Indian start-up PaySpoon dishes up mobile credit
Cochin-based start-up PaySpoon has powered up offering mobile-first credit options in India.
Lending is a dish best served mobile?
The firm says it offers micro credit lines built on bank and alternative data.
It explains: “No matter who you are, there always will be situations that set you back financially. You might end up having to seek the help of your friends or family.”
Via its Spoon app, users can log in and are “instantly eligible” for a loan. These kinds of quick fix loans are all over the UK as well; as people struggle to survive on low salaries and the high cost of living.
PaySpoon is a bit vague at times – it says: “You don’t have to worry about the hefty interests anymore. We charge only a small interest. We don’t have any hidden charges as well.”
No details on the interest rate.
However, users can choose a required loan amount between INR 10,000 ($142) and INR 30,000 ($427).
The firm is the creation of Vivek Varkey George and Kurian George.
Vivek worked as a software engineer at CareStack – a dental practice management – in Kerala, India. He was also CTO and co-founder of digital wallet provider Codeister Technologies.
Kurian has three other enterprises on the boil as well. He is a board member for Cerebtech in New York; for Bluepath – an indoor positioning and navigation system – in the UK; and for Campus IQ in New York again.
