Payday Loan in Kochi

Payday Loan in Kochi

Kochi is touted as Kerala's financial capital and is one of the more developed residential regions in South India. Top-class civic amenities, well-connected transport systems, numerous MNCs, and pleasant weather year-round make it a suitable location for job-seekers.

Cochin SEZ and Infopark have augmented employment opportunities tremendously. However, it has also translated to heightened living costs and posh standards of living. To keep up, individuals often turn to options like a payday loan in Kochi. However, one must be well aware of the pros and cons before applying for this financing facility.

What Are The Functions Of A Payday Loan?

Payday loans online are ultra-short-term loan variants that financiers offer to salaried individuals to help them cover expenses until they receive the next paycheque.

It comes with specific features like –

  • One can receive funds within a few hours. Hence, these are also called emergency same day loan.
  • The amount is directly credited to the borrower’s savings account or through cash or cheque. Thus, it becomes convenient for an applicant who can easily access the fund.
  • As this credit variant doesn’t restrict usage, an applicant can use the advance salary Kochi to address personal expense.
  • There is no high CIBIL score stringency, so borrowers needn’t worry about payday loan bad credit
  • Again, this credit variant doesn’t mandate a guarantor or collateral as proof of security. This makes the loan disbursal swift and convenient.

Who Can Take A Payday Loan In Kochi?

The following table shows the eligibility requirements of a payday loan and the documents one must submit to substantiate those.

Eligibility Criteria

Documents Required

The borrower must be above 21 years

Scanned copy of any KYC document

Must be a permanent employee of an organisation

Recent salary slips, company ID card, bank account statements

He/she must be an Indian resident

OVDs for KYC

Specific financing companies may also ask for additional documents for the payday loan online apply process. However, individuals must be aware of the shortcomings that make it an unpopular choice of financing in some cases.


What Are The Cons Of A Payday Loan Kochi?

Due to its unsecured nature, this loan comes at a high rate of interest and excessive associated charges. People without knowledge of systematic saving can find it challenging to repay the balance within the short tenure. It increases the chances of falling into a debt trap. Moreover, a business owner needing a high loan amount may find this payday loan Kochi insufficient.

If you face a similar situation, we suggest switching to a secured loan form like a gold loan. This credit form comes at competitive interest rates and a high loan amount. In case your concern is to get funds instantly, you can turn to Rupeek instead of searching ‘quick payday loan near me’.

Features That Make Rupeek A Trustworthy Lender

As a leading gold loan lender in Kochi, we are working tirelessly to offer our customers the best banking experience. Here are some benefits you receive by availing a loan from us.

  1. A borrower can receive up to Rs. 1.5 crores against their gold assets from Rupeek. You can use this gold-backed cash loans online to clear the dues of a payday loan.
  2. You can also use Rupeek’s gold loan calculator to check how much gold you need to pledge to get the necessary sum.
  3. A borrower needs to submit only KYC documents to avail the gold loan. With no credit-checks, it acts as an exceptional bad credit loan online.
  4. Our interest rate starts at 0.49% per month. We also offer rebates, giving borrowers to save more with timely repayment.
  5. With Rupeek, you can leave behind your gold safety concerns. We implement secure ways of gold transfer and release from vaults. Moreover, we offer complimentary gold insurance cover against theft, accident or damage.

Besides these, here are some of our services tailored just for you!

  1. Relaxed Repayment

Applicants can select from a range of loan schemes. They can opt for traditional EMI repayment or clear the dues any time before the tenure ends.

  1. Rupeek Overdraft Facility

Instead of exhausting your salary every month and taking a payday loan, you can avail a credit line against gold from us. Also known as Rupeek Quick, you can withdraw funds from the sanctioned limit as and when you need. You need to repay only what you have used and incur interest only on the expended amount.

  • Doorstep Loan

Get a gold-backed cash advance loan up to Rs. 1.5 crores without stepping out of your home. Enjoy instant services after applying online. KYC verification, gold appraisal, and loan amount disbursal will take place in your presence, at your house, no matter where it is in Kochi.

Doorstep Service Of Rupeek – Locality List

Here is a list of localities in Kochi where our service is available.

  • Mattancherry
  • Aluva
  • Willingdon Island
  • Kakkanad
  • Palarivattom
  • Muvattupuzha
  • Tripunithura
  • Infoparkkochi
  • Kalamassery
  • Airport Road
  • Kumbalangi
  • Perumbavoor

Steer clear of the hefty interest charges of a payday loan in Cochin. Get a gold loan from us and save on interest while meeting all necessary expenses instantly. Download the app today!

Rupeek ad
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% 0.49%
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 -
Rupeek ad

Frequently asked questions

  1. How can I get a payday loan instantly?

You can check the preferred financial institution’s website or app to apply. Fill out the online application form and submit the required documents subsequently.

  1. Can I get a payday loan if I have a low credit score?

You can receive a payday loan if you have a low credit score, but the interest rate will be higher.

  1. Do I get a Rupeek gold loan faster than a payday loan?

With our instant services, you can receive the funds within an hour of applying. A payday loan takes more or less an hour as well.

  1. Can I get a payday loan without a bank account?

You must have a savings account to avail a payday loan. That’s where you will receive the loan amount.

  1. Does Rupeek offer a referral bonus to its customer?

Yes, Rupeek makes a month’s interest free for borrowers who refer our services. To avail this service, you have to share your referral code with friends and family. After they redirect and take a loan of at least Rs. 50000, both yours and that person’s one-month interest will be exempt.

Rupeek ad
gold img
Apply for Gold Loan 30 Minutes Doorstep Service
Please enter valid Mobile Number
success img

Loan Request Successful

Your request has been received, our customer relationship manager has been notified and will call you shortly