PayDay Loan It is a small loan which you can repay after your next salary arrives. Usually, you can repay the loan within 2 to 4 weeks of taking it. These are high-cost unsecured loans which you can take for a short period of time.
Payday This type of loan can be availed both online and offline. You can repay it on the next pay day. With this loan, you can avail it for your utility based work such as bill payment, finance and other household expenses in case your salary is not credited or gets spent quickly.
You can fulfill your personal needs with the money of personal loan. There are many types of personal loans in banks, one of them is PayDay Loan where you can get instant cash from banks. PayDay Loan is also called short term loan. You get time from 15 days to 1 month to repay the PayDay Loan.
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What is Payday loan
Payday loan That is, it is a loan which is taken till the day of receipt of salary. This type of loan is given to employed people. As soon as salary is credited to the loan taker's account, the entire loan amount is transferred to the account of the bank or financial institution giving this loan. This is a single installment loan.
When should you take a payday loan
Take it only when your CIBIL is very bad. Otherwise avoid taking a payday loan. According to Kalapaisa, applicants who have a low CIBIL score and low income are usually charged higher interest rates because giving them a loan carries a higher risk to the bank/loan institution. Please note that the interest rates of payday loans are higher than any standard personal loan.
Payday loan interest rates
What will be the interest rate? The interest rate of such a loan can be quite high. Usually the annual interest rate can be 10% to 12%. This is the annual interest rate but if this loan is to be taken for just one month then the interest rate is not very high.
Payday loan charges
Late payment charges can be around Rs 300 + GST. Apart from this, the applicant may have to pay Rs 250 to Rs 500 as processing fee. However, the processing fee may vary in every bank. You should take it only after knowing and understanding it well because every bank has different rates.
What is payday loan eligibility.
- Age should be between 18 to 59 years
- Customer must be an Indian citizen
- Must have a regular source of income
- Must have an active current account
- Must have a minimum salary of 10k
Documents required for payday loan
If you withdraw money from your salary account then you will not need all these documents. If salary comes in Kotak Mahindra Bank, it is considered the best because Kotak Mahindra Bank provides Payday loan very easily.
- Aadhar Card
- PAN Card
- Driving License
- Address Proof and Age Proof
- Proof of Income
- Offer Letter from Company
- Passport Size Photo
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