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Payday Loan in Jaipur
payday-loan-in-Jaipur

Payday Loan in Jaipur

Planned by Vidyadhar Bhattacharya, Jaipur is one of the earliest planned cities of India. Rajasthan’s capital is also considered as the largest city of Rajasthan. Combining the charm of deep-rooted, ancient history and the advantages of a metropolis, Jaipur serves as a major tourist destination in India. Places like Albert Hall Museum, Hawa Mahal, Jal Mahal, Jantar Mantar, Amer Fort, and Galtaji attract many tourists throughout the year.

Besides tourism, Jaipur has a strong base in gemstone cutting, manufacturing of jewellery, luxury textile, hand-knotted rugs, and Information Technology, contributing to employment generation. It has led to increasing propensities to consume. But, salaries fail to timely sustain the full range of a person’s expenses every month at times. In these cases, people often resort to tools like a payday loan in Jaipur.

About Payday Loans In Jaipur

Payday loans are unsecured borrowing options that feature an ultra-short tenure and comes with a relatively high interest rate. Also known as cash advance loans, it caters to salaried individuals’ cash crunches until their next payday arrives. Hence, these loans are named ‘Payday loan’.

The funds offered as a loan on advance salary in Jaipur is generally a portion of the borrower’s next paycheque. Borrowers are required to repay the loan amount once she/he receives the salary.

Advantages Of A Payday Loan In Jaipur

Below listed are some of the advantages of availing payday financing in Jaipur.

  • Unsecured: Lending companies do not need collateral to extend a payday loan.
  • Minimal Documentation: A payday loan requires a handful of documents during the verification. Applicants need to submit their salary slips, recent savings account statements, and OVDs for KYC.
  • No Credit Check: Individuals with a regular source of income with full-time employment and an active savings account can even avail a payday loan with bad credit.
  • Quick Verification & Disbursal: The verification and disbursal get completed within less than an hour, making for an emergency same day loan.

Flexibility Of Loan Usage: There’s no usage restriction on a payday loan in Jaipur. Individuals can avail these quick financing options to meet any planned or unplanned expenses.

Disadvantages Of Payday Loans In Jaipur

A payday loan offers numerous benefits during urgent cash shortfall. However, these financing tools have certain disadvantages that offset the profitability of availing a payday loan in Jaipur.

Following are some of the significant disadvantages of availing a payday loan in Jaipur.

  • Heightened Interest Rate: Payday loans invite annual percentage rate (APR) that can range up to 360% p.a. Lenders charge interest rate as high as 2% per day against payday loan in Jaipur.
  • Regular Income Is A Must: Lenders provide payday loans exclusively to those with full-time employment. Individuals with part-time jobs or businesses are not eligible for this quick loan
  • Short Repayment Term: Payday financing comes with a brief period of repayment. Individuals need to pay off their debt within 15-30 days.

The high interest rate and brief repayment period make this financing option ill-suited for those who live on a tight budget or from paycheque to paycheque. As an alternative, people can consider turning to a gold loan instead of searching for ‘payday loan near me’.

Reasons To Consider Gold Loan As An Alternative To Payday Loans

During an urgent financial requirement, individuals can utilise gold’s monetary value and meet their personal expenses. The following table demonstrates a few reasons why a gold loan is advantageous over a payday loan in Mumbai.

Parameters

Payday Loan

Gold Loan

Employment type

Only full-time salaried individuals are eligible for a payday loan.

Salaried and self-employed people and even part-timers can get a gold loan.

Tenure

15 – 30 days

6 months – 1 year

Interest calculation method

Interest is calculated on a per diem basis, making it more expensive.

Interest is calculated monthly, making it relatively affordable.

Quantum eligibility

The loan amount depends on a person’s monthly gross income.

It’s based on the pledged gold’s current market value and LTV.

As gold loans are secured, lenders offer these loans at a lower interest rate, which helps to curtail borrowing costs. Individuals need not worry about regular income or full-time employment and other prerequisites. If they possess gold jewellery and have the required age, they can get a quick loan.

If an individual is willing to take a gold loan in Jaipur, she/he must find a reliable financial partner that can guarantee quick and transparent gold loan processing. In this context, our financial services at Rupeek come into assistance.

Rupeek – Your Ideal Financial Partner

At Rupeek, individuals are assured of getting 100% transparent gold loan process and consumer-friendly repayment schemes. Following are the features and benefits of availing gold loans from Rupeek.

  • Doorstep Loan Services

Rupeek’s financial services enable borrowers to enjoy instant doorstep gold loan services. Individuals can complete the KYC document-verification and gold valuation at the comfort of their home, maintaining supreme privacy and without risking about carrying their valuables outside.

  • Loan Up To Rs.1.5 Crores

Contrary to payday loan in Jaipur, an individual can access up to Rs. 1.5 crores from Rupeek. With us, you can get the highest value against your gold items. Such a high-value loan can aid in covering both planned and unplanned expenses.

  • Gold Loan Calculator

Also, to make the gold loan experience hassle-free, Rupeek provides an online gold loan calculator. It allows individuals to find out the loan amount they can obtain against pledged gold. You can also use it to check the gold quantity you need to pledge to get a particular sum.

  • Interest Rates At 0.79%

Rupeek’s gold loan schemes start at 0.79% interest rate per month. This interest rate is much lower than a payday loan in Jaipur, which comes at an interest rate up to 2% per day. Thus, individuals can manage the total gold loan amount efficiently.

  • Flexible Repayment Options

Rupeek offers multiple gold loan repayment options. Individuals can choose to pay either monthly or any time as per their convenience within the tenure. It eases the financial burden of paying the entire amount along with excessive interest at once.

  • Loan Transfer Facility

By availing Rupeek’s loan transfer facility, individuals can save up to Rs.12,377/ lakh on interest. For that, they need to share their pledge card and submit KYC documents with the gold loan executive after settling the interest with the current lender.0

  • Gold Credit Line

One of the most sought-after facilities of Rupeek is the overdraft loan against gold. Also known as ‘Rupeek Quick’, it lets borrowers secure a sanctioned limit from which they can withdraw funds any time they want.

Individuals can save a substantial amount of interest by obtaining this facility as it is charged only on the amount the borrower uses.

Individuals looking for instant funding in Jaipur can find us in all the Pink City’s major localities as we have our financial network operating in here.

Availability Of Rupeek In Jaipur

To enjoy doorstep loan up to Rs. 1.5 crores in Jaipur, find us in the following locations –

  • Mansarovar
  • Amer
  • Ashok Nagar
  • Shobha Nagar
  • Talvandi
  • Vidhyadhar Nagar
  • Jagatpura
  • Jhotwara
  • Shastri Nagar
  • Vaishali Nagar
  • Bhankrota
  • Malviya Nagar
  • Gandhi Nagar
  • Bani park
  • Durgapura 6

Search no more for companies providing payday loan in Jaipur and extract maximum benefit from Rupeek by availing our gold loan services. Enjoy instant loan in 30 minutes at rates as low as 0.79%. Click to apply now!  

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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. What is a debt trap?

If an individual fails to repay the full payday loan amount by the time the next paycheque arrives, he/she has to bear more considerable penalties and additional fees. This increases the repayment burden and worsens one’s financial capabilities further, leading to a debt trap.

  1. Can an individual get a payday loan in Jaipur without credit report?

Lending companies do not check credit score or report to sanction a payday loan. Individuals can avail a payday loan in Jaipur without a credit report.

  1. What kind of repayment does Rupeek offer for gold loan?

For gold loans, Rupeek offers three repayment options. These are part payment, interest payment and closure payment.

  1. Can I part prepay my gold loan?

Indeed, you can select for partial gold loan repayment. For that, you must pay an amount ranging between the interest amount and any sum less than the full-closure amount.

  1. Are payday loans helpful for CIBIL score?

Credit rating agencies like TransUnion CIBIL don’t consider financing options like a payday loan. Hence, taking or repaying these loans on time doesn’t impact your score in any way.

  1. Can I apply for a payday loan in Jaipur if I have an active loan?

Yes, you can apply for a payday loan in Jaipur even if you have active loans. However, be sure of the repayment charges before going forward.

  1. How to find a reliable payday loan lender?

Most payday loan financiers are not RBI-certified. Hence, it may be challenging to find a reliable lender. Even then, you can check feedbacks, news coverage on them, if available, to determine their credibility.

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