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Payday Loan in Kanchipuram
payday-loan-in-Kanchipuram

Payday Loan in Kanchipuram

Kanchipuram is renowned nationally and globally for its textile industry, especially the Kanchipuram sarees. Agriculture is also a vital sector of its economy. Food processing, light machinery, electrical goods manufacturing industries are also essential in Kanchipuram.

Modernisation in recent years and wide-scale availability of phones has improved the lifestyle standards of individuals as well. Managing additional expenses when salary has run out is no longer a challenge because of financing options like a payday loan in Kanchipuram.

What Is A Payday Loan In Kanchipuram?

It is a short-term, unsecured cash advance loan that enables individuals to meet an array of expenses. Owing to its restriction-free usage, one can meet the following obligations –

  • Medical emergencies
  • Credit card bills
  • Tuition fees
  • Utility bills

Apart from zero end-use restriction, an emergency same day loan has the following features –

  • Collateral-free
  • Minimal documentation and quick processing
  • No credit checks

Along with these, the loan quantum of an instant cash loan depends on an individual’s monthly income. Also, individuals need to pay off the outstanding amount at one go when the borrower receives his/her next paycheque.

Besides, a payday loan in Kanchipuram is an expensive financing method because of its high interest rates. Financing costs can be quite excessive, especially if the loan is unpaid for weeks. That’s because interest is levied daily.

Borrowers can instead look for alternatives like gold loans. It offers better loan terms and rate of interest that makes the borrowing experience hassle-free and more affordable.

What Are The Differences Between Payday Loans Online And Gold Loans?

Borrowers can check the following table to learn the differences between them to make a sound choice.

Points of difference

Payday loans

Gold loans

Required documents

KYC and income proof

Only KYC

Interest calculation method

It is calculated daily

It is calculated monthly

Loan quantum

Depends on the borrower’s monthly income

Depends on the pledged gold’s value

Repayment tenure

Short

Comparatively long

Repayment flexibility

Rigid; shall be repaid at one go

Flexible

Based on this comparison, it is safe to say that gold loans can be a suitable alternative if someone needs emergency cash immediately. Hence, one can stop searching for ‘payday loan provider near me’ and start looking for gold loan providers. If their requirement is a loan in minutes, individuals can opt for Rupeek’s services.

What Are The Benefits Of Rupeek?

Rupeek offers a suite of benefits that enable customers to have a better borrowing experience. Here are the prominent ones –

  1. One can avail any loan amount within Rs. 15000, and Rs. 1.5 crores with Rupeek. It can be used for anything you like, including paying off a payday loan.
  2. Monthly rates of interest start from as low as 0.79%. Also, the repayment schemes offered by us make this process even more accessible.
  3. Leave worries of gold items’ safety with us. We keep the gold in a secured locker, which remains under complete surveillance.
  4. Rupeek provides door-to-door gold insurance coverage during the tenure.
  5. The loan transfer facility by Rupeek also helps individuals save substantially (up to Rs. 12,377 per lakh) on loan repayments.

Apart from these, you can also enjoy the benefits of a gold loan overdraft facility with us.

Gold Overdraft Loan From Rupeek

The gold overdraft facility extended by us, known as Rupeek Quick, allows our existing customers to submit additional gold and get a credit line against it. Borrowers have the freedom to withdraw funds within the limit sanctioned at their will and pay interest only on the amount utilised. This facility can prove to be more beneficial as a cash advance loan in Kanchipuram.

Furthermore, our presence in the top localities of Kanchipuram allows us to offer quick services at the doorstep.

Rupeek’s Service Localities In Kanchipuram

  • Ayyampettai
  • Ambattur
  • Chromepet
  • Irungattukottai
  • Medavakkam
  • Madipakkam
  • Enathur
  • Palayaseevaram
  • Pannur
  • Uttiramerur
  • Sriperumbudur
  • Sunguvarchatram
  • Tambaram
  • Walajabad

Although a payday loan in Kanchipuram is quick, exorbitant interest charges offset the monetary benefits it offers. In this regard, our gold loans can be an exceptional substitute as we provide funds within 60 minutes at rates as low as 0.79%.

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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?

It is a situation where individuals need to take additional credit to meet their current debts. Availing a payday loan to get out of another can often give rise to such a situation. One can consider a secured variant, like a gold loan, to that end.

  1. How to apply online for a Rupeek gold loan?

You can apply for a Rupeek gold loan online by registering your mobile number on the website. Following your application, a company representative will contact you to know your requirements and further process it. Afterwards, loan managers will visit your address for document verification and gold jewellery evaluation.

  1. Are payday loans bad for credit score?

A payday loan has negligible to nil impact on a person’s credit score. Lending companies do not report these loan activities to credit rating agencies.

  1. How can I pay the gold loan EMIs to Rupeek?

Rupeek has a dedicated online payment portal that helps you to make necessary payments. Once you log in with the OTP, you can view your account summary, and make required payments.

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