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Payday Loan in Rajahmundry
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Payday Loan in Rajahmundry

Formally known as Rajamahendravaram, Rajahmundry is a city situated on the banks of the Godavari River in Andhra Pradesh. It houses the famous riverside ISKON temple and several tourist attractions, the most notable among them being the Sir Arthur Cotton Museum. Rajahmundry is a hub for industrial activities and serves as the headquarters for two of the leading oil and gas companies in India - ONGC and GAIL.

Nevertheless, the stagnant salary and wages, combined with the increased cost of living, has made it difficult for individuals to maintain favourable living conditions. To combat this issue, many are now choosing to avail instant financing options such as a payday loan in Rajahmundry.

Payday Loan – Meaning

A payday loan is an instant cash loan that can only be availed by full-time, salaried employees to fill the gaps in their monthly cash flow. Individuals can utilise such forms of credit to fund financial emergencies or to maintain their standard of living. This is how they work:

Let’s say an individual, Raj who has exhausted his savings needs to pay rent of Rs. 10,000 in 7 days. But his next payday is 15 days after the due date. In such a case, Raj can avail an online payday loan of Rs.10,000 at 1.5% interest per day, for a tenure of 22 days and pay off the loan amount. 

 However, before availing this form of financial assistance, one must be aware of its pros and cons.

Pros And Cons Of A Pay Day Loan In Rajahmundry

The following are the advantages and disadvantages associated with a payday loan:

Pros

Cons

The lender performs no credit check.

A cash advance loan comes with substantially high interest rates; the highest payday loan rate in Rajahmundry can be as high as 2% per day.

A Payday loan application process is straightforward and free of any hassle.

Individuals are required to be a full-time salaried employee to avail a payday loan.

The loan amount can sometimes be insufficient as the maximum limit is not that high. You can search for payday loan near me on the web to know the maximum loan amount offered by different lenders.

Applicants are required to produce employment-related documents.

Owing to the short disbursal time, you can enjoy instant access to funds upon approval.

Additional charges may be levied by a payday loan company in Rajahmundry, which increases the possibility of getting burdened by debt.

The high interest rates and insufficient loan amount overshadows benefits that come with a payday loan in Rajahmundry. If you’re not confident of your repayment capacity or require a higher amount, availing a quick loan against gold can be the perfect option. The interest on a gold loan is significantly lower, and one can avail a much higher amount.

Rupeek offers gold loans at the lowest interest rates; moreover, the maximum loan amount that we sanction is also substantially higher. Further, in addition to the features of a regular gold loan, we extend additional benefits that one can use to his/her advantage.

The Advantages of Choosing Rupeek

By availing a gold-backed payday loan in East Godavari, individuals can make the most out of the following benefits:

  • Minimal Documents: This is the perfect alternative for individuals who are looking for a payday loan without salary slip. One can get a loan approved by just submitting KYC documents.
  • Rapid Loan Disbursal: Owing to the hassle-free application procedure and minimal processing time, you can access emergency cash immediately once the formalities are complete.
  • Multiple Repayment Options: We offer a great deal of flexibility when it comes to the repayment of a gold-backed payday loan in Rajahmundry. You can settle the outstanding loan in instalments or pay the entire amount at the end of the tenure.
  • Free Of End-Use Restrictions: You can utilise the loan amount to finance all types of expenses. However, one must not utilise it to fund illegal activities; it is strictly prohibited as per our policies.
  • Overdraft Against Gold: We offer a credit line facility called Rupeek Quick, which you can take advantage of by pledging your gold. This enables you to withdraw cash from a pre-sanctioned amount as per your requirements. Moreover, the interest rate has to be paid on the amount used only, for the time it is not repaid.

In addition to these benefits, we offer doorstep loan service in all the major areas of Rajahmundry. You can opt for this facility without having to visit any branch.

Places In Rajahmundry Where We Operate

Our services can be availed by individuals residing in the areas mentioned below:

  • Maredumilli
  • Rampachodavaram
  • Draksharamam
  • Danavaipeta
  • Kadiyam
  • Mandapeta
  • Konthamuru
  • Korukonda
  • Lakshmi Puram
  • Ramachandrapuram

You can finally put an end your ‘payday loan provider near me’ searches. Download our app and apply for a gold-backed payday loan in Rajahmundry to raise sufficient funds and fulfil your financial requirements with ease.

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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. Can a freelancer avail a payday loan?

No, a freelancer cannot avail a payday loan. Individuals must be a full-time salaried employee.

  1. Will my credit score be affected if I don’t repay a payday loan on time?

Yes, your credit score will be impacted if you don’t repay the loan amount on time. 

  1. How can I calculate the amount of gold required to get the desired loan amount?

Rupeek has designed the most user-friendly gold loan calculator which can help you figure out the amount of gold required to get the desired loan amount. You simply need to input two details- the loan amount and purity level of your gold. Once it’s done, the required gold quantity (in grams) will be displayed on your screen.

  1. Should I be worried about the safety of my pledged gold?

We have tied up with some of the premier lending institutions to keep your gold safe and secure. After the KYC verification and gold valuation processes are done, our security partner, Brinks, transfers your gold to the authorised bank branch. The gold is carried in a sealed bag, which is equipped with a GPS tracker to ensure absolute security. Once it arrives there, the gold is stored in a safe locker under bank-grade protection.

  1. Can I avail a gold-backed payday loan in Rajahmundry if my CIBIL score is lower than 750?

Yes, you can avail a gold loan even if your credit score is below 750.

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