Business

MoneyTap – Your 3 AM Friend Who Can Resolve all Your Money Matters

‘A friend in need is a friend indeed’. You must have a great bunch of friends, ones that you can depend on, the ones who always have your back, who you can turn to in times of need, emergencies, in sadness and despair. Now, most of you probably have different friends to help solve different problems, but what if you found just the one friend who can be of help irrespective of the situation? Well, MoneyTap is just that – your friend for any need, all your needs (at least the financial ones)!

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MoneyTap – Your New Best Friend

MoneyTap is the friend you never had but always wanted – one that you can turn to or in this case tap into whenever you are in need! MoneyTap is India’s first app-based line of credit that allows you to apply for a personal loan online of up to Rs 5 Lakh from your phone itself! Not only does it have shorter approval times, but also makes the process seamless by providing a comprehensive platform where you can simply upload your documents, apply for a loan and make payments once your credit limit is approved.

6 Ways MoneyTap Can Help You Financially:

Apart from providing a simplified line of credit that you can borrow from, MoneyTap also provides a host of other features. Here are 6 ways MoneyTap can help in your times of need:

  1. Withdraw as Much as You Need

While you can get an approved line of credit of up to Rs. 5 Lakh, you have the option of withdrawing whatever sum you need, even amounts as low as Rs. 3,000, whenever you need. For instance, an acquaintance used MoneyTap to pay off some miscellaneous expenses that arose while purchasing his second-hand car. While he had the necessary funds to purchase the car, he fell short of cash to complete the final paperwork which would have costed him the car, but with MoneyTap he could withdraw just the amount he needed to complete his registration formalities, no more, no less!

  1. Decide Your EMI Amounts and Tenure

MoneyTap also allows you to decide your own repayment terms as well as the preferred duration you would like to split the payments over. Say for instance, one month you need a loan of Rs. 10,000 to add to your existing funds in order to buy a new mobile phone; all you need to do is withdraw that amount from your MoneyTap account and set up a monthly payment system of a suitable EMI and its tenure to get started!

  1. Only Pay Interest on What You Use

Unlike regular bank loans, interest rates are applied only on the amount you borrow and not your entire approved limit on MoneyTap. This is an extremely beneficial feature when the nature or amount of expenses are unknown. In case of a wedding, while you can take a personal loan to fund a certain part of your wedding, you never know how much you will be required to spend with miscellaneous expenses coming up till the last moment, in such cases MoneyTap is great because not only does it let you borrow as much as you need, it only requires you to pay interest on what you need. Imagine taking a personal loan for Rs 3 Lakh from the bank at a high interest rate, using only Rs 2 Lakh of it and still having to pay interest on Rs 3 Lakh, not ideal isn’t it? MoneyTap gets rid of that problem for you.

  1. Highly Rewarding Credit Card Setup

MoneyTap’s credit card 2.0 brings you attractive rewards on the very first swipe along with discounts on food, fuel and entertainment. Not only does it provide you with cash loans in times of need, but also provides benefits for using their services by way of discounts! Imagine using an app that provides you with funds in times of need and gives you discounts each time you request additional funds! It’s quite the set-up isn’t it?

  1. Completely Flexible Line of Credit

Your credit limit is recharged as you repay your borrowed amount giving you the flexibility to withdraw multiple times. Say one month, a medical emergency comes up and you need a cash loan of Rs. 5000, you can simply withdraw the said amount from your MoneyTap account to use. Another month, it could be a cash loan for home renovation, which you can still withdraw while making EMI payments for your first withdrawal by adding to it or setting up a different EMI system for that! What’s more, you don’t have to go through the approval process each time you need a cash loan, once you are approved, you can access your line of credit at anytime!

  1. No Need for Collateral or Guarantors

You don’t have to sacrifice your savings or risk your valuable assets because MoneyTap’s credit line lets you access money when you need it the most without any collateral backing! Think about it – if you go to a bank for a personal loan for a travel trip, you will almost certainly need some form of collateral or guarantee to show your ability to pay back, or will have to mortgage something in case of bigger loans. However, with MoneyTap, all you need is regular income to avail a personal line of credit. Once approved, it can be used as a travel loan, to cover education related expenses or simply a big shopping spree, you are (will be) spoilt for choice!

And there you have it – 6 reasons why MoneyTap will most definitely become your fallback buddy! For all those times you’ve wished for extra cash, or a friend who would willingly spare cash irrespective of the need, you now have MoneyTap! Download MoneyTap’s personal loan app now.