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 –

• Charging Daily Interest

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.

• Short Tenure

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.

• Processing Fees

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 –

• Flexible Schemes for Repayment – With our flexible schemes, one can repay their loan any way they want. If they don’t like the burden of EMIs, they can choose to pay their will. Or, they can streamline repayment with monthly instalments.
• Gold Overdraft Loan – While one can treat these as a payday loan online, they can also get the facility of an extended credit line with it. Our facility, Rupeek Quick, allows individuals to access funds whenever they want from a pre-approved limit sanctioned against additionally pledged gold. It also makes way for lower interest payment, as it is only calculated on the amount utilised.
• Instant loan at 0.49% - A payday loan is not the only source of instant financing. You can get a gold loan from us in under an hour. Deal with your emergencies with a more affordable solution as our interest rates start from as low as 0.49% per month.

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.

• Chheharta
• Medical Enclave
• Baba Bakala
• Majitha
• Beas
• Ajnala
• Verka
• Goal Bagh
• Grant Trunk Road
• Katra Ahluwalia
• Lawrence Road
• Ramdass

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.