed up for the Financial Wellness Offering and Salary Advances of EarlySalary. Encouraging them to sign up and check their credit score regularly, is a crucial first step in supporting them to understand their financial health and setting them on the right path towards making better financial decisions. To encourage growth in financial literacy and wellness, education and awareness programmes are important. We also have an on-ground education campaign with the same motive. We believe such initiatives will go a long way to help people understand the intricacies of managing their credit well, and also play a useful role in influencing their financial wellness.”
EarlySalary.com was founded by Akshay Mehrotra and Ashish Goyal in 2015 and is India’s largest consumer lending application, crossing the INR 2000 Crores disbursal mark. The mobile-first lending application has provided financial assistance to over 250,000 unique customers through 1 million cumulative loans across 17 cities, which has made EarlySalary the first line of credit for young working Indians.
