Payday Loan in Pune

Payday Loan in Pune

Synonymous with “Oxford of the East”, Pune or Poona houses many educational and research institutions, inviting a significant percentage of international students and professionals in the country. Besides education, Pune boasts of a robust automotive sector, housing manufacturing units of Land Rover, Mercedes Benz, Mahindra & Mahindra, and Bajaj Auto. The eighth-most populous city in the country is also a prominent IT hub with several large-scale software companies employing a majority of the educated youth.

Rising employment opportunities and increasing per capita income mean higher propensity to consume. But, running out of cash can be worrisome, especially when near the month-end. In such circumstances, individuals resort to a payday loan in Pune to address emergency expenditure till the next salary.

Things To Keep In Mind When Choosing A Payday Loan

Also known as a cash advance loan, payday loans are unsecured funds offered to salaried individuals to help them meet any financial crisis between two successive paycheques. Some of the prominent features that make these a popular funding option are as follows.

  • No End-Use Constraint: Like any other personal cash loans, no payday loan company in Pune constrains these financial products’ utilities in any way. Borrowers use such funds to finance most short-term loan requirements, planned or sudden.
  • Quick Processing: These funds are a great source of a quick loan, given their fast approval and disbursal. Upon complete verification, lending institutions make sure borrowers receive the loan amount within the same day.
  • Credit Score Not Required: Most payday loan apps like Dave do not ask for borrowers’ credit credentials before sanctioning such funds, contributing to their easy availability over other means of funds.
  • Collateral-free: As mentioned before, payday loans are unsecured, i.e., borrowers do not need to pledge any asset to avail one.
  • Compact Tenure: Advance salary Pune makes for an outstanding short-term loan since it typically comes with maximum repayment tenure of 4 weeks or 30 days. It needs to be repaid at the earliest post receiving the next paycheque.

These benefits, along with payday loans online availability, can make any individual opt for one without looking any further. But other specific features might not come off as borrower-friendly after availing one.

Limitations Of A Payday Loan In Pune

Although these might seem like the best instant funding option, individuals heading for payday loan application must be aware of the following consequences before getting stuck with such financial products.

  • Unavailable For The Unemployed: Although payday loan eligibility frees applicants of a CIBIL score requirement, individuals without a constant income source cannot qualify for such funds.
  • High Borrowing Cost: Because of such credit’s unsecured nature, lenders charge excessively high payday loan interest rates – up to 2% per day. Although seemingly sustainable for a short-term borrower, these rates can shoot up to a whopping 730%, when annualised, which can land loan-seekers in big-time debt if not repaid timely. Added to that are substantial processing charges up to 7% of the loan amount.
  • Mandatory Documents For Income Proof: Applicants need to provide their bank account statements, and latest salary slips as income proof to get a payday loan in Pune
  • Recurring Loan Trap: An extremely short repayment tenure and substantially high charges can easily make a borrower default. If the loan remains unpaid beyond the due date, borrowers need to bear added late penalties, which will keep multiplying over time, making repayment increasingly difficult.

If these inconveniences prevent you from availing a payday loan same day in Pune, choose gold loan as a more viable option for an instant cash loan in 1 hour.

Better Potentials Of A Gold Loan In Pune

Individuals looking for instant financial solutions can benefit better with a gold loan since it takes away all the cons of a payday loan Pune while bettering its advantages.

  • Lower Rates Of Interest: Since these funds are secured against gold, the interest rates levied on them are remarkably low, making them more affordable means of funding.
  • Lump-sum Loan Amount: Gold loan providers offer remarkably high funds against jewellery as opposed to a payday loan in Pune, thus, facilitating broader usability of acquired credit.
  • Minimal Documentation And Eligibility: These can also be an ideal borrowing option for individuals looking for payday loan bad credit without salary slips. Gold loan eligibility does not mandate employment or require submitting documents proving it, making financial aid available to more potential borrowers.

Once you are convinced of the advantages a gold loan can reward you with, it is time to pick the best gold loan provider after comparing several lenders’ policies.

At Rupeek, we strive to extend easy funding solutions to all strata of loan-seekers with various loan schemes to suit every need and budget. Besides the afore-mentioned advantages over a payday loan in Pune, Rupeek offers gold-backed funds with the best offers on several other fronts as well.

Trust Rupeek For A Hassle-Free Gold Loan

Following is a list of some unique advantages of a Rupeek gold loan over payday loans online.

  • Convenient Repayment: Rupeek offers flexibility in gold loan repayment, offering borrowers the choice of traditional EMIs or any payment at any time during the tenure. Individuals can also make a one-time bullet payment.
  • Highest Loan Amount: Enjoy funds worth up to 80% of your gold’s value with our highest per gram rate. Get any amount per your requirement within Rs. 15000, and Rs. 1.5 crores. Use our online gold loan calculator to determine available funds against your collateral.
  • Speedy Loan Disbursal: Borrowers looking for an instant cash loan can benefit the most with our doorstep loan service that allows them to complete verification and gold appraisal without having to step out of their residence. Post-approval, our loan representative also ensures instant loan transfer to your account.
  • Uncompromised Gold Security: Our security procedures are ISO 9011:2015 certified. We store gold items in secure vaults of nearest partner banks, where they are placed under 24x7 uninterrupted surveillance. You can track in real-time if your pledged gold articles are reaching their destination as well. We also offer 100% insurance coverage of pledged jewellery against any damage or theft.
  • Gold Overdraft Loan Facility: Our most prominent facility, Rupeek Quick, is an extended gold credit line facility, offered to existing Rupeek customers. They can secure a credit line without added documentation by pledging more gold ornaments. The credit line is accessible round the clock, and what you withdraw from the limit is what you pay interest on.

Additionally, borrowers can also avail our 30-minute loan disbursal services from select locations in Pune.

Our Key Service Areas In Pune

Find your nearest locality of Rupeek gold loan services in Pune from the list given below.

  • Pimpri-Chinchwad
  • Hadapsar
  • Swargate
  • Viman Nagar
  • Kothrud
  • Lohegaon
  • Sadashiv Peth
  • Katraj
  • Parvati Hill
  • Aundh
  • Lohogaon
  • Nanded
  • Vadgaon Sheri
  • Vishrantwadi
  • Pashan

Besides the above areas, we strive to make easy funds available to loan-seekers in every nook and corner of India.

Get over with your search for ‘payday loan near me’ and apply for a gold loan on our website. For latest updates on gold loan offers, download the Rupeek app at the earliest!

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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% 0.49%
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 -
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Frequently asked questions

  1. What are the documents required to qualify for a payday loan in Pune?

Applicants need to submit their KYC documents, along with employment proof, income proof, age proof, bank account statements and ITR documents, and a post-dated cheque to qualify for a payday loan.

  1. Can I avail cash advance loan without a bank account?

No, it is mandatory to have active savings account to avail a payday loan in Pune.

  1. How are interest rates calculated on payday loans?

The interest rates on payday loans can differ across lending institutions and can be confusing for borrowers when presented differently for daily and annually. Usually, companies charge interest daily. Suppose you take a loan of Rs. 10000 for 15 days at a rate of 1.5% per day. Thence, you need to pay Rs. 12250 [Principal + Rs 2250 (interest)].

  1. Do I need to provide a guarantor for successful payday loan application?

No, payday loan applicants do not need you to present any form of security like a guarantor.

  1. What effect do payday loans have on my credit score?

Availing a payday loan or any activity thereafter does not have any direct impact on your CIBIL score. However, if unpaid within due date, the lender can transfer your debts to a collecting agency, which can negatively affect your credit score.

  1. Does Rupeek have any balance transfer facility?

Yes, Rupeek offers loan transfer facility, using which you can shift an existing gold after clearing all dues with the current lender. To avail this facility, submit your loan pledge card along with other necessary documents. You can cut down on interest payment up to Rs. 12,377 every lakh.

  1. What are the interest rates levied by Rupeek?

Our gold loans are more affordable than even the lowest interest payday loans with interest rates starting from 0.49% per month.

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