Payday Loan in Patiala

Located in the south-eastern side of Punjab, Patiala is a city with many famous associations. From pants to peg, you will find its name attached to many different things. The town is located near the Qila Mubarak created by Ala Singh, the chieftain of Sidhu Jat. It also got its name from the same chieftain.

The rich culture of Patiala makes it stand out from the other cities in Punjab. It is also an industrial hub, accounting for a significant share of employment. A rise in the city’s urban population has led to increased living costs. To keep up with a modern lifestyle in this city, people often find themselves in a cash crunch near month’s end when the next payday is only days away. In such situations, many opt for a payday loan in Patiala. But, it is imperative to study it before applying.

Commonly referred to as microloans, these are an unsecured credit facility exclusively designed for salaried employees. They are short-termed and usually require one to download the lender’s mobile application. The entire application is made through such apps, and after the necessary documents have been submitted, the loan amount is credited instantly.

These act as an advance salary Patiala as they are approved based on the borrower’s next paycheque. As there is no collateral provided for these loans, lenders are at high risk. Hence, they ask for several documents before approving such credit facilities. The type and number of documents vary from one lender to another, but the following are some of the most commonly required papers.

Address proof like one’s Driving license, Aadhaar card, etc.
Proof of identity such as Voter ID, Ration card, etc.
Income proof
Age proof
A declaration letter from employer

While these documents might seem easy to get, there are some instances where certain employers refuse to provide one with a letter. Besides a payday loan in Patiala has a lot more issues related to it other than just documentation.

Thus, it is wiser to opt for an alternative like a gold loan instead of searching ‘payday loan provider near me’. These are a lot different from payday loans, except that they are also an exceptional emergency credit product.

The foremost difference among the two is that a gold-backed loan is a secured credit product, unlike payday loans online. The following table differentiates the two credit facilities.

Parameters	Gold Loan	Payday loan
Eligibility Requirement	The only requirement is that one should be at least 18 years old.	Apart from age, one also needs to have a stable monthly income and an active savings account.
Tenure	These have a tenure of at least six months.	These have ultra-short repayment tenure that varies from 1 to 3 months.
Loan Amount	It is calculated based on the value of gold provided by the borrower.	The amount of a payday loan in Patiala depends on the monthly income of an individual. Due to that, it is comparatively low.
Rate of Interest	Its rate of interest is comparatively low.	The interest rate is unreasonably high and can go up to 2% per day. Moreover, it is charged daily, and the percentage can fluctuate frequently.

As payday loans have short repayment tenures and high interest rates, borrowers often fail to repay them in time, which ultimately leads to debt traps.

However, short repayment tenure can benefit certain individuals, and a gold-backed credit facility may be the best short-term loans in Patiala for them. One can make their loan more opportune by opting it from a reliable lender. Rupeek does not just offer a beneficial gold loan but provides a lot of convenient features too.

Apart from low-interest rates and a substantial repayment tenure, we have features that help our customers repay their debts seamlessly. We also have an array of exclusive facilities that will ensure the utmost convenience and an excellent borrowing experience. Some of these are –

Fast Approval

Our credit products take hardly 60 minutes in an average to get approved. Thus, they are as instant as a payday loan in Patiala, the time it takes is nominal.

Flexible Repayment

Other than the standard EMIs, we also have multiple, flexible repayment schemes. You can use methods like interest pre-payment and single bullet payment besides EMIs to repay the loan.

Gold Credit Line

You can get an extended credit line on top of our gold-backed cash loan online. With that, you can draw money from the limit approved against newly pledged gold as per your convenience. For this, you have to avail our overdraft facility called Rupeek Quick, and its best part is that you only pay interest for the amount you have used.

If you live in a location where we are operational, you also get to enjoy our doorstep loan service. With its help, you can avail your Rupeek gold loan from the comfort of your house.

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	-