Payday Loan in Thiruvallur

Renowned for the famous shrine of Veera Raghavar temple, Thiruvallur attracts many pilgrim tourists, besides being a primarily agricultural economy. With prominent railway and road networks facilitating commerce and transport across the city, this Grade-I municipality has attracted manufacturing units of several well-known companies like Delphi TVS, Mitsubishi, and Hindustan Motors, driving in most of its urban employment.

Keeping up with one’s indispensable financial requirements in such a fast-developing city can sometimes be taxing, especially when the next paycheque is still days away. A payday loan in Thiruvallur seems an effective solution to most loan-seekers in such circumstances.

Some of the most prominent features that make this type of instant personal loan, a popular borrowing option among low-earning individuals are as follows:

No Security

These financial products are unsecured. Borrowers do not need to provide any collateral or guarantor for security.

Quick Disbursal

Most money lenders in Thiruvallur approve and sanction payday loans online via mobile applications and do not demand detailed documentation, facilitating prompt loan transfer, usually within the same day.

Loan Tenure

These funds come with a typically short repayment tenure, ranging over 2 – 4 weeks. Borrowers need to clear the due immediately after the succeeding salary is credited.

Flexible End-use

Lenders in Thiruvallur do not monitor the end-use of such cash loans online, which puts borrowers at the liberty of deciding the utility of these financial products. This can be anything from financing an emergency appointment to paying bills.

Eligibility

Although payday loan eligibility does not mandate a minimum CIBIL score, to qualify for cash advance loan applicants must:

Be gainfully employed
Be over 18 years of age
Own an active savings account

As proof of the above eligibility claims, applicants also need to provide supporting documents.

Documentation

Lending institutions ensure individuals produce the following documents to qualify for a payday loan in Thiruvallur.

KYC documents, like Aadhaar card, voter ID, PAN card, passport, or driving license
Age proof
Proof of residence
Passport-sized photographs
Employee ID card
Proof of income

Although these characteristics might seem innocuous at first glance, individuals heading ahead with an application will have to face some significant inconveniences post payday loan guaranteed approval, if not careful.

In exchange for the instant online approval, disbursal, and no requirement for credit credentials, lending companies set a strikingly high borrowing cost against these financial products, comprising:

High Interest Rates: The unsecured nature of such quick loan poses an increased risk for lenders, leading to exceedingly high payday loan interest rates up to 2% daily.
Processing Charges: What makes payday loans an immediately expensive borrowing option are the substantial charges associated with them.
Late Repayment Fine: If not repaid within the due date, the charges associated when choosing payday loan online apply can become double and turn into an expensive rollover loan.

Such high borrowing costs can put any loan seeker in an inescapable debt cycle, thus, making this means of personal credit inherently non-profitable.

A gold-backed fund can be a better substitute for an emergency same day loan in such circumstances. Their lower interest rates and longer loan tenure allow borrowers to repay more conveniently, reducing the default risk.

When switching to a gold loan for funding, why not choose the lender with the best deals?

With over 1 lakh+ trusted customers, Rupeek has been catering to individuals across India with a variety of loan schemes. Read on to know about more of the advantages we offer over a payday loan in Thiruvallur.

Following are some of the most prominent offers that make Rupeek gold loan a viable funding option.

You can finance any significant expense with loans worth up to 80% of your gold’s value depending on the current market rates. Use our gold loan calculator to check available fund against your gold items.
Enjoy economical borrowing cost with our lowest interest rates, starting from 0.49% per month.
We offer flexible repayment schemes to cater to individuals with varying financial backgrounds, with options of monthly EMIs and any payment during the tenure, including one-time payment.
A simple online application process, along with doorstep loan service, facilitates speedy approval and disbursal of gold-backed bad credit loans online.
We also extend an exclusive gold overdraft loan facility titled Rupeek Quick to existing customers. They can avail instant funds anywhere anytime by from a pre-approved credit line by pledging additional gold. It also facilitates further savings as interest is charged only what you end withdrawing.

Willing individuals can avail these unique advantages with a hassle-free online loan request from anywhere in India, including Thiruvallur.

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	-