Thinking about taking payday loans in India? Here’s what you need to know.

Thinking about taking payday loans in India

Payday loans in India are rising to popularity. Many borrowers now depend on these finance solutions for their everyday financial needs, be it the grocery bills, vehicle repairs, medicinal needs, etc. These may be nominal needs but that doesn’t make them any less important and during a cash shortage a payday loan can help you cover all of these expenses and more. Therefore, if you are thinking of applying for payday loans online to plug your financial gaps, you are making a smart decision, just keep all of these things in mind. 

Payday Loans India

1.  These loans generally range from Rs. 1,000 to 20,000.

If you need a big amount of money, payday loans in India are not the solutions for you. They offer smaller loans that help you cover short-term needs. Most lenders will not offer more than 20K. Some might offer up to 50K to 1 lakh if the lender’s profile is exceptionally good.

2. Look for a mobile phone app.

Instead of borrowing through a website, you can opt to download a payday loan app. These smartphone applications make the process easier. They are designed to streamline the entire borrowing process. One can take apply for the loan in just a few simple steps.

3. Some of these apps have easier eligibility.

That’s right. Eligibility is a big factor when it comes to a payday loan. Every lender will set the bar differently when it comes to eligibility. Some will require higher monthly salaries, in excess of 25K per month in a few cases. Some lenders will ask for credit score above 700. All this makes it difficult to get the loan you needs. However, some lenders aim to make it easy for you to get a loan. They will offer loans without the mandate of a credit score. They will also accept a borrower if they have lower income level, as less as 10K per month in some cases.

4. Speed.

Remember to look for a lender that offers quick solutions. After all, you will require the funds fast or else you expenses will keep piling up and snowballing. Some of the better payday loans in India will offer approvals in just 20 minutes and transfer the money to your bank account within 30 minutes of the approval. This will allow you to cover you needs quickly. 

Instant Payday Loans

5. Safety of your transaction & data.

Financial transactions over the internet need to be carried out with utmost care. Therefore, when in the market for payday loans in India, remember to look for lenders that use secure gateways. They should have safe HTTPS connections and have 128 bit encryption to keep you transaction safe. Moreover, they should a privacy policy in place to keep your data safe as well.

Hope this blog has been helpful. Remember to compare all these factors before you take payday loans in India. Good luck and happy borrowing.