What are Payday Loans
A payday loan is a type of easy personal loan. It is a short-term credit to get cash quickly, even with a bad credit score or a low income.
Payday loans are unsecured & typically availed when a borrower needs to tide over till his next pay cheque. Traditionally, these loans have to be repaid in one lump sum. These loans are also termed as payday advance, salary loan, payroll loan, cash advance, instant cash loans etc.
While such loans typically have higher approval rates as compared to longer-term loans from banks, they are usually provided at higher personal loan interest rates as the cost of funding such short-term loans is expensive.
Immediate cash loans in India are now a lot easier with MYFI. We aim to find low rate personal loans from reliable NBFCs and help you avail the best personal loan rates in the market.
We help you find Payday loans with best interest rates
Benefits of PAYDAY Loans
A payday loan is one of the best ways of raising quick cash to solve a financial emergency and overcoming financial hurdles. The main benefits of payday loans with MYFI are outlined below.
Most personal loan providers with MYFI approve applications for payday loans almost instantly when necessary documents are provided. The application process is simple and quick.
All the processes and interactions are done through online loan applications. You do not need to book an appointment with a loan officer or call your lender severally to get cash. You can send your application from the convenience of your home or office.
A payday loan with MYFI is more accessible as the requirements are few. The requirement that matters the most is a stable source of income. As long as your income is consistent & verifiable, you are almost guaranteed to find a willing lender.
PAYDAY LOAN ELIGIBILITY
All personal loan lenders have their own set of criteria when evaluating a personal loan application. To apply for a personal loan through MyFi, you must check the boxes below:
|Profession Type||Salaried Only|
|Minimum Age||21 Years|
|Maximum Age||58 Years|
|Minimum Work Experience||1 Year|
|Minimum net Monthly Income||INR 20,000|
|Method of receiving Income||Bank Transfer Only|
Please keep the below documents ready in PDF format when applying through MyFi:
(last 3 months)
(Driving License/Voter ID/Aadhaar Card, etc.)
(last 3 months)
How are payday loans in India different from other types of credit?
Shorter loan term:
Payday loans are designed to be short-term solutions to financial shortfalls. Generally, payday loans do not extend beyond six months, although different NBFC personal loan institutions have different policies.
Accepts low credit:
Payday lenders often do not judge an individual on their credit score. Instead, they need proof that you can repay the loan — a steady income or Good standing bank account is given consideration in this case.
Smaller loan amount:
As payday loans are without collaterals & given against a person’s salary to fulfil immediate needs the amount is usually smaller, With MYFI you can borrow between INR 5,000 to 2,00,000