Payday Loan – Urgent Payday loan in India for salaried

Are you an employed professional earning a monthly salary? Do you have a pressing need for funds, but exhausted all your salary? A payday loan comes to your rescue!  Although this type of loan carries a high interest rate, many individuals prefer to obtain the same. This is because it does not require any collateral or guarantor.  Moreover, a person with poor credit, a low CIBIL score, or a missing credit profile can secure this instant personal loan. Designed to be quick, payday loans are usually easy to qualify for if the applicant is employed, has a valid identification form, and a checking account. They should be 18 years old or above.

How Does a Payday Loan Work?

• Quick Access: Payday loans are only a few clicks away. They are available through online banking platforms.
• Fast Disbursement: Once the loan is approved, the amount is instantly disbursed into your bank account.
• Automatic Repayment: The payment for the payday loan can be made without hassles. Moreover, the interest is automatically deducted from your account on your next salary day.
• No Credit Check: Numerous advance payday lending agencies don’t require a traditional credit check. Instead, they may evaluate the stability of your employment and income for loan approval.

Eligibility Requirements for Payday Loan

 

While the criteria to apply for a payday loan differ from lending agency to lending agency, you must know about some of the most common eligibility requirements irrespective of the lending agency or financial institution.

• The age of the loan borrower must be 18 years and above.
• The customer must be a resident of India.
• The borrower’s current account must be in an active state.
• The individual must have a regular income source being employed full-time.
• The applicant must have a valid and active phone number.
• The applicant must have all the mandatory documents to apply for a payday loan.

Documents Required to Apply for a Payday Loan

• Identity proof, including Aadhaar Card, PAN Card, Driving License, Passport, Voter ID, and more.
• Address proof, including Aadhaar Card, Ration Card, Driving License, Utility Bills, Voter ID, Passport, etc.
• Age proof
• Income proof
• Letter from the employer organization
• Passport-size photographs

Benefits of Payday Loans

Here is a list of some of the most significant benefits you get when you secure a payday personal loan

• Convenience

One of the biggest advantages of securing a payday loan is the convenience offered. The borrower can complete the entire application process online. It eliminates the need to visit a branch or navigate through unmanageable paperwork.

• Flexibility

Another great benefit of these loans is that they offer outstanding flexibility. A loan borrower can request an amount starting from Rs. 3,000 up to Rs. 1.5 lakh, which makes it a great option to manage your financial needs.

• Speed

A payday loan is disbursed in as little as 3 seconds, making it one of the quickest loan products available to customers. Such loans are a practical option for urgent financial needs where every second counts. You can rapidly deal with your expenses arising out of the blue without facing any delay, which is usually the case with traditional lending options.

1. Accessibility

An individual with a poor credit score, who may have difficulty securing other types of credit, can access payday loans without any hassles. This benefit makes payday loans a much-needed support for individuals excluded from traditional financial products.

• Transparency

Payday lending agencies maintain transparency concerning fees, and this is what they are known for. They generally provide clear and specific information about interest rates and other associated charges from the beginning. They ensure that customers don’t get hidden surprises when making loan repayments.

1. Short-Term Commitment

The commitment connected with payday loans is short-term, usually corresponding with your next payday. This signifies you are not restricted to a long-term financial obligation, which can be specifically attractive for those who are looking to tackle their finances without being burdened with extended debt.

How to Secure a Payday Loan?

• Check Eligibility: Log into the lending agency’s mobile banking app to check if you’re pre-approved for the payday loan.
• Select Amount: Choose how much amount you need within the eligible limit.
• Confirm Loan: Accept the terms and conditions and confirm the request for your loan.
• Receive Funds: The loan amount is disbursed to your direct linked account instantly.

How to Apply for a Payday Loan

1. Collect the loan application form from the lending agency’s nearest branch or through its online portal.
2. Ensure you fill out the application form online with all the necessary details properly. Then submit it to the lending agency or financial institution.
3. Provide all the mandatory documents as directed by the lending agency.
4. Now, wait for the payday loan to get approved by the lending agency.
5. Once the lender approves the loan application, they will ask you to provide all the required documents.
6. Provide all the documents as specified by the lending agency, including proof of income, proof of address, age proof, identity proof, letter from the employer organization, etc.
7. After the documents have been verified, the amount will be disbursed to your bank account.

You can use this payday loan for various reasons, such as dealing with household expenses, paying off your bills, or even taking care of any short-term need. This is when the borrower has been spent even before the month ends.

Final Thoughts

A payday loan is a short-term, low-balance loan usually available at an excessive interest rate. Also known as a cash advance or check advance loan, a payday loan is a high-cost unsecured loan you can secure online and offline. This loan is generally repaid on the customer’s next payday.