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Payday Loan in Tirunelveli
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Payday Loan in Tirunelveli

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.

Payday Loan – What Are Its Variables?

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 –

  • It does not have usage restriction of any sort. Borrowers can avail it to clear dues like bill payments, manage household expenses, etc.
  • A potential borrower can receive this quick loan without submitting collateral or guarantor.
  • Payday loan online application and disbursal process take around a few hours.

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.

What Makes A Gold Loan Better Option Than A Payday 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.

Rupeek’s Gold Loan – What Are Its Merits?

Some of the features that set us apart from other financiers are mentioned below. Take a look!

  1. Sizeable Amount – You can receive up to Rs. 1.5 crores against their gold assets from Rupeek. This is what makes our credit facility the best short-term loans in Tirunelveli.
  2. Repayment Flexibility – There’s no hard-and-fast way of repayment with us. You can pay in EMIs or whenever according to your suitability. You get to choose the scheme when applying.
  3. Gold Loan Calculator – Use Rupeek’s gold loan calculator without charge to estimate the amount of gold needed to be pledged against the required amount.
  4. Easy Documentation – Unlike a payday loan in Tirunelveli, you need to submit only a few documents is necessary for a gold loan. It makes the loan application and disbursal for a salaried individual easier, unlike the payday loan application.
  5. Borrower-friendly Interest – Interest rates on our gold loans start from 0.79% per month. It helps borrowers ease their interest payment
  6. Hassle-free Balance Transfer- We also offer you a hassle-free balance transfer feature. You can save up to Rs. 12377 every lakh by shifting your loan to us.
  7. High Security On Gold Assets – With Rupeek, you can leave behind your gold safety concerns. We implement secure ways of gold transfer and release from vaults. Moreover, we offer complimentary insurance policy on your collateral against theft, accident or damage.
  8. Doorstep Loan – Following your application, our loan manager contacts you regarding verification. You need to wait for only 30 minutes for validation, approval, and disbursal of the amount.

Besides these features, we also offer a credit line or overdraft loan against gold, named Rupeek Quick, to our existing customers.

Gold-Backed Overdraft Loan – What Is It?

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.

Rupeek Locations To Check In Tirunelveli

  • Kazhakkoottam
  • Peyad
  • Poojapura
  • Vattiyoorkavu
  • Peroorkada
  • Janardhanapuram
  • Kallambalam
  • Pachalloor
  • Karaivattom
  • M G Road

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.

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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. Does Rupeek follow Corona protection guidelines with doorstep services?

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.

  1. Can I apply for a payday loan without employment proof?

No, you have to submit documents showing employment proof to avail a payday loan in Tirunelveli.

  1. Can I apply for a payday loan online?

Yes, you can apply for a payday loan online. The specific steps of different lending companies can vary.

  1. How can I use a payday loan?

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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