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Payday loan firm EarlySalary acquires CashCare

Payday loan firm EarlySalary has acquired CashCare. CashCare sells loans to customers on websites like Infibeam and Shopclues, and accepts repayments in EMIs at annual interest rates ranging between fifteen and 25%, according to CashCare's website. The service is offered to people who don't have a credit card too. EarlySalary, which offers short-term payday loans, said in a statement that CashCare's business model was a 'natural fit' into the former's business. The acquisition gives the payday firm an entry into the world of consumer loans for retail. Payday loan firms in India While CashCare's 15% annualized interest rate is not too different from what credit card companies charge, EarlySalary's payday loans come at a steeper cost. Charging ₹9 for each day per ₹10,000 borrowed, their interest rate comes out to over 30%, compared to the 1.5–3% annualized interest credit cards charge,…

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