Payday lenders
Pay Day Loans are short term loans which are taken on the daily, weekly and monthly basis. They are availed by business houses and individuals to meet their short-term needs. Pay Day loans in Delhi/NCR have made borrowing easy. They are the first option for everyone who is in urgent need of money. While they look attractive and handy, here are few things to take into consideration before acquiring a Pay Day loan:.
• Small amount
Pay Day Loans are given for small amounts. The amount ranges between Rs.10, 000 to 1, 00,000. They are not meant for meeting long term goals which require heavy expenditure. They are best suited for making payments in cases of emergency. You should prefer other borrowing alternatives if you want a longer repayment period.
• No security
No large asset is kept as security in case the borrower fails to return the money on the designated date of payment. However, a postdated pay cheque has to be given to the lender. The lender deposits it in the bank on the time of repayment. The interest keeps multiplying as a penalty.
• High-interest rates
They may not be essentially legalized. Some payday agencies are legalized some are not. They are not a loan in the traditional sense. Unlike established lending institutions like banks, they do not keep any collateral. So, infer about the agency before sealing the deal. And if you are uncertain, look for other alternatives to instant money
• Maybe illegal
The interest rates on these payday loans are very high. So these loans are not suitable for people who are financially unstable. The amount keeps on multiplying if you don’t pay your previous loan. So make sure you cleared your previous loan before applying for a new one.
• Instant money
Pay Day loans have become extremely popular these days as they are a source of instant money. There is no need for lengthy documentation. They can be easily borrowed online by just a few clicks. The offline procedure is also easy and is completed in a short span of time.
• No installments
The payment for Pay Day Loans is not made in regular installments. The principal amount and the interest are to be paid together in one go. They are usually paid through cheques or deducted from borrower’s bank account through the debit card number on the date of repayment.
• Security of details
While you acquire a pay day loan, you give your bank details to the agency or the lender. Make sure that your details are in the right hands, are not misused and are kept confidential. Be an alert borrower! There are two sides of a coin, and same goes for payday loans. They have their own pros and cons. Now that you have a basic idea about payday loans think carefully while availing a pay day loan. Make sure that it does not become a burden on you!
How to Apply
Payday loans are easy to apply and you don’t need to worry about multiple formalities since the company handles it all. The best part about payday loans is that it is a short term loan and once you have the money ready to pay it back you don’t have to wait. This loan can be paid back within a few days or weeks depending on the emergency and requirement. If you thought that the interest rates were high, try comparing it to any other personal loan and you will soon figure out that this is the most cost effective loan that you can opt in for.
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