Payday Loan in Kanyakumari

The last point of the Indian mainland, Kanyakumari is a popular tourist destination in Tamil Nadu. The district’s commercial centre, Nagercoil is also a significant employment hub. While earnings have increased due to this, living costs have also surged. Individuals can resort to a payday loan in Kanyakumari to address cash shortfalls in the middle of the month or month’s end.

It is a short-term and unsecured financing mode that helps individuals to meet any financial obligations they have. However, before opting for one, one must have a clear idea about how it works. Here is an example to help prospective borrowers comprehend this process –

Sudip is facing a financial emergency and needs Rs. 30,000 urgently. However, he is still a week away from his salary. In this situation, an instant cash loan like this can aid him to meet such demands.

Since his salary is still a week away, Sudip can opt for loan tenure of 7 days. Now the principal amount is Rs. 30,000 with a daily interest rate of 1%. Thus, his total debt at the end of a week will be Rs. 30,000 + Rs. 2100 (as interest) = Rs. 32,100.

Note that the quantum of this quick loan option depends on the applicant’s monthly income.

Besides knowing how it works, it’s also imperative to assess its pros and cons to make an informed choice.

The following table demonstrates the benefits and drawbacks of this financing facility.

Pros	Cons
No credit check	The loan amount is limited to the applicant’s monthly income.
Quick disbursal	Rate of interest is high
Lenient eligibility terms	No flexibility in repayment

Thus, it’s fair to assume that a payday loan in Kanyakumari may be ill-suited for a person’s month-end cost coverage. To avoid its hassle, one can opt for a gold loan as an alternative.

With its affordable interest rates, substantial loan amount, and better overall loan terms, gold loans help individuals meet their financial needs without any hassle. So, rather than looking for ‘payday loan near me’ one can lock in on a gold loan.

Nevertheless, it is essential to select a lender that focuses on offering a better customer experience. Individuals can consider Rupeek to that end.

We offer the following benefits with our gold-backed cash loans online –

The loan amount offered by us can go as high as Rs. 1.5 crores, and it is possible owing to our high per-gram rate. Moreover, individuals can use the gold loan calculator on our website to gather more information.
The interest we levy on our advances starts from as low as 0.49% per month. Also, the repayment schemes offered by us make repayment more manageable for our borrowers.
Gold item are transported in GPS tracker-equipped bags, and we store them in lockers. Moreover, we also offer complimentary insurance coverage during tenure.
One can reduce their interest outgo by as much as Rs. 12,377 per lakh by opting for a loan transfer with us.

Along with these, we also extend the benefits of an overdraft facility to amplify our customers’ convenience.

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	-