Payday Loan in Indore

Indore is an important industrial centre in Madhya Pradesh and one of its most populous cities. The increasing population of Indore can be attributed to the many industrial parks and SEZ in and around this town. As more and more individuals migrate to this city for educational and employment purposes, its living cost continues to shoot up.

Salaried individuals often run out of cash nigh month’s end, especially ones who have recently moved out or joined new jobs. Millennials often turn to financial products like a payday loan in Indore to address fund shortfalls and make it to the next paycheque without hassle.

Here are four essential points about this instant cash loan that one must keep in mind before applying for it –

Loan Amount: The quantum of personal cash loans like this depends on a borrower’s salary. It is a percentage of an individual’s monthly income. The ratio, however, is set by the financial institution.
Loan Tenure: These are short-term loans to offset deficit between two paydays. Thus, the tenure usually depends on a person’s next payday. One needs to repay the payable amount at once on that date.
Interest Rates: Payday lenders generally calculate the rate of interest on a daily basis. Hence, the charges can be substantial. Even a 1% interest can amount to 30% if a month’s tenure is availed. One must check this when searching for ‘payday loan near me’.
No Credit Check: A vital point to know about a payday loan in Indore is that it is not preceded by a credit check. Individuals with a bad credit score can also opt for this financial product.

Irrespective of the borrower-friendly features that this financing method offers, the high interest rates, limited loan amount, and rigid repayment structure can be set back a person’s finances. Therefore, borrowers often search for an alternative with similar benefits, and gold loans can be an excellent solution.

Being a secured form of credit, gold loans offer terms, which make borrowing a hassle-free affair. Here are some notable features of this financial product that makes it a worthy alternative to payday loans.

Gold loans have zero use-case restriction
The interest rates are comparatively affordable and calculated monthly
The loan tenure is longer and comes with repayment flexibility
Eligibility criteria and documentation is minimal
Processing time is quick and takes a couple of hours to complete

Although a gold loan is more affordable than a payday loan in Indore, not all options will provide the same convenience. To ensure maximum benefits, you can turn to Rupeek.

Here are some notable features of Rupeek gold loans that make it a preferred financing option.

Owing to our highest per-gram rates, one can now get more funds against gold from Rupeek. The loan amount can go as high as Rs. 1.5 crores.
Interest repayment with Rupeek is more affordable. Our rates of interest start from as low as 0.49% per month.
To make repayments hassle-free, we have introduced different schemes. One can repay the loan in EMIs or as it suits them by the tenure’s end.
An applicant needs to be above 18 years and have valid KYC documents to qualify for our gold loan.
The loan transfer facility offered by us further enhances borrower convenience. With its help, one can save up to Rs. 12,377 per lakh on loan repayments.

What’s more, the overdraft facility extended by us helps us our existing customers meet any cash shortfall instantly without taking on new loans.

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	-