How Fibe has revolutionized borrowing in India

  • Updated on: 26 Apr 2023
  • Published on: 30 May 2019
How Fibe has revolutionized borrowing in India

Borrowing has become a norm for the young Indian working population. A growing number of Indians are taking loans for a wide variety of reasons, fueled partly by the fact that loans have become so much more accessible for the market today. Loans for travelling, personal loans for shopping, loans specially curated to start your own business, the options are endless today. Earlier, sanctioning a loan could take anywhere between 2 weeks to a few months with high interest rates. Today however, thanks to lending apps like EarlySalary, the entire process of borrowing money can be done online, and the approval often comes within minutes.

There are a number of services that have amped their game, and Fibe leads from the front. One of the first few finTech portals to ease the idea of a salary advance and assist folks with urgent cash requirements, Fibe does not go down the conventional path while lending funds.

Ease of borrowing with EarlySalary

Most millennials cannot or do not end up borrowing money from banks due to a number of reasons:

  • Firstly, the entire process of borrowing money, end to end, from a physical bank can take upto months, and hence, any money borrowed cannot work for emergencies or immediate concerns.
  • Secondly, the amount of paperwork and hassle involved to get the loans sanctioned can take up quite some time, eating into your working hours.
  • Thirdly, millennials have not had much of a chance to build up their credit score. This means that any money loaned, if given in the first place, will be given off at a huge interest rate.

EarlySalary helps the younger crowd combat these issues in a number of ways:

  • All documents required to get the loan approved can be uploaded electronically, this includes your Aadhar Card or PAN Card, your bank statement and last three months’ salary slips.
  • Once you have put in your request for a loan, the app will approve your loan after checking your documents. Usually this happens in under a day, and in some cases, may happen in under an hour. Imagine getting your loan sanctioned at just the click of a button.
  • Once the loan is approved the cash gets transferred to your account. You can borrow upto 2 lakhs and the amount can be used for anything legal under the sun, be it shopping, going on a vacation, or even paying off your child’s school fees.
  • Such flexibility and ease is rare when it comes to borrowing money. No wonder Fibe has gained its ground quickly since its inception in 2016.

Introducing the Social Worth score

Very few young working Indians have a decent credit score. In order to build up the score, it is important to build up credit and reduce any risks associated with lending you money. Fibe, however, recognizes that a number of young individuals may not have decent credit scores and might need the money to simply pull themselves through the month, until their next paycheck arrives. In order to make the system more suitable for youngsters, Fibe has used the concept of a social worth score. You are awarded a credit score depending on your presence and behaviour on various social media platforms including Facebook, Twitter and Instagram. Based on a mixture of social credit and credit score, a rate of interest is charged on the money borrowed.

Fibe has created a niche space for itself by catering to young professionals who need money in a short span of time. The loans may be small and can be paid off in a customized manner.

With the internet taking over a major part of our lives, cumbersome processes have been cut short and with just a few clicks. Everything is gradually going digital, be it online shopping, financial transactions or even education, and millennials cannot be more thankful.


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