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What is Payday Loan? Read on how to navigate the world of short-term financing responsibly. Discover tips, features, and risks involved with Payday Loans
In today's fast-paced world, with rapid technological advancements and ever-changing social norms, balancing our finances is a huge task.
Payday loans are short-term, high-interest loans that borrowers repay on their next payday. They are typically used to cover unexpected expenses, but can be expensive due to high interest rates.
They are popular because its easy to obtain and are accessible to a wide range of people. You will learn everything you need to know about Payday loans in this article.
A payday loan can be the ultimate saviour if you are going through a financial crisis.
A Payday loan is an unsecured loan given for a short time, usually taken by customers before their salary for the next month is paid. Different countries and states may set a limit on the loan amount.
You can avail of Payday loans through an offline or an online mode.
These loans typically have high-interest rates, yet they are nonetheless chosen by clients because they do not require a guarantor.
Payday loans can be obtained by someone with a bad credit history.
You can get a Payday loan in super easy steps. In this article, we will guide you on how to avail of a Payday loan swiftly and conveniently.
Although the requirements for a Payday loan in India vary from lender to lender, however, there are certain common eligibility criteria that must be taken into account. The borrower-
You can apply for your instant Payday loans in India in seven easy steps.
Step 1 - You need to collect the form from the nearest branch of the lender or the company. Alternatively, you can also collect the form from the online portal.
Step 2 - Carefully fill up the form and proofread it. Add all the required details and submit it.
Step 3 - Submit all the required documents which are necessary for the approval of the loan
Step 4 - Know the estimated amount of time for the loan to get approved and then wait.
Step 5 - Once your details are verified and the loan application is approved, the lender will ask you for additional required documents.
Step 6 - You need to submit all your essential documents such as income proof, address proof, age proof, the letter from your office which proves that you are an employee at that company and other documents (which vary from lender to lender)
Step 7 - Once the documents have been verified, your loan application is officially and finally approved. The amount shall be disbursed to your bank account after that.
Payday loans are often risky because-
You can avail of payday loans online too! Some Indian payday loans online are-
This company offers short-term credit payday loans in India. These loans can be availed by both individuals and Indian businesses which often require payday loans for functioning.
This lending facility mostly operates in cities like Gurgaon, Delhi, Mumbai, Hyderabad and others. Some of the key features of their scheme are-
They are one of the best lenders in India and it operates through an online payday loans mobile app.
Although they are not a Non-Banking Financial Company (NBFC), however, it is an intermediary platform that enables customers to get loans from NBFCs in India. Some of the salient features of this lender are-
One of the best parts of this lender is its convenient repayment tenure with a minimum of 70 days to a maximum of 180 days. It provides a safe and secure procedure as well. Some of the key features are-
1) Can you get a payday loan without a Bank Account?
Answer: Yes! You can get instant payday loans in India without a bank account.
However, it comes with a catch. When you do not have a bank account, lenders often charge higher interest rates on the borrowed amount. Sometimes when you do not have a bank account, the lenders will ask you to show a prepared card account.
2) Are payday loans fixed or variable?
Answer: Payday loans are known to be fixed-rate loans. This is because you need to repay the amount at the fixed interest rate which you have agreed upon during the approval of your loan amount. The interest rate does not increase or decrease.
3 )Are payday loans secured or unsecured?
Answer: Payday loans are always unsecured.
4) Why is it called a payday loan?
Answer: The term “payday” in Payday loans refers to the day on which the employees or the workers receive their pay from the employer organization. Workers usually receive their pay on a weekly or monthly basis.