Are you getting worried because you have to pay important bills or a sudden expense came up and you are low on funds? The first instinct may be to ask family or friends. If the amount is high, you could decide to apply for a bank loan. But now, there is a third option – online money lending apps.
Several fintech companies are offering instant loans with competitive interest rates and tenure durations. Applying for a loan with these fintech companies isn’t just easy but also quicker than traditional options like banks.

What is Fintech?

Broadly, the term fintech is used to describe any company that is into financial technology.
It encompasses companies that provide financial services using the internet, software, mobile devices, cloud services or any other kind of technology. 

Top 10 Fintech Companies in the Indian Lending Space

1. MoneyTap 

MoneyTap is a Bengaluru-based fintech company. It disrupted the digital lending business by offering lines of credit in the form of personal loans for consumers, in partnership with RBL Bank. It recently received an NBFC licence, which they intend to use to enter into co-lending space with their lending partners. This allows them to offer better interest rates to customers. 
MoneyTap has been offering quick collateral-free personal loans to borrowers since 2016. One of its notable features is that it has a very simple documentation process for getting a personal loan. The mobile app also allows you to keep track of all the borrowings. 

2. Capital Float

Capital Float is owned by CapFloat Financial Services and it offers specialized financial loans and credit to businesses. This fintech company uses its own proprietary loan underwriting systems to lend to potential borrowers.
 It has partnerships with clients like Uber, Paytm and Shopclues. It is now aiming to reach out to kirana store owners and small-time merchants.

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3. MobiKwik 

MobiKwik was founded in 2009 and it started as a digital payments company, where it provided a phone-based payment system. 
The company eventually grew into a digital financial services platform and boasts of a customer base of 100 million. 

4. Shubh Loans 

This Bengaluru-based fintech startup allows borrowers to avail a loan within the range of Rs.75,000 to Rs.5 lakh. They aim to provide loans to the underserved segment in India.
They offer an easy documentation process, where an agent will pick up the documents at a pre-scheduled date and time. 

5. LendingKart

 Founded in 2014, LendingKart’s primary mission is to make it easy for SMEs (small and medium enterprises) in India to have easy credit access. 
It operates as an NBFC, and focuses on the MSME lending and capital space. LendingKart uses big data analytics to help lenders determine a borrower’s creditworthiness. It also completes the loan disbursal process much quicker than the traditional banks. 

6. Faircent 

Faircent is India’s first RBI registered peer-to-peer lending marketplace where an individual can lend money to a borrower. Their mission is to provide a platform that connects those in need of credit with institutions and individuals who are willing to lend. 
Their technology speeds up the process and the borrowers can get the required funds at affordable interest rates. The lenders also get the best possible return on their investment. 

7. NeoGrowth 

NeoGrowth offers business loans to SMEs and funds small and medium-sized retailers and online vendors in the country. It has over 6000 registered lenders and 30,000 borrowers. It has an average of Rs. 1 crore loan disbursals every month. 

8. InstaKash 

InstaKash is a personal loan app that has a simple process when it comes to lending money. It currently offers business loans and lines of credit to small businesses. They have made the application process really simple and fast.

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9. IndiaLends

IndiaLends is a fintech platform whose objective is to reorganize the unorganized lending sector in the country using its underwriting technologies and techniques.
It helps SMEs and self-employed individuals get unsecured loans at fair rates of interest easily.

10. LoanTap 

This is an online platform which offers customized loan products to a younger segment like millennials and underserved audience. If you are a salaried professional, you can get approved for instant, flexible loans from LoanTap. You can choose, compare and customize loans from various offerings such as a personal loan. 

To Conclude

There really is no better time than now in the lending and borrowing space. With so many apps for a personal loan, you can apply for a personal loan or a business loan with ease. 
Editor’s Note:   We firmly believe that these top 10 Fintech companies have grown as they have adapted to the digital business. Habile Technologies supports financial institutions through digital transformation.