A Payday loan which is also known as payday advance or salary loan is a small, short-term unsecured loan where sanctioning and repayment of loans is linked to a borrower’s payday i.e., the day they receive their pay. Payday loans depend on upon the borrower having employment records or previous payroll slips. Payday loans offer short-term finance that can be used whenever a person is temporarily out of cash and needs to meet some urgent requirement.
Payday loans are short term loans which range from minimum 1 to a maximum of 60 days. There are now many online payday lenders in Delhi/NCR region who are helping people in urgent need of cash by offering consumer friendly loans. If a person needs money for short term emergencies, then it is an easy way to borrow money.
Any person, whose minimum age is 20 years and is currently employed, is eligible to avail a payday loan.
How can pay day loans make a difference in India
- Easy and Clear Solution
Online loans have been set up to cover the unexpected needs when the requirement is urgent. There are no hidden fees and complications. The money will be transferred into your account within 15 minutes to an hour. Interest rates are usually high as compared to other types of loans, as they are taken for a few days only.
- Short term needs only
These loans are for short term and are meant for emergencies only. They cannot be extended for months or years. The minimum amount that could be availed is Rs. 10,000/- with a maximum limit up to Rs. 1,00,000/- at one time so that it can be repaid without difficulty.
- Loans for tight spots
Unanticipated expenses are a part of life. When there is a need to meet some basic expenses, and you can’t wait then, it becomes tough to arrange for quick funds. Bank loans are not easy to get, and you will eventually end up paying interest for months or years.
- Easy Application Process
It is simpler to apply for these short term loans online than for secured term deposits from banks. There is no documentation to be completed and no forms to be filled. Everything is expedited to ensure instant disbursal of money.
- No Credit Checks
Payday loans are known as ‘no credit check’ loans. One does not require a high credit score and obtaining a loan is considered easier as compared to conventional loans.
Payday loans though have a high rate of interest, but they are much less costly as compared to cheque bouncing charges which you might have to incur in case you are unable to honor cheques issued. Payday loans are the fastest, simplest and easiest way to obtain money instantly. Obtaining a payday loan is a hassle-free process. But you should carry out thorough research before opting for a payday loan.