Payday Loan in Faridabad

The largest city in all of Haryana, Faridabad is also one of the most important satellite cities of India’s capital, Delhi. Recently, the city underwent major development in one of its residential and industrial regions - popularly known as the Greater Faridabad. Its primary businesses are associated with motorcycles, shoes, garments, tyres, switchgear, and such other industries.

Faridabad is home to several large-scale companies like Havells India Limited, Indian Oil, Whirlpool India Ltd., Escort Limited, Lenskart, Eicher Tractor, Bata, etc. With the presence of such great establishments, a significant part of Faridabad is occupied by individuals employed under them.

With industrial development, the cost of living in the city has also become considerably high in recent times, stopping many from building substantial savings. Thus, when salaried individuals face a financial crisis, they often turn to payday loan in Faridabad for funds.

These are microloans that are explicitly offered as financial aid to employees. They are a type of personal loan extending nominal funds amounting to a percentage of one’s salary. Individuals can apply for these through a mobile application where they will need to provide all the required documents and information. The loan will be instantly sanctioned, and its amount will be credited to the borrower’s account in minutes.

With this option, one can avail emergency cash immediately and use them to solve any monetary problem. As the funds do not have any end-use restriction, many borrowers are drawn towards such credit facilities. However, this type of loan has several issues that are either not communicated or go unnoticed by the borrower.

To avoid these issues, one should look for alternatives instead of searching ‘payday loan provider near me’. One such credit facility would be a gold loan, with all the attractive benefits of a payday loan in Faridabad, and none of its drawbacks. Besides, when compared to a payday loan, gold loans are much more accessible.

While there are numerous differences between these two credit facilities, the following table discusses the five major factors.

Parameters	Payday Loan	Gold Loan
Eligibility requirement	To be deemed eligible by the lenders of a payday loan in Faridabad, you need to have a regular income source, a good credit history, etc.	An individual only needs to be over 18 years of age to be eligible for a gold loan.
Tenure	They have extremely short repayment tenure that ranges from 1 to 3 months.	The tenure of gold loans typically ranges up to 6 months. They can also be extended up to 1 year.
Documentation	Documents like salary slip, a letter from the employer, etc. are required.	Only KYC documents are enough.
Loan amount	The amount of a payday loan Faridabad is calculated based on the applicant’s monthly income.	The value of pledged gold assets decides the loan amount.
Rate of interest	The interest is charged daily, and its value also changes very frequently. At times it can get as high as 2% per day.	Lenders charge monthly interests for these loans, and due to their secured nature, the percentage of interest is also nominal.

A gold loan can be even more beneficial if availed from the right lender. While the perks mentioned above are universal, one can benefit more when they avail a Rupeek gold loan.

Our Rupeek gold loan is not just another secured financial product; it brings several advantages that can streamline the borrowing experience. These hardly take any time to get approved and offer substantially high loan amounts. With our gold-backed payday loan in Faridabad, you get,

Gold Credit Line – With the help of this overdraft facility, borrowers can withdraw small sums from a pre-sanctioned credit limit. Get an extended credit line with our overdraft facility called Rupeek Quick and pay interest only against the amount you have used.
Easy Repayment Methods – We have curated many repayment schemes for you to choose from. You can repay our instant cash loan using standard EMIs or use a method from our schemes list.
100% Insurance On Gold – The safety of your pledged gold is our responsibility, and hence we provide a 100% insurance against it. We will disburse an amount equivalent to the gold’s current value if we fail to return the items.

You can also avail our doorstep loan service if you live in the areas where we operate. Our representatives will visit your house to initiate the disbursal process of our gold-backed quick loan.

Currently, our representatives operate in the following locations in Faridabad -

Faridabad Sector 16
Faridabad New Industrial Town
Ballabgarh
Faridabad Sector 29
Faridabad Sector 7
Jawahar Colony
Faridabad Sector 8
Faridabad Sector 9
Faridabad Sector 15
Greater Faridabad
Faridabad Sector 3
Faridabad Sector 48

The short tenure and high interest rates of a payday loan in Faridabad can create a debt trap for some individuals. Thus, it is essential to understand your repayment capacity before applying for a loan. Avail our gold loan to enjoy the best facilities at a considerably low-interest rate.

Comparision Parameters	Payday Loan	Gold Loan
Interest Rate	2.39%	0.79%
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	-