Payday Loans in India

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Payday Loans in India

A payday loan is an unsecured loan that comes in just a few hours after the application process. This type of loan does not want you to put any asset as a security to the financial institution. This is a loan for employed individuals who are in urgent need of money. A person who takes a payday loan has to repay the money on the following day. This loan is an essential loan for people who have to pay off their regular utility bills, household expenses, or take care of any short term emergencies. There are times when we, unfortunately, spend all of our salaries before the ending of the month. At such times, we need to take a payday loan from a financing company when money urgency hits. These loans come with a very high-interest rate, but people are likely to prefer this type of loan because as long as it is a payday loan, the financing company does not need any collateral or guarantor. It doesn’t matter if you have a bad history or a missing credit profile, a payday loan for you is always available.

Eligibility Criteria for Payday Loans

Different lenders want different requirements from individuals to apply for a payday loan. However, still, some standard requirements remain unchanged for any lender. You have to fulfill these criteria, regardless of the financing company. The standard eligibility criteria are mentioned below:

  1. You have to be at least 18 years old to apply for payday loans online fast from any financing company. 
  2. Without being a citizen of India, you can never take a loan from any financial institution in India. 
  3. You need to have a regular income source, which will guarantee the lender that you can repay the money to them. 
  4. Make sure that you have a current active account while you are applying for the loan. 
  5. Make sure that you have all the required documents so that the company can go for an assessment.
  6. If you don’t have an active phone number yet, take one now. 

Benefits of Payday Loans

There is a range of benefits that individuals can boast of by taking none other than a payday loan. Learning about the advantages make it more clear for you to determine whether you should go with it or not. Let’s have a look at the benefits of payday loans:

  1. A Payday Loan is Quick and Effective
    You get to apply, receive, and payback with a payday loan in no time. It only takes a few minutes to get the money. If you ever need money for emergency purposes, then a payday loan can come to your rescue. This loan type can be so quick that you have a feature called 15 minutes payday loans direct lenders, which allows you to take a loan within fifteen minutes from a direct lender.
  2. It Can Save You at Different Situations
    There are times when we have bank overdrafts, credit card usage, or bounced cheques with high fees or additional charges. A payday loan may come in handy to pay your high charges so that you can avoid any extra charges or fines. It is indeed profitable for you.
  3. You Don’t Need a Credit Report
    There is nothing to worry about the credit report as long as you are taking a payday loan from a financing company. This type of loan is available in any situation. A valid identity card and some post-dated cheques are enough to have a payday loan from any company. Besides, for payday loans no debit card is needed.
  4. You Have Your Independence
    You have to be over eighteen years old to become eligible to get a payday loan from a financial institution. You have the right to look after your expenses as they will be in charge of your finances.
  5. Cheaper than Traditional Loans
    Though payday loans in India come in at the highest annual percentage rate (APR), they can be a lot more cost-effective than various traditional loans in the long run.
  6. Saves You from Penalties
    There are times when you fall into a crisis and struggle to pay your monthly utility bills or other household expenses as you have already spent all of your monthly salaries. In such cases, a payday loan will be your best friend as it can save you from various penalties, including penalty for delay in credit card payment, bounced cheque fees, late mortgage, etc.
  7. Bad Credit History Does Not Matter
    No matter if you have a bad credit history or a missing report, a payday loan is available for anyone as long as the borrower has valid identity proof with him.
  8. No Need for Guarantor or Collateral
    It doesn’t matter if you have no guarantor or collateral to secure your loan. You can still avail of a payday loan from a financing company in India.
  9. Helps You with Your Urgent Financial Crisis
    Urgent financial crises are typical, and they can happen with anyone at any time. In such hard times, a payday loan will come to rescue as you can borrow money within just a few hours after applying for the loan.
  10. Individuals with Active Loans Can Apply
    A payday loan provider does not care about how many existing loans you are already having. You can still take advantage of this loan type without any risk of impacting your credit score.

How to Apply for Cash Payday Loans 

Applying for fast payday loans today in India has become very simple. Here are steps that you should follow while applying for one:

  • Step 1: Go to the nearest branch of a lender to collect the form or head over to the internet to find one. It is also possible to take payday loans online same day.
  • Step 2: The lender will ask you to provide a few details in the form. Fill them out.
  • Step 3: Click on submit and have some patience for the lender to approve your submission.

  • Step 4: Once your submission is approved, the lender will approach you with a requirement of further documents.
  • Step 5: Provide the documents that the lender asks, such as income proof, national ID, address proof, birth certificate, and job description.

  • Step 6: Once your documents are testified, you will have the loan over to your current bank account. 

Payday Loans with Bad Credit Online

Individuals who have a bad credit history can still be eligible to take fast payday loans today from financial institutions. The main objective of easy payday loans is to help individuals that require emergency money with lower credit scores. However, the eligibility criteria differ from company to company, and the institution will surely look at the application based on its own merits. But, keep in mind that most of the companies will approve you to have a payday loan even though you have bad credit. For that, you need to provide accurate details to your lender. Hence, individuals with bad credit payday loans online are still available to them.

The Best Payday Loans Online in India

  1. Rupeelend

Being a part of Casinity group, Rupeelend provides short term credit loans to both businesses and individuals in India. Their services are available in most of the places in India, such as Gurgaon, Delhi, Mumbai, Jaipur, Pune, Ahmedabad, Hyderabad, Chandigarh, Surat, and Bhubaneswar. Some key features of Rupeelend are mentioned below:

  •       Loan for short term emergencies.
  •       Easy and transparent solutions.
  •       Quick decision on your application.
  •       Designed to meet short-term needs only.
  •       Loans that you can repay without difficulty.
  •       Smart and secure procedure.
  1.  ATD Money

ATD Money is another best lender in India that provides services through a mobile app. They are not an NBFC, and you are not likely to get direct loans from them. They are a technology platform, however, they facilitate loans from their NBFC partners as long as the terms and conditions are agreed between the NBFC and the customer. Some key features of ATD money are mentioned below:

  •       Instant loans up to Rs 50,000/=.
  •       Quick and easy cash transfer to your bank account.
  •       Repayment tenure of 30 days at best.
  •       No repayment charges.
  •       You only have to pay interest on the transferred amount and for the used days.
  •       Advance salary loans at 0.1% to 0.2% per day.
  1.  Moneyinminutes

Being a modern moneylender, Moneyinminutes provides loan services that can be repaid within a minimum of 70 days to a maximum of 180 days. Small loans payday, quick cash loans, payday loans, no matter what type of loan it is, Moneyinminutes makes sure that you are at the right place for borrowing money. Some key features of Moneyinminutes are given below: 

  •       Super-fast cash delivery.
  •       The MIM club.
  •       Low interest rates.
  •       Straightforward application process.
  •       Super-fast funding duration.

Conclusion

Payday loans are easy, quick, and cost-effective. But, still, you have to make sure that you are handling the proposition with a lot of care. Here a lot of attention implies that you have to repay the money to the lender as quickly as you can. It is your responsibility to handle the scenario so that you don’t get any further bad credit history. If you do not pay attention to the duration of the loan, then it may make you end up losing a great deal of money, which you are not ought to. If you can take this loan for emergency purposes and repay it to the lender at the earliest, then this type of loan will work like a charm for you indeed.

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Frequently asked questions

The citizens of India aged 20 to 65 years old.

It depends on the conditions of the particular bank or MFI. On average, from Rs.1000 to Rs.10 Lakh.

You need to submit an application on the website of the company or in a mobile app.

Processing of the application will take from several minutes to several hours, and crediting of money to your bank account will take from 1 to 5 days, depending on the selected company.

You can spend this money for any purpose: holidays, weddings, the latest gadgets, higher education, buying a car or even repairing a house.

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