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Payday Loan in Kolkata
payday-loan-in-Kolkata

Payday Loan in Kolkata

Formerly identified as Calcutta, the “Cultural Capital of India” is home to institutions like Indian Science Congress Association, the National Library of India, and the Academy of Fine Arts. Kolkata comprises several historical structures like Rabindra Setu, Victoria Memorial, Vidyasagar Setu, and St. Paul’s Cathedral, drawing in a significant number of tourists every year. A prominent trade and financial hub, West Bengal’s capital city comprises prominent industries in the public and private sectors with companies like United Bank of India, Coal India Limited, Exide Industries, and ITC Limited, providing a major percentage of urban employment.

Living in one of the country‘s 4 major metropolitan cities can cause one’s financial demand to exceed his/her disposable income, spelling disaster during emergencies. In such situations, earning individuals may seek a payday loan in Kolkata to make ends meet.

What Are Payday Loans?

Technically making up for advance salary Kolkata, payday loans are a type of personal loan offered by lending institutions to formally salaried individuals. The borrower needs to repay the sum on the next payday. Some of the prominent features of these financial products include:

  • Prompt Availability: This type of credit is popular as an instant cash loan. Payday loan lenders ensure speedy approval and disbursal of loan, mostly within the same day, after completing document verification.
  • Unsecured Funds: Applicants do not need to provide any collateral to avail such type of funds.
  • Short Loan Tenure: The tenure of payday loans lasts for a maximum of 4 weeks or 30 days, i.e., days remaining until the immediate next salary date.
  • Credit Credentials Not Mandatory: Most lenders offering payday loans online do not perform CIBIL score or credit check of applicants for approval of such financial products.
  • Flexible Usability: No payday loan company in Kolkata restricts the usage of acquired funds in any way, allowing borrowers to utilise them for any financial requirement from paying utility bills to unavoidable purchases.
  • Eligibility Criteria: Although not finicky about credit history like other personal loan requirements, payday loan providers make sure qualifying applicants meet the following criteria.
  • Must be a resident of India.
  • Should be aged not below 18 years.
  • Applicant must be a salaried individual with steady cash flow.
  • Must be an active savings account holder.

To back their eligibility claims, applicants also need to provide specific documents when availing online payday loan.

  • Documentation: Here is a list of the documents individuals need to submit to ensure a payday loan guaranteed approval.
  • Identity proof
  • Proof of residence
  • Recent salary slips
  • Bank account statements for the past 6 months
  • Age proof
  • Passport-sized photographs
  • Proof of employment

If the features mentioned above of a payday loan in Kolkata are compelling you to get one, you might as well have prior knowledge of the application process.

How To Get A Payday Loan In Kolkata?

Follow the given steps to avail payday loans online seamlessly.

Step 1: Approach a lender of your choice or download payday loan apps like Dave to create an account.

Step 2: Sign in to your account to check eligibility and fill in the payday loan application form with name, contact and other credentials.

Step3: Submit scanned copies of all necessary documents and select your required loan amount and repayment tenure.

Step 4: Once the lender verifies all documents, get the loan transferred to your account within the same day.

Now that you know about the prerequisites and benefits of such instant funds, you must also be aware of the difficulties they can land you in, before typing ‘payday loan near me’ into the search bar.

Why Can Payday Loans Be Troublesome?

The eligibility requirements make it impossible for individuals to avail a payday loan without a salary slip. For those who make it to successful approval, cash advance loan can have undesirable consequences like:

  • Hefty Interest rates: Due to the lack of security, money lenders in Kolkata charge high interest rates on these types of financial aid, reaching up to 2% per day, depending on the borrower’s eligibility.
  • Additional Charges: Contributing to the high borrowing cost, are processing fees up to 7% of the total borrowed amount, which can make a payday loan Kolkata even more expensive.
  • Vicious Debt Cycle: Most low-earning borrowers struggle to repay the loan amount coupled with the significant supplementary charges within such short repayment tenure while keeping up with other necessary monthly expenses. Once defaulted, individuals are further burdened with late payment fines, which impel them to seek repeated loans to clear the preceding debt, resulting in a never-ending debt cycle.

Additionally, a small loan amount often fails to suffice for some extensive funding requirements that might arise unanticipated.

Wonder if there were a less intimidating substitute for such quick loan?

To your relief, there is! Address your emergency cash requirements with a gold loan, instead.

Can Gold Loan Be A Safer Alternative?

The following table lays a brief overview of how gold-backed funds can be contrastingly beneficial over a payday loan in Kolkata.

Parameters

Payday Loan

Gold-backed Loan

Collateral

Not required

Items of gold jewellery

Loan amount

Low, based on the applicant’s salary

Much higher, depending on gold’s current market value

Repayment tenure

Until the next payday, i.e., 2-4 weeks

Relatively long

Borrowing cost

Expensive, including high interest rates, and additional charges.

Much more affordable

Eligibility

Comparatively complex

Applicants only need to be aged above 18 years and own adequate gold

Documentation

Lengthy

Just KYC

Rupeek Fintech offers gold loans suited for individuals with varying financial backgrounds, in addition to the above advantageous points. With various loan schemes, we have successfully helped over 1 lakh customers with viable financial assistance.

What Makes Rupeek Gold Loan The Best?

Some of the prominent features that make Rupeek’s gold-backed funds the best substitute for a payday loan in Kolkata are as follows.

  • Prompt Approval And Disbursal: Post a successful loan application, Rupeek provides instant online gold loan at your doorstep. Thereafter, complete KYC verification and gold appraisal with our loan representative to avail quick approval and loan transfer to your account.
  • Balance Transfer Facility: Individuals willing to shift an existing loan to Rupeek, can utilise our loan transfer facility after completing outstanding payments with their current lender. Submit your loan pledge card with required documents to avail per lakh interest savings up to Rs.12,377.
  • Flexibility In Repayment: Borrowers can choose from flexible repayment options of traditional EMIs or any payment at any time during the tenure.
  • Lump-sum Loan Amount: Rupeek offers up to 80% of your gold’s present market value and lets you get an estimate of the same with an online gold loan calculator.
  • Lowest Interest Rates: We provide the most affordable funding solutions with gold loan interest rates, starting from as low as 0.79%. Borrowers can also avail additional discounts with more frequent repayments.

Additionally, Rupeek also extends an exclusive gold overdraft facility to existing customers to make emergency cash immediately available.

Who Can Avail The Gold Credit Line Facility?

If already a member of our reputable customer base, you can pledge some additional gold under Rupeek Quick to avail a line of credit that you can access at any time via our app. A prominent advantage of this gold credit line facility is that borrowers only need to pay interest on the withdrawn amount, instead of the entire credit limit, unlike payday loans. Plus, it facilitates hassle-free funds without further documentation.

Apply for Rupeek gold-backed funds from anywhere across India, including your hometown, for unique benefits over a payday loan in Kolkata.

Where Can You Find Us In Kolkata?

Here is a list of some of the most prominent localities in Kolkata Rupeek operates in.

  • Hastings
  • Park Street
  • Jadavpur
  • Dum Dum
  • Baghajatin
  • College Square
  • Baranagar
  • Kalighat
  • Taltala
  • Ballygunge
  • Esplanade
  • Tollygunge
  • Behala
  • Dharmatala
  • Ganesh Chandra Avenue
  • Park Circus

Bridge the month-end gap in cash flow with a gold loan from Rupeek. Visit our website to place a loan request or contact us for more details.

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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 do I do in case I get scammed by a payday loan company?

If you feel a fake payday loan provider has deceived you, visit reportfraud.ftc.gov and follow instructions to file a complaint with the FTC.

  1. Can I avail a payday loan in Kolkata without a guarantor?

Yes, payday loan companies do not mandate any security to avail such emergency funds.

  1. What is the highest APR of interest levied on payday loans?

The annual percentage rate of cash advance loan interest can vary across lending institutions. It also depends on the borrower’s eligibility and repayment tenure, but on an average, can range up to 730%.

  1. How do I update my changed mobile number during an ongoing gold loan?

Kindly contact our customer support team to help us update your modified contact details in our database.

  1. What is the maximum loan amount I can borrow against gold from Rupeek?

Rupeek offers funds up to Rs. 1.5 crores against gold jewellery. You can also take a loan as low as Rs. 15000 to meet small-ticket expenses.

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