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Payday Loan in Hyderabad
payday-loan-in-Hyderabad

Payday Loan in Hyderabad

Hyderabad, the capital of Telangana, is situated in the south-central part of India on the Musi River banks. This city is a major hub for trade and Information Technology, which form the backbone of its economy. Over the years, besides the pharmaceuticals and textile industries, the tourism sector has also gained a lot of significance.

Some of the most popular tourist attractions in Hyderabad include the Ramoji Film City, Charminar and the Golconda Fort. However, being a large metropolitan area, the cost of living in this city is relatively high. Hence, to make ends meet and combat the month-end cash crunch, many individuals opt for a payday loan in Hyderabad.

If you’re someone who requires instant access to funds, availing such form of credit can help you cater to your immediate financial needs. However, before you decide whether to avail this ultra-short-term, instant cash loan, it’s essential that you are made aware of its several aspects.

Features Of A Payday Loan In Hyderabad

The following are the features of a payday loan:

  • No End-use Restriction: The loan amount sanctioned by a payday loan company in Hyderabad can be utilised to finance all types of expenses.
  • Emergency Same Day Loan: The processing time for such loans is much faster than most other forms of financial assistance. Upon approval, the loan amount is disbursed immediately to your bank account.
  • No CIBIL Score Requirement: Since no credit check is performed by most payday loan providers, you can get instant access to funds even with a low credit score.
  • Collateral-free Loan: This is an unsecured loan. Hence, one does not have to place any collateral to avail this financial product.

In addition to these features, a payday loan application procedure is extremely convenient for all applicants. Individuals can download a payday loan app and complete the application procedure with ease by submitting the necessary documents, such as proof of address and income.

Although these features might be appealing to individuals who require funds urgently, it’s essential to know the drawbacks before making a decision.

Limitations Of A Payday Loan In Hyderabad

A payday loan or cash advance loan in Hyderabad comes with the following drawbacks:

  • High Interest Rates: When annualised, payday loan interest rates may turn out to be as high as 730%. Hence, it’s wise to opt for this quick loan only in extreme urgency, or when no better alternative is available.
  • Steady Income Source: A borrower has to be a salaried individual with a steady flow of income, which is based on the eligibility criteria of the loan provider.
  • Income-proof Documents: Applicants have to provide latest salary slips or bank account documents as proof of income to avail a payday loan in Hyderabad.
  • Unavoidable Debt Trap: If borrowers cannot pay back the loan amount in time along with the interest, additional charges or penalties may be imposed by the lender. Hence, the chances of a borrower getting caught up in a debt trap increases.

Due to the disadvantages mentioned above, most individuals are now opting for better alternatives, such as a gold loan. The interest rates are much lower than a payday loan, and one does not need to submit income proof documents. Moreover, with the added benefits provided by Rupeek, individuals can meet their financial requirements with the most convenience.

Benefits Of Rupeek’s Gold Loan

Individuals who choose to avail a gold loan from us instead of a payday loan in Hyderabad become a beneficiary of the following features:

  • Hassle-free Documentation

Our application procedure involves a hassle-free documentation process. Individuals can get instant approval on gold-backed payday loans by just submitting KYC documents; income proof documents, such as bank account statements or ITRs, are not required. Hence, this is an ideal option for individuals looking for a payday loan without salary slip.

  • Multipurpose

Gold loans do not have any end-use limitations. Hence, you can utilise the loan amount to finance all types of expenses such as medical emergencies, child’s education and more.

  • Easy Repayment Options

If you avail a gold loan from us, you can either repay the amount in monthly instalments or pay the entire amount in any manner you wish to during the repayment period. You can choose the repayment scheme that is best suited for your requirements.

  • Gold Loan Overdraft

You can choose to opt for overdraft against gold facility known as Rupeek Quick. It enables you to transfer or withdraw cash anytime from the limit sanctioned against newly pledged gold ornaments. Additionally, you only have to pay interest on the amount you end up using. 

  • Relaxed Eligibility Criteria

Contrary to a payday loan in Hyderabad, we have relaxed eligibility criteria. Individuals who do not have a stable source of income can also avail a gold loan from us. Hence, you can opt for our services even if you’re not a salaried individual.

  • Rapid Loan Disbursal

Our instant disbursal process enables you to get a gold loan in minutes. The sanctioned loan amount is immediately transferred to your preferred bank account once our authorised loan manager successfully values your gold and completes the KYC verification.

  • Lowest Interest Rates

We offer the most cost-efficient gold loan solutions; our interest rates start at 0.79% p.m. Nevertheless, please note that the rates may vary depending upon the scheme you avail and your location.

Now that you are familiar with our benefits let’s look at the differences between a payday loan in Hyderabad and Rupeek’s gold loan.

Differences Between Payday Loans And Rupeek’s Gold Loan

The table given below represents the contrasting features between a payday loan and our gold loan:

Basis of Comparison

Payday Loan

Rupeek’s Gold Loan

Type of Loan

Unsecured loan (doesn’t require any collateral)

Secured loan (sanctioned against the gold pledged by the borrower)

Maximum loan amount

Approximately Rs. 1 lakh

Rs. 1.5 crores

Flexibility in the repayment process

Shall be repaid at once at the end of the tenure

Can be repaid monthly instalments or any way the borrower wants to

Income proof Documents

Required

Not required

Steady flow of income

Necessary

Not necessary

Appropriate for

Ultra-short-term financial requirements

Both short-term and long-term financial requirements

Interest rates

Very high, can go up to 60% per month

Very low, as low as 0.79% p.m.

As one can observe from the above table, our high loan amount, low interest rate, and flexible repayment options make us a better choice. Moreover, in addition to the above-mentioned features, we offer doorstep services, which allows you to avail a gold loan from your preferred location. Currently, our services are available in various parts of Hyderabad.

Places In Hyderabad Where Rupeek Operates

You can avail a gold-backed payday loan in Hyderabad if you’re currently residing in any of the following areas in the city:

  • Tarnaka
  • Alwal
  • Somajiguda
  • Film Nagar
  • Sanjeev Reddy Nagar
  • Kukatpally
  • Banjara Hills
  • Begum Bazar
  • Bahadurpura
  • Musheerabad
  • Sainikpuri
  • Miyapur
  • Bowenpally
  • Chandanagar
  • Falaknuma
  • Golconda
  • Jubilee Hills
  • Himayat Sagar
  • Shamirpet
  • Yousufguda
  • Gandhinagar
  • Vikarabad
  • Secunderabad
  • Begumpet
  • Himayathnagar
  • Khairatabad
  • Ghatkesar
  • Balnagar
  • Amberpet
  • Erragadda

Your quest for the most cost-efficient and trustworthy ‘payday loan provider near me’ is now over. Apply for our gold-backed payday loan in Hyderabad and finance all your short-term expenses without any hassle.

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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. Is it safe to avail a payday loan?

Payday loans are a safe option only when you are sure that you can pay off the loan amount in time. These come at very high interest rates, and if you fail to pay the due amount timely, additional charges and interest ensue. Hence, there’s a high probability that one might fall into a debt spiral.

  1. What are the documents I need to submit for a payday loan?

Individuals need to submit their Aadhaar card, PAN card, proof of address such as Voter ID card, last 3 months’ salary slip, bank account statement of the past 3 months, a to avail a payday loan and a post-dated cheque. Please note that the documentation may slightly vary based upon the policies of the lender.

  1. How much interest does one have to pay on a payday loan in Hyderabad?

The interest on a payday loan differs from one lender to another. However, in India, a payday loan’s interest rate can be between 0.5% and 2% per day.

  1. What does Rupeek do to ensure the safety of my gold?

We have partnered with the best-in-class lending institutions to ensure that your gold is secure at all times. Once our loan manager completes the necessary formalities, your gold is transported to the authorised bank branch in a secure bag with a GPS-tracker. Once it reaches the bank, your gold is stored in a secure locker under strict surveillance.

  1. Can I pledge all types of gold items to avail a gold loan?

No, you can only pledge gold ornaments to avail financial assistance from Rupeek. Our lending partners do not accept other gold items such as bars or coins.

  1. How can I repay a gold loan availed from Rupeek?

You can make repayments via our gold loan payment portal. Sign in to your profile using your registered mobile number and complete the pending payments with ease.

  1. How can I avail a gold loan from Rupeek?

To apply for a gold loan, you need to place a request via our app. Our loan manager will arrive at your location within 30 minutes to complete the necessary formalities. Once they are complete, the loan amount will be instantly disbursed to your preferred bank account.

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