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Payday Loan in Vijayawada
payday-loan-in-Vijayawada

Payday Loan in Vijayawada

Vijayawada is a city in the central region of Andhra Pradesh, located on the banks of River Krishna. It is rich in culture and is home to famous temples such as the Kanaka Durga Temple and Subramanya Swamy Temple. Bounded by the Indra Indrakeeladri Hills, this city is a central hub for commerce and education. Moreover, as per the Oxford Economics report, Vijayawada is one of India’s fastest-growing cities.

The construction, entertainment and food processing industries have been instrumental in the rapid development of this city. However, owing to the increased cost of living in Vijayawada, financing short-term expenses such as rent or electricity bills when it’s month-end can be challenging. Hence, to make ends meet, most individuals are now opting for a payday loan in Vijayawada.

This is an ultra-short-term means of finance, enabling individuals to have instant access to funds. Nevertheless, before availing this, one must be familiar with its features and drawbacks.

Characteristics Of A Payday Loan In Vijayawada

A payday loan or a cash advance loan comes with the following features:

  • Payday loan eligibility criteria require all applicants to be a salaried individual. They have to submit their employment documents such as latest salary slips.
  • Individuals can avail a loan via a dedicated app. This makes the payday loan application procedure convenient and straightforward.
  • Most of the payday loan providers do not check your credit repayment history before sanctioning the funds. Hence, you can raise funds even if you have a low credit score.
  • The loan amount availed by an individual can be utilised to finance all expenses since there are no limitations concerning the end-use of the funds.
  • Once your documents are successfully verified, the funds are transferred immediately to your bank account. Hence, if you’re looking for an emergency same day loan, this option is worth considering.

Drawbacks Of A Payday Loan

Although some of the features may appeal to individuals who need urgent cash, the following disadvantages should be considered while planning:

  • These come at very high interest rates; payday loan rate in Vijayawada can range anywhere between 0.5% to 2% per day.
  • Only individuals with a stable monthly salary can avail a payday loan Vijayawada. Moreover, they have to submit their employment-related documents, such as salary slips.
  • Besides the high interest rates, lenders impose additional charges if they are not repaid on time. It increases the possibility of falling into a debt trap.

Owing to the high interest rates and the additional risks associated with a payday loan in Vijayawada, most individuals are now avoiding such a credit form. Instead, they are opting for better alternatives such as a gold loan. Hence, if you do not meet the eligibility criteria or are concerned regarding the high interest rates, pledging your idle gold for a secure advance can be an ideal solution.

Rupeek is renowned for its efficient gold loan solutions that have been specifically designed to fulfil your financial requirements affordably. We are relied upon by many salaried and self-employed individuals for providing a gold loan in minutes without any hassle.

Benefits Of Choosing Rupeek

You can take advantage of the following benefits by availing our gold-backed payday loan in Vijayawada:

  • Low Interest Rates: We offer the cheapest loans against gold in India; our interest rates start from 0.79% p.m. only. However, all individuals need to note that the interest rates may differ based upon the choice of scheme.
  • Fast Disbursal: Once our loan executive completes the necessary formalities, the loan amount is disbursed to your bank instantly. Hence, if you’re facing a cash crunch and require funds urgently, availing a quick loan against gold can be an effective solution.
  • Minimal Documentation: Our hassle-free documentation process enables you to avail a gold-backed payday loan without salary slip. You can get instant access to funds by submitting only KYC documents.
  • No CIBIL Score Check: Your credit score is not considered when sanctioning a gold-backed payday loan in Vijayawada. Hence, you can avail financial assistance from us even if you have a low CIBIL score.
  • Flexible Payment Options: Individuals can opt for any one of the two available repayment options. They can pay the entire amount anytime within the tenure or choose to make payments in monthly instalments.
  • Gold Credit Line: If you’re not sure how much extra funds you would require during a particular timeframe, you can avail our gold loan overdraft facility known as Rupeek Quick. You can have access to funds anytime you need from within the approved limit by availing this facility. Moreover, you are only required to pay interest on the amount you utilise.

In addition to these features, we also offer a doorstep loan service, which you can avail from your preferred location. Place a request via our app, and our loan manager will reach your location within 30 minutes to value your gold items and complete the KYC verification.

Localities Where Rupeek Operates In Vijayawada

Currently, we are offering our services in the following areas:

  • Gollapudi
  • Bhavanipuram
  • Kondapalli
  • Vuyyuru
  • Mylavaram
  • Nandigama
  • Nidamanuru
  • Satyanarayanapuram
  • Ibrahimpatnam
  • Gannavaram
  • Autonagar
  • Kanchikacharla
  • Ramavarappadu
  • Kankipadu

You can now finally put an end to your ‘payday loan provider near me’ searches. Apply for a gold-backed payday loan in Vijayawada from Rupeek, and finance all your short-term and long-term financial requirements effortlessly.

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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. What are the documents that I need to submit to avail a payday loan?

To avail a payday loan in minutes, applicants are required to submit their Aadhaar card, PAN card, and address proof such as a passport or Voter ID card, and lastly, salary slip of the past 3 months.

  1. What are the eligibility criteria for payday loans?

Applicants must be a salaried individual and above 18 years old to get an instant cash loan in 1 hour. Since the lenders perform no credit score checks, one can get instant access to funds even with a low credit score.

  1. Can I take a loan from Rupeek with gold coins?

Unfortunately, our lending partners do not approve of gold coins or bars as legitimate collateral. You can only take a gold loan with ornaments of purity between 18k – 22k.

  1. Should I be concerned regarding the safety of my gold?

Rupeek has partnered with Brinks, who safely transports your gold to the authorised bank branch in a sealed bag equipped with a GPS tracker. Once it arrives at the unit, it is safely stored in a locker under strict bank-grade security.

  1. Can I get Rs. 20000 as a payday loan in Vijayawada?

The loan amount is based on your monthly income. An Rs. 20000 loan will only be sanctioned if your gross income is higher than that.

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