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New Okhla Industrial Development Authority's planned city, popularly known as Noida, is one of Delhi's satellite cities. Located in Uttar Pradesh, this city is known for its lush greenery and impressive infrastructure. It is home to great architectural marvels like Rashtriya Dalit Prerna Sthal and Green Garden, Supernova Spira, Amity University, etc.
Noida is a hub for mobile app and software companies, with a presence of giants like Samsung, Arm Holdings, Microsoft, Barclays and several more. As of 2020, it has less than 10 lakh people residing there, majority of whom are employees from these companies. One of the primary reasons for the population there being so low is the city's high standards of living. Thus, most salaried individuals find themselves opting for a payday loan in Noida every time they face a financial emergency.
These are a type of personal loan that one can avail through a mobile app. They are often called microloans for their short-term characteristics and nominal amount. When in need of immediate funding, salaried employees can use these as an advance loan Noida and pay for their expenses.
All one needs to do is download the mobile application of their preferred lender and fill in the required fields. Once they have provided all the necessary details and attached required documents, the loan amount is credited instantly to their bank account.
Though a payday loan in Noida might seem like a very convenient credit option, these have several disadvantages. These negative aspects of this loan can be so severe that one might even get caught up in a never-ending debt trap. Thus, it would be wiser to stop searching for ‘payday loan lender near me’ and opt for a better alternative like a gold loan.
A gold loan is more advantageous than payday loans in numerous aspects and offers other benefits as well.
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The following table illustrates the most significant differences between the two loan types -
Payday Loan |
Gold Loan |
|
Required documents |
Lenders ask for documents like income proof and letter from the employer along with the KYC documents. |
The only piece of document one requires is their KYC papers. |
Eligibility requirement |
To opt for a payday loan in Noida, one needs to have a regular income source, an active current account, etc. |
If you are 18 years or older, you can avail a gold loan. |
Tenure |
It ranges from one to three months. |
The tenure offered is usually up to 6 months. |
Loan amount |
Individuals cannot avail a high amount for these payday loans online, as they are calculated based on their monthly salary. |
Borrowers can avail a substantial amount from a gold loan. It is because its value depends on the amount of gold they pledge. |
Rate of interest |
It is charged daily, and the percentage fluctuates frequently. Due to this, one might end up incurring a pretty hefty interest amount. |
One does not lose a lot of money by paying interest as they are charged monthly, and the percentage is also nominal. |
A gold loan is far better than a payday loan in Noida, and if you avail it from a reliable lender, these benefits can be doubled. At Rupeek we have curated exclusive facilities and features to provide the most convenient gold-backed financial facilities to our customers.
Our loan product has unique features that contribute to its borrower-friendly aspect. We have curated these benefits to make our loans a solution and not another problem. With us, you can enjoy -
These are only a fraction of all that we offer with our gold-backed cash loans online. Besides, we also take care of your comfort by offering a doorstep loan service when you apply for our services. Currently, we operate in all the significant parts of the city, and we are constantly trying to place our representatives in more locations.
In Noida, you will find our representatives and partner banks in the following locations -
A payday loan in Noida will only consume what you earn and leave you in excessive debt. It is recommended to stay clear from availing such facilities, especially when alternatives like gold loans are readily available. If you require urgent funds, apply for a Rupeek gold loan instead.
Yes, we offer 100% insurance for the gold that our customers pledge to us.
When a borrower is stuck in a loop of availing loans to repay the one they have taken before, it is called a debt trap. It is tough to get out of one, and usually, people who take out payday loans pose the risk of getting caught into one.
Payday interest rates can often range up to 2% per day of the availed amount.
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