Renowned for the Golden Temple, Amritsar is a city located in Punjab. It had actively taken part in the fight for Indian Independence, and the walls of Jallianwala Bagh is one of its pieces of evidence. The city is decorated with numerous tourist spots like Bhagwan Valmiki Tirath Sthal, Pul Kanjri, and Ram Bagh Palace.
Though it faced a massive blow in its industrial growth during the 1984 Sikh riots, it has caught up with other cities’ pace. Now it is one of the fastest-growing cities in all of Punjab. While the bigger picture is improving, individuals in this city still face financial problems now and then. And under such situations, most salaried individuals opt for a payday loan in Amritsar.
This type of loan is also called microloans. People treat these as a cash advance loan as one gets them based on their upcoming paycheque. One needs to download a mobile app to apply for these loans and provide all the required documents during that application.
As they are a type of personal credit product, lenders tend to charge a high interest percentage. This is a significant issue with a payday loan in Amritsar but is not the only negative aspect of this credit facility.
When one applies for these loans, many things are not communicated by the lender. While there are also some aspects put out there, people do not clearly understand their adverse effects. Some of its significant disadvantages are –
Lenders charge interest daily for a payday loan Amritsar and the percentage of interest also keeps varying throughout the tenure. This rate can go as high as 2% per day on certain days, causing massive strain to the borrower.
The tenure extends from one to three months, which can seem considerably short, given the amount one needs to pay. Also, as the interest is charged every day, an increase in the tenure will cause a significant burden.
A high amount of processing fees is charged for payday loans online. Most people who need urgent money cannot provide this amount and, hence, fail to avail these cash loans online.
Ergo, it may be smart to modify voice search from ‘payday loan near me’ to an alternative that will not cause these issues. If you are in urgent need of funds, an excellent credit option can be a gold-backed loan. These are secured, and a more significant number of lenders offer these loans.
One can improve these advantages even more by selecting our gold-backed financing option. Rupeek has a massive range of benefits to offer that includes many of our exclusive facilities as well.
We offer facilities to streamline your borrowing experience and even try to lessen your repayment burdens. We do not ask for any hidden fees, and every aspect of our loan is put forward clearly to our customers. Besides these, some benefits of availing a loan to manage your cash crunch are –
There is hardly any payday loan in Amritsar to provide you with a doorstep loan facility for your online application. But with Rupeek you get that as well if you are residing in the areas where we operate.
We do not just have our representatives but several partner banks where we operate as well. You can avail our doorstep services in the following places in Amritsar.
Emergencies are unprecedented, but an urgent issue should not force you to make a wrong decision. Avoid an unsecured payday loan in Amritsar to save yourself from unwarranted monetary crisis. If you need instant funds, apply for our safe and ‘secured’ gold-backed credit facility.
We calculate interest every month. Opting for a tenure of more than one month with us does not strain your finance as much as it does with a payday loan. In that case, it’s calculated daily. Even with a 0.5% interest rate, it amounts to 15% per month.
In most cases, the lenders do not ask for the applicant’s credit score, but an established lending authority might check your credit history. Moreover, the rate of interest can also be affected in certain instances.
The most that you can avail form a Rupeek gold loan is Rs. 1.5 crores.
A payday loan usually involves hidden fees that can entrap a borrower if they delay in repayment or because of some unstated provision. It increases the saddle of refund on the borrower, ultimately requiring them to take another loan to settle it. It can continue, leading to a debt trap.
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