Why Are Refer and Earn Programs So Popular?

Why Are Refer and Earn Programs So Popular?

Ashok Gabdati

A refer and earn program is a personal recommendation. Word of mouth helps you earn substantial perks and privileges. For example, the top company will offer 50% off to the referee and up to ₹3,000 to the referrer. All you have to do is send your 7-digit code or a link to eligible friends. For example:

  • Salaried individuals with a monthly income of ₹12,000 and above.
  • Should not have downloaded the app or registered earlier.
  • The amount must be credited via cheques or direct bank transfer only.
  • Must be 18 years of age and above to participate.

They will have to download and register on the app on a unique device. The application is available on both iOS and Android phones. You will receive scratch cards for every successful referral program. The amount gets deposited in the wallet to be redeemed whenever required. This scheme helps millennial customers like you to build a strong relationship with the top social loan companies. It further entails many advantages and benefits in the long run. 

What Makes Referral Programs So Popular? 

Fintech companies ensure the higher the personal loan amount your friend gets, the higher are your rewards. You can also benefit from a ‘refer and earn’ bonanza, a leader board contest. The process is completely digitized. Get as many friends as possible to download the personal loan app. Top 10 referrers will be picked daily, winning up to ₹1,000 additional cashback apart from the referral incentives. 

The process of getting the program is relatively easy as well. Share the link with your friends and help them get the app on their phones. You will move up the leader board with every new sign-up. The winners are announced through the registered email IDs of the customers. These fun contests hosted by trusted personal loan companies make the referral programs more attractive and beneficial. But make sure to check the end dates of these contests so that you don't miss the chance to participate & win. 

Referrals are given by friends who have similar needs and pain points as yours. You, as a referee, can trust their individual experiences. This is because they work as direct advocates of a tried and tested company and will be careful before recommending it. As a result, there would be fewer chances of fraud, dishonesty, and non-transparency. The feedback is usually sincere. Your first purchase or interaction with an online loan company will thus turn out to be hassle-free. You will be satisfied with the services that would be worth your money. 

Terms of a Referral Policy 

The decision of a company is deemed final while sending the payouts. Daily and monthly limits can be set without prior notice. There can be changes in the rules and regulations, or your account can be suspended under specific circumstances. The rewards and benefits can also vary as per the company’s discretion. 

The whole referral scheme is quick and straightforward. But make sure to read the policy carefully before applying for an informed experience.oid app link