Payday Loan in Vadodara

Previously known as Baroda, Vadodara is home to significant sites like Sardar Patel Planetarium and Lakshmi Vilas Palace, lending it the title of “Sanskaari Nagari” or the “Cultural City” of India. Gujarat’s 3^rd largest city also boasts of significant engineering, manufacturing and transmission units of companies like Gujarat State Fertilizers & Chemicals (GSFC), L&T, and Indian Oil Corporation (IOCL).

Small and mid-scale enterprises alongside these MNCs contribute to the city’s economy significantly. These have also created numerous job opportunities, prompting large-scale migration from other parts of the state. In recent years, it has shot up the living standards, often landing salaried individuals in a cash crunch near month-end. These people can turn to a payday loan in Vadodara to resolve such a financial crisis.

Some of the key characteristics that make cash advance loans a popular funding option in Vadodara are:

Instant Loans: Since most lenders in Vadodara offer payday loan online apply via mobile apps, these means of credit are suitable for emergency funding.
Ultra-short Tenures: These financial products are typically sanctioned for the period between two paycheques, ranging for a maximum of 4 weeks.
Convenient Usability: Payday loan companies in Vadodara do not constrain the end-use of such funds in any way, which enables borrowers to use these to fund most monetary requirements from utility bills to medical expenses.
Zero Collateral: Applicants do not need to pledge any asset to avail a payday loan in Vadodara.

Despite such advantageous features, payday loan comes with specific prerequisites that borrowers must be aware of before applying for one.

Refer to the given table for detailed eligibility and documentation requirements for payday loan guaranteed approval.

Parameters	Requirements
Eligibility
- Age	Must be above 18 years
- Employment	Has to be a salaried individual
- Residence	Must be an Indian resident
- Bank Account	Should have a savings account
Documents Required	- 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

The above criteria clearly make payday loan application an unviable funding option for unemployed individuals. For the qualifying applicants, this type of credit poses other negative consequences.

Following are some inconveniences that an advance salary Vadodara can cause.

Taxing Interest Rates: Although any individual can underestimate the lowest interest payday loans of 0.5% - 2% per day, the APR can shoot up to a 730%, which is strikingly expensive compared to other forms of credit.
Additional Charges: These financial products also come with substantial processing charges that can go up to 7% of the total loan amount, adding to an already hefty borrowing cost.
Small Loan Amounts: Although an easy source of bad credit loans online, payday loans are generally small funds sanctioned to meet the monthly cash flow gaps, and cannot suffice for a big-ticket expenditure.
Rollover Loan: If left unpaid beyond the due date, the already high interest payments can avalanche into a lofty sum of rollover loan, coupled with late repayment fines.

Want to avoid such unnecessary hassles?

Switch to a gold loan.

Loan seekers can enjoy the following benefits of gold-backed funds over a payday loan in Vadodara.

The foremost advantage of gold loans over payday loan Vadodara is lower interest rates, making them a far more economical funding option.
Lending institutions provide substantially high funds against gold that can suffice for most high-end financial requirements.
This form of credit comes with a longer repayment tenure, which saves borrowers the fear of default.

When deciding to opt for gold loans, turn to Rupeek. We are an RBI-certified NBFC that offers gold loans with all the above benefits and other striking deals.

Following are some of the most prominent pros of a Rupeek gold loan in Vadodara.

Enjoy the lowest interest rates on a gold loan, starting from 0.49% per month. Borrowers can also avail added discounts on interest payment with frequent instalments.
Partnered with Brinks, we ensure the safe transportation of pledged jewellery via GPS-secured bags. They are then stored in secure vaults of nearest partner-bank, under military-grade surveillance. Plus, all gold items are fully insured against any unforeseen event like theft or damage.
Rupeek offers instant cash loan in 1 hour with doorstep services. Upon successful application, borrowers can complete KYC verification with our loan representative from the comfort of their home and enjoy prompt loan transfer after that.
Borrowers have the liberty to choose from the repayment schemes of traditional EMIs or payment as per suitability, including single bullet payment.
Additionally, we also offer an extended gold credit line facility titled Rupeek Quick to existing customers. Using this, they can pledge additional gold items to secure an extended credit line. One can draw emergency cash immediately from that limit 24x7. What’s more, you are liable to incur interest only on the amount you have used.

Plus, enjoy our hassle-free 30-minute loan transfer service from specific areas in Vadodara.

Following is a list of the localities in Vadodara where you can avail Rupeek’s unique 30-minute disbursal.

Khanderao Market
Padra
Karelibaug
Ajwa Road
Akota
Waghodia Road
Alkapuri
Makarpura
Manjusar
Por
Manjalpur
Navlakhi
Bajwa
Bodeli
Savli
Dabhoi

Rupeek aims to make easy funds available to all loan seekers with an excellent alternative to ‘payday loan provider near me’ searches. To avoid the pitfalls of a payday loan in Vadodara, visit our website and place a loan request at the earliest. For more details, contact on your city page helpline.

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	-