What is Money Factory?
Money factory is a socially responsible lender, focusing on quickly and reasonably servicing the short term cash requirements of salaried employees
We know that there are times when you need quick access to credit and traditional means may not be conveniently available to you. We've designed our model to be swift, hassle free and affordable. We can deliver funds to you in less than 24 hours.
Who does money factory Lend to?
Money Factory lends to all individuals employed by organisations with which we have partnered, irrespective of income levels and CIBIL scores and without collateral.
What types of loan products does Money Factory offer?
Personal Short Term Loan: enables an individual to borrow up to the full value of two or three months gross salary drawn by them based on certain criteria and pay it back over a 2-12 month period. Other products coming very soon..
What interest rate does Money Facory charge?
Our interest rates range from 24% to 30% per annum on Diminishing Balance corresponding to 12% to 18% flat rate.
Can I borrow if my employer has not yet partnered with Money Factory?
At this time, we only lend to individuals who are employed by organisations that have partnered with us. If your organisation has not partnered with us, send us an email to money@moneyfactory.co.in expressing your interest and we’ll try our best to facilitate you.
What if my loan starts mid-way through a month, do I get charged the full interest and fees for that month?
No you don’t. We’ll prorate the monthly interest and fees for the portion of the month that you have borrowed.
Why shouldn't I avail my sudden need for cash through a 'cash advance' on my credit card?
Your credit card can be an option, but withdrawing cash using a credit card can turn out to be very costly if you do not repay it quickly. Interest rates on credit card cash withdrawals can go as high as 40 per cent on an annual basis depending on the type of card you use and you also do not get the interest free period to pay back. In short, interest is charged from the moment you withdraw the cash. There is also an additional transaction charge that is levied on the withdrawal at the ATM. The available credit limit on your credit card also gets blocked. In comparison, a Personal Loan is cheaper and the repayment can be spread over a long period.