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Nicknamed ‘The Sheffield of East’, Howrah is a major industrial hub of West Bengal and Eastern India. Large-scale manufacturing units and various small- and medium-scale industries fuel this city’s growing economy. Howrah has developed as a significant residential region in recent years because of its closeness to Kolkata, salaried individuals making up for its urban population’s major chunk.
It’s prompted an improvement in living standards. However, freshers and ones with a moderate in-hand salary can find it challenging to keep up with these expenses. These individuals often seek a payday loan in Howrah to meet their costs. These are short-term credit that helps individuals meet any financial distress between two paycheques
Here are some notable features of instant cash loans –
A vital point to remember about a payday loan in Howrah is that lenders do not perform any credit check to advance funds. Individuals with a low credit score can opt for this financing method.
Despite such customer-centric benefits, the high rate of interest is a significant drawback of this financing option. As it’s charged daily, the cost can turn out to be quite substantial. For instance, if you take a loan of Rs. 30000 at 1.5% per day interest for 30 days, the total interest charged will be to the tune of Rs. 13500.
To avoid the hefty strain of this sort on disposable income, individuals can consider a gold loan. Although secured, these offer similar benefits sans the overwhelming finance charges.
Here are some notable differences between these two financial products –
Particulars |
Payday loans |
Gold loans |
Documents required |
KYC and income proof |
Only KYC |
Loan amount |
Low, depends on a person’s monthly income |
Wide range, depends on the pledged gold jewellery’s value. |
Interest rate |
High; calculated daily |
Low; calculated monthly |
Repayment tenure |
Short |
Long |
This difference makes it clear that gold loans offer better benefits when compared to payday loans. Thus, instead of searching for ‘payday loan providers near me’ one can search for a gold loan provider.
In case you are wondering whether you can get a gold loan as quickly as a payday loan in Howrah, opt for our services and get a loan in 60 minutes. You get to enjoy an array of other benefits with our gold-backed quick loan.
Here are the benefits of Rupeek that makes it a preferred option for many –
Apart from these, we also extend an overdraft facility that further enhances customer-convenience.
Popularly known as Rupeek Quick, it enables borrowers to access a line of credit from which they can avail cash loans online whenever they want. Furthermore, borrowers are only responsible for paying interest on the amount they withdraw, making it the ideal tool for meeting cash shortfalls on month-ends without being subject to unreasonable interest payments.
Furthermore, our presence in prominent localities of Howrah helps us to offer prompt service to our customers.
A payday loan in Howrah is a quick financing option to mitigate any unprecedented monetary need. On the contrary, a high interest rate and unfavourable loan terms make it a complicated financial product. Our gold loan serves as an ideal alternative as it meets the need for quick financing without the burden of sizeable finance charges.
Submitting a salary slip is mandatory to get a payday loan in Howrah. The financing company advances funds based on a person’s gross income.
To get an instant personal loan, you can apply via a lender’s official website. You need to fill out the application form and upload the documents required to complete this process.
A debt trap is a cyclic situation where an individual takes up more debt to repay the previous ones. Typically, this situation occurs when the total dues of an individual surpass his/her repayment capacity. An ideal way to solve it is by using Rupeek gold loans for debt consolidation.
You can apply for a Rupeek gold loan online by registering your mobile number. Afterwards, a company executive will get back to you to know your requirements and for further processing.
You can pay online via Rupeek’s dedicated online payment platform. Once you log in via OTP, you can see your account summary, and make necessary payments.
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