Payday Loan in Jalandhar

Payday Loan in Jalandhar

Situated approximately 146 kms away from Chandigarh in Punjab, Jalandhar is a city rich in tradition and culture. It has also recently become a hub for education and sports in the northern part of India. The main contributors of Jalandhar’s GDP include the furniture and leather manufacturing industry, which have played a vital role in the city’s economic development.

However, due to the increased cost of living, and no improvement in the wage and salary structure, financing various expenses, such as rent, and medical emergencies has become extremely difficult. Hence, individuals are now opting for instant financing options such as a payday loan in Jalandhar to fulfil the urgent financial needs.

What Are Payday Loans?

A payday loan is a high-interest, instant loan, which can be availed to make ends meet before your next salary is credited to your account. Hence, this can be regarded as a means of advance salary Jalandhar. Alternatively, these are also availed by millennials to keep up with up with a lavish lifestyle. 

The following are some of the features of a payday loan -

  • There is no credit check in case of a payday loan, enabling individuals to avail such forms of financial assistance even with a low CIBIL score.
  • Usually, a borrower has to repay a payday loan within 3 months; however, the tenure may vary from one loan provider to another.
  • The entire payday loan application process is online. Most lenders have designed specialised apps to simplify the entire procedure.
  • Payday loans are disbursed quickly, owing to the hassle-free application procedure. Hence you can get instant personal cash loans to meet any urgent financial requirement.
  • Payday loan interest rates are substantially higher than other financial products. It can range from 0.8% to 2% per day.

However, before availing a payday loan in Jalandhar, all individuals must fulfil a set of eligibility criteria.

What Is The Eligibility Criteria Of Payday Loan In Jalandhar?

Payday loan eligibility criteria require applicants to fulfil the following requirements:

  • Applicants must be above 18 years old.
  • Individuals must be a salaried employee with a stable income source.
  • All applicants must have a bank account.
  • Only residing citizens of India can apply for a cash advance loan.

Individuals who are eligible for a payday loan are required to submit the following documents:

  • Proof of identity such as PAN card or Aadhaar card.
  • Proof of address like passport and Voter ID.
  • Latest salary slip which serves as proof of income.

Although a payday loan Jalandhar might have a few favourable features, it also comes with some major drawbacks such as substantially high interest rates and the requirement for employment-related documents. Out of the two, the former is a major concern as failing to repay the loan amount on time can have an adverse effect on the credit score of an individual.

Moreover, the high interest rates and additional charges imposed by the payday loan company in Jalandhar can lure you into a debt trap. Therefore, as an alternative, you can stop your low interest payday loan searches and opt for a gold loan instead.

What Is A Gold Loan?

A gold loan is a secured funding option which an individual avails from a lender by pledging his/her gold as collateral. Unlike a payday loan in Jalandhar, these come with various benefits such as no end-use limitations and minimal documentation. Moreover, there are various lender-specific benefits that one can use to their advantage.

Rupeek offers the cheapest gold loan solutions in India, which start at an interest rate of 0.49% only. Hence, if you’re looking for an instant personal loan, availing our services can be a wise decision.

What Are The Benefits Of Choosing Rupeek?

One can take advantage of the following features by availing a gold loan from us:

  • Doorstep Loan: You can avail our services without having to visit any branch. Initiate the application process by placing a request via our app, and our loan manager will be there at your location to complete the formalities.
  • Quick Loan: Once the loan manager is finished with the mandatory formalities, the loan amount is disbursed immediately. You can get instant access to funds instantly to fulfil emergency financial requirements.
  • Straightforward Documentation: If you’re on the hunt for a payday loan without salary slip, you’ve been ushered into the right place. Our hassle-free and straightforward documentation process enable you to enjoy instant approval for a gold loan by just submitting KYC documents.
  • Convenient Repayment Options: By availing a gold loan from us, you can reap the benefits of flexible payment options. Apart from paying the entire loan amount at once, one can make payments via monthly instalments.
  • Gold Loan Overdraft: If you require instant access to funds quite frequently, you can pledge your gold and avail our credit line facility called Rupeek Quick. It allows you to withdraw cash into your account as and when required, from a pre-sanctioned loan amount. Moreover, you are required to pay interest only on the amount withdrawn.

Since the past years, we’ve been expanding our operations across various parts of India. Owing to our doorstep facility, individuals can avail our services from the comfort of their homes. However, their location has to be within our area of operation.

Where To Avail A Gold-Backed Payday Loan In Jalandhar?

You can avail our doorstep loan facility from the following areas:

  • Jalandhar Cantt
  • Model Town
  • Phillaur
  • Dayanand Nagar
  • Goraya
  • Rama Mandi
  • Jandu Singha
  • Lajpat Nagar
  • Banga
  • Apra

Now that you are aware of the benefits of availing our gold loan, you can end your search for the best ‘payday loan provider near me’. Avail our gold-backed payday loan in Jalandhar instead and meet all your urgent finance requirements until your next salary is credited to your account.

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

  1. Can I avail a payday loan if I’m not a full-time employee?

No, you will not be eligible for a payday loan if you’re not a full-time employee.

  1. Can I get a higher amount of payday loan after an increment?

Yes, a higher loan amount can be sanctioned to you after a salary hike. However, you would need to show the latest salary slip or bank account statement, which reflects your increment.

  1. What is the highest loan amount offered by Rupeek?

The maximum loan amount that we offer is Rs.1.5 crore; whereas, the minimum limit that can be availed as our gold loan is Rs. 15,000

  1. How does Rupeek keep my gold safe?

Rupeek has partnered with the top organisations in the country to keep your gold safe. Once the formalities are over, your gold is taken to the designated bank branch in a sealed bag which has a GPS tracker fitted to it. Once it is received at the bank, it is deposited in a vault under military-level security. In addition to this, we provide 100% door to door insurance.

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