Payday Loan in Coimbatore

Payday Loan in Coimbatore

Located in the banks of Noyyal River, Coimbatore is one of the largest cities in Tamil Nadu. Surrounded by the Western Ghats, this city is the home to Perur Pateeswarar Temple, Adiyogi Shiva Statue, Maruthamalai Temple and Grass Forest Museum. Among the locals it is popularly known as Kovai which is sometimes spelt as Covai.

Coimbatore is one of India's largest exporters of poultry products, wet grinders, auto components and jewellery. It is considered a hub for education, manufacturing, and education in Tamil Nadu. Apart from this, there are over 25,000 small, medium and large industries are operating in this city, generating employment for a chunk of its residents.

According to SalaryExplorer, the average monthly salary of an individual living in Coimbatore is under Rs. 30,000 as of 2021. Considering the average fixed expenses of an individual in the city, this salary does not leave much disposable amount to meet other expenses. This leads individuals to turn to finance options like a payday loan in Coimbatore to make sudden significant purchases or pay emergency bills.

About Payday Loans In Jaipur

This credit facility is commonly known as a microloan owing to its short repayment tenure and instant approval. It is an unsecured loan with no end-use restrictions that can be used to curb emergency needs efficiently. These are especially useful during the last few days of a month when one's salary is almost exhausted. These can be treated as an advance salary Coimbatore until one's paycheck arrives.

Most of its characteristics are similar to that of a personal loan with a few differences. These are,

  1. Eligibility

It depends on the applicant's credit score, monthly income and a few other terms and conditions specified by the lender. Even though individuals with substantially lesser income would have a higher demand for this type of loan, lenders are mostly reluctant to assume a higher risk by providing them with one.

  1. Loan Repayment Tenure

This emergency same day loan does not have a long tenure – they mostly vary from 1-3 months. This tenure length depends on the lender you are availing the loan from. The best aspect about its tenure is that it aligns with the borrower's payday.

  1.  Application Method

Unlike other types of credit facilities, these loans are only available on mobile applications. You will have to download the lender's app and fill-in your professional, financial and personal details. After you enter the loan amount, the amount will be immediately credited in your account, provided you satisfy the eligibility requirements.

  1. Rate Of Interest

Payday loans online charge the highest rate of interest among all the credit products available in the market. Moreover, since its tenure is extremely short, this interest is charged on a daily basis.

If you too have been looking for ‘payday loan provider near me’, it would be better if you understood every aspect of this loan before committing to it.

Shortcomings Of A Payday Loan In Coimbatore

While there are several benefits offered by this loan, the following are few of its most significant drawbacks. These are not communicated to the borrower clearly and can, thus, create issues while repaying it. These shortcomings are,

  • Extra Charges – Lenders may levy additional charges and late payment penalties which can sometimes be unreasonably high. These are calculated daily and can lead one to a severe debt trap if not handled with extreme care.
  • Fluctuating Interest Rates – These rates are not just high, but they often fluctuate on a daily basis. In some instances, the rate of interest of your payday loan same day in Coimbatore can go as high as 2% per day.

These rates can make such loans a considerable burden and can push borrowers into a further financial crisis, rather than solving one. A great alternative to these instant loans will be a gold-backed credit product. As the collateral in question is gold, its high market value and almost no documentation make them ideal for borrowers.

Gold Loan Advantages

These are not bound to a single platform and can be availed both online and offline. A vast majority of lenders would gladly offer you a gold-backed credit product due to its low risk. Besides, this particular financial product offers an opportunity to leverage the equity of gold items, which would otherwise be sitting idle.

Gold loans can also be treated as a payday loan in Coimbatore, as these too have short repayment tenures, fast approval and seamless application process. You can multiply the benefits of your gold loan by availing one from Rupeek. We offer exclusive facilities along with the basic advantages of a gold-backed credit product, ensuring that our services are of optimum help.

Rupeek Gold Loan Benefits

The array of facilities and features we offer are curated to provide a convenient hassle-free financing avenue to those in need. Some of the most advantageous aspects of our financial products are -

  1. Simple Eligibility

Anyone can avail our gold loan as long as they are over 18 years of age and no credit check is required. Credit score is not a deciding factor on whether one can avail our loan or not.

  1. Fast Approval

As there is not much documentation involved, our loans are approved within 60 minutes in an average. If one is looking for an instant payday loan in Coimbatore, our credit facility is both fast and safe for you.

  1. Nominal Rate Of Interest

We charge a rate of interest as low as 0.49%, and the best part is that it is charged on a monthly basis, unlike that of a payday loan. This way, you can save a substantial amount that you would have otherwise paid for an online payday loan.

  1. Gold Credit Line

You can get an extended credit line if you choose to avail our overdraft facility named Rupeek Quick. With its help, you can withdraw money from an approved credit limit as per your convenience. You will only have to pay the interest for the amount you withdraw and not the whole sum, allowing you to minimise liabilities.

  1. Full Insurance Coverage

You do not risk anything with our gold-backed payday loan in Coimbatore but enjoy an added 100% insurance coverage on your pledged gold. So, if for some reason we are unable to return the gold to you, we will offer you the amount equivalent to its current value.

  1. Useful Repayment Schemes

We have framed these flexible repayment schemes for you to have the most lucrative loan facility in Coimbatore. You can choose to repay the debt with standard EMIs or use methods like single bullet payment, interest pre-payment, etc. to settle the loan as you deem appropriate.

If these advantages are not enough per se, we also provide a doorstep loan facility to improve your borrowing experience further. All that customers have to do is apply for our loan online, and our representative at your house will do the rest. We are already present in almost every major locality in Coimbatore and have been expanding to other areas as well.

Our Locations In The City

If you live in the following places, your gold-backed loan is simply a click or a call away. We also have numerous partnered banks in these areas so that we can keep your gold as close to you as possible. These locations are,

  • Gopalapuram
  • Periyanaickenpalayam
  • Thondamuthur
  • Saravanampatti
  • Marudamalai Road
  • Coimbatore Tidel Park
  • Vadavalli
  • Kovaipudur
  • Peelamedu
  • Malumichampatti
  • Singanallur

A payday loan in Coimbatore is supposed to help you get out of a financial emergency with its help and not create one. With our loan, you do not have to worry about heavy interest charges. Thus, it will be wise to apply for our gold loan when you need instant financial aid.

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Benefits of Gold Loan over Payday Loan.
  • <1 lakh
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Comparision Parameters Payday Loan Gold Loan
Interest Rate 2.39% 0.49%
Monthly Interest Amount
Eligibility & Documentation More Documents Needed Only KYC Needed
Processing Time & Disbursement 2 days to 1 week Within a day
Required Gold Weight -
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Frequently asked questions

  1. What is the highest amount I can get from a Rupeek gold loan?

Borrowers can avail up to Rs. 1.5 crore against their pledged gold from Rupeek's facility. However, we consider small monetary requirements as well, and our range starts from Rs. 15,000.

  1. What does a debt trap mean?

When an individual avails a new loan to repay their existing ones, it is called a debt trap. It is a ‘trap’ because it is not easy for one to get out of and can lead one into a never-ending spiral. The most common reason for this the discrepancy between one's repayment capacity and their debt obligations.

  1. Is my gold jewellery safe with Rupeek?

When you opt for our gold-backed cash loan online, our representatives visit your location to collect the pledged gold and initiate the loan approval process. The gold is then stored in one of our partnered bank's military-grade vaults. With Rupeek's facilities, your gold is kept under top-notch security and surveillance.

  1. Can I pledge my gold watch to Rupeek?

No, while a watch is an accessory, it is not jewellery, and we only accept gold jewellery as pledged assets.

  1. What is the credit score required to avail a payday loan in Coimbatore?

The ideal credit score asked for by traditional lending institutions is 750 or above. However, individuals with lower scores can also avail these loans, albeit against a much higher interest rate.

  1. Can I repay my Rupeek loan against gold using part-payments?

You can repay using part-payments, but the amount should be more than the estimated monthly EMI of your loan. The amount should also be lower than the entire loan amount.

  1. Can a payday loan affect my credit score?

The three major national credit reporting institutions are not informed about these loans in general. So, these do not affect your credit score, be it positively or negatively. But if you fail to repay the loan within the stipulated time, the lender might report the same, resulting in a decrease in your credit score.

  1. Can I avail a rebate in Rupeek gold loan?

The only way to earn a rebate from our gold loans is by maintaining regular payments. You can even increase the rebate amount by keeping a flawless repayment frequency.

  1. What is Rupeek’s shortest repayment tenure?

Our shortest repayment tenure is six months, but you can end it sooner with our flexible repayment schemes.

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