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The ancient city of Tirunelveli has remained a forward in terms of the economy since medieval Cholas. The city earns its revenue from small-scale industries manufacturing beedis, mills, cement factories, and tanneries.
Apart from industries, the renowned tourist spots like Nellaiapper temple and Agasthiyar falls contribute handsomely to the economy. Organically, the income profile of the residents is relatively regular. Yet, inflation and economic ups and downs from time to time can upset an individual’s disposable income. To overcome this financial crunch, millennials resort to a quick monetary source like a payday loan in Tirunelveli.
A payday loan same day in Tirunelveli is a short-term credit, specially curated for salaried individuals. This amount is based on a borrower’s monthly income. Ideally, the principal amount against payday loans online is a portion of a borrower’s following paycheque.
Features of this short-term loan Tirunelveli include –
These features may help specific individuals but often comes as a surprise to the ones searching the lowest-interest payday loans in Tirunelveli. These financing options entail excessive interest charges, starting from 0.5% to 2% per day.
If you are looking for an alternative search against ‘payday loan near me’, we suggest a gold loan.
The table below indicates the primary difference that makes a gold loan more lucrative.
Particulars |
Gold Loan |
Payday Loan |
Eligibility |
This loan variant only requires an applicant to be 18 years and above. |
An applicant needing emergency cash immediately via a payday loan has to fulfil specific eligibility criteria, like – · The age limit of a borrower must be a minimum of 18 years. · An applicant must be an Indian resident · An interested individual must show proof of a stable income source. · He/she must own a savings account · Submit a post-dated cheque · The borrower must have an active contact number and e-mail address |
Documentation |
Interested applicants need to submit address and ID proof only for a gold-backed instant cash loan. |
A potential borrower has to submit documents like · OVDs for KYC · Proof of income · Letter from the employer · Passport-sized pictures |
Interest Rate |
The interest rate is quite affordable due to its secured nature. |
The interest rate of these cash loans online is relatively high. It is because of its unsecured nature and a lack of guarantor. |
Tenure |
It can extend up to 12 months. This offers sufficient time for repayment. |
The repayment tenure is only 3 – 4 weeks. This can put a strain on their incoming salary. |
These are the elementary benefits one enjoys with a gold loan. To ensure optimum advantage, prospective borrowers can turn to Rupeek.
Some of the features that set us apart from other financiers are mentioned below. Take a look!
Besides these features, we also offer a credit line or overdraft loan against gold, named Rupeek Quick, to our existing customers.
It’s an overdraft facility. Rupeek Quick lets users withdraw any amount from the limit sanctioned to them against the pledged gold ornaments. There’s no need for extra documentation to avail this as it is exclusive to current customers. Besides, individuals can pay interest only on what they use, easing their repayment burden.
If you want to save more on your advance salary Tirunelveli or use it in a better way, then availing a gold loan from Rupeek may be smarter. Listed below are the localities in Tirunelveli where you can avail our services.
Individuals stuck with the cash advance loan’s tricky repayments in Tirunelveli, can opt for a Rupeek gold loan and save more with an affordable interest rate. If you are ready to start the journey of healthy savings, then download our app today.
Yes, Rupeek follows strict rules regarding hygiene and sanitisation before entering a borrower’s residence. Our loan manager goes through a temperature check and wears a mask while interacting with you. We also use kiosk equipment to sanitise your gold articles before and after transferring them to bank vaults.
No, you have to submit documents showing employment proof to avail a payday loan in Tirunelveli.
Yes, you can apply for a payday loan online. The specific steps of different lending companies can vary.
You receive the loan amount in cash, cheque, or transferred directly to your bank account. Thereafter, you can use the loan for any purpose you like.
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