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Payday Loan in Guntur
payday-loan-in-Guntur

Payday Loan in Guntur

Guntur is a city in Andhra Pradesh that is known for its cotton, chilli and tobacco exports. The city has the largest chilli market yard in entire Asia, and it uses this spice in its famous native dish called Red Chilli Biryani. It hosts numerous state and national level expos and conferences on agriculture, technology, economics, etc.

The Seventh Pay Commission of India has classified Guntur under its list of Y-grade cities. As per a report in the Financial Express, this classification results in an HRA of Rs. 3,600 across the board of employees in the city. While this amount can alleviate the burden of fixed monthly expenses to an extent, other expenses pertinent to livelihood in the city also amounts to quite a lot. Thus, most individuals find themselves turning to financial solutions like a payday loan in Guntur when faced with a month-end liquidity crunch.

What Are Payday Loans?

These are unsecured micro-finance products that are exclusively curated for salaried individuals. Online lenders offer them and often require applicants to download a mobile app to apply for one. As there are many risks associated with these loans, lenders tend to ask for documents like income proof, address proof, a letter from applicant’s employer, etc. before granting approval.

However, not everyone can readily produce these documents, let alone submit their soft copies via the app. Thus, a payday loan application might not be the most convenient way to go for most employees. These loans also have several other issues that further decrease their usability when in need. Most lenders also levy additional charges to approve these, which a person in need of money might not be able to bear.

If you are looking for a ‘payday loan lender near me’, the results might not be able to solve the financial crisis that you are faced with. Instead, opt for a gold-backed loan facility, that will help you to benefit in many different ways.

What Are The Differences Between These Loan Options?

A gold loan is much more advantageous than a payday loan in Guntur. The significant positive differences of a gold-backed financial product are stated in the table below.

Parameters

Gold Loan

Payday Loan

Eligibility requirement

If you are 18 years old or above, you will be eligible for a gold loan.

You have to have a regular income source and a steady credit history to get a payday loan same day loan in Guntur.

Tenure

A gold loan has a tenure of six months. It can further be extended by another 6 months.

These vary from 1 to 3 months.

Rate of interest

As these are a secured credit facility, lenders charge considerably less interest. This interest is charged on a monthly basis.

Their interest is charged daily. Moreover, this percentage fluctuates a lot and sometimes can go as high as 2% per day.

Loan amount

It depends on the amount of gold provided by the borrower. 

The amount of a payday loan in Guntur depends on the borrower’s income.

A gold loan is much more beneficial than payday loans. What’s more, one can multiply these benefits by opting for a gold loan from the right lender. Rupeek offers an array of facilities and features that can exponentially improve your borrowing experience.

What Benefits Can You Avail From Rupeek?

We offer gold-backed cash loans online that come with a massive range of beneficial facilities. Some of these include -

  • Low Rate Of Interest – While secured loans already charge a low-interest rate, we have taken it another notch down with rates starting from as less as 0.79% per month.
  • Refinancing Facility – If you are already repaying a gold loan to some other lender but want to avail our facilities, we offer the facility for the same. You can avail a loan transfer and save as much as Rs. 12,377/lakh on interests.
  • Repayment Schemes – Unlike a payday loan in Guntur, you can repay our loan in multiple ways. We offer flexible schemes like interest pre-payment, single bullet payment, etc. Borrowers can also opt to repay the amount availed through traditional EMIs, per their convenience.

We also offer doorstep loan services so that you can avail our credit product from the comfort of your home. At present we have our representatives in every significant part of Guntur.

Where To Find Us In Guntur?

You can avail our doorstep facility by applying for a gold-backed payday loan Guntur if you live in any of the following locations -

  • Kanna Vari Thota
  • Pedakakani
  • Amaravathi
  • Velagapudi
  • Pedanandipadu
  • Tadikonda
  • Prathipadu
  • Thamma Ranga Reddy Nagar
  • Mangalagiri
  • Nallapadu

Do not get caught up in a debt trap by availing a payday loan in Guntur. If you are in an urgent need of funds, opt for a more secure loan option. Apply for a Rupeek gold loan and solve your monetary problems with minimal liabilities.

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Benefits of Gold Loan over Payday Loan.
  • <1 lakh
  • 2 lakh
  • 3 lakh
  • 5 lakh
  • 10 lakh
  • 20 lakh
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 -
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Frequently asked questions

  1. Can I pledge gold bars for a Rupeek gold loan?

No, we only accept gold jewellery as pledged items as instructed by our banking partners.

  1. Is CIBIL score necessary for a payday loan?

While CIBIL score might not be a mandate, lenders may ask borrowers for their credit history before granting loan approval.

  1. What is a debt trap?

When a borrower avails a new loan to repay existing debts, it may push him/her into a cycle of incurring more debt. This is known as a debt trap and is named so because the individual gets caught up in an infinite loop of borrowing and cannot escape it.

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