Advance Salary Loan
Advance Salary is a short-term loan against your salary, provided to meet some urgent personal needs. The loan amount can be as high as 2.5 times of your Net Salary. An advance salary loan can be availed at any time in the month and paid back as instalments after actual pay from the company is credited, over a set period of time. These loans are given over a defined tenure and for amounts between Rs 5,000 to Rs 1 lakh. The approvals are quick and almost entirely online with the source of funds being a peer to peer lending model. These short term loans are also known in some parts as salary advance loans or as an early salary.