Looking for a Payday Loan in India? Whether it is 5000 Rupees to meet an unforeseen expense or 50000 Rupees for an emergency, we can probably help you find a loan. Our online payday loans are offered to help those that might be looking for a short-term finance option.
Payday Loans Online in India with Quick Approval
Online Payday Loans in India are a somewhat new addition to the market. With a large and growing middle-class population, there is a big need for various lending options to meet the needs of the young aspirational working class. Our payday loans from direct lenders are a solution to help salaried employees meet immediate cash needs through small and quick loans. Borrowers have a lot of flexibility with a solution like this.
What are Payday Loans in India?
Instant Payday Loans are a very popular short-term, unsecured lending option that took birth in the West. Usually, payday loans are linked to the next salary of an employee. These loans are made based on the account of salary that a borrower is drawing. Most borrowers use payday loans to meet last-minute expenses. Expenses can range from phone bills to a vehicle breakdown or a medical emergency. The main requirement for a payday loan is that customer has a stable job with a steady paycheck. Lenders use
Because of the short-term nature of payday loans, interest rates are higher for payday loans. We advise that customers use payday loans responsibly without abuse. We recommend borrowers not to use payday loans for non-urgent expenses. Avoid high-interest charges by repaying the loan within the stipulated term. Since interest rates are high, it is also in the best interest of borrower to repay on time.
Can you apply for Same Day Payday Loans online?
Our loan applications are open 24*7 for all 365 days a year. If you have a steady monthly paycheck with a minimum salary of 20,000 Rupees, you are probably eligible for a payday loan. Payday Loans do not pay much attention to things like a perfect CIBIL score.
Instant Payday Loans Near Me
LoanSumo provides instant payday loans in more than 50 Indian cities including Chennai, Kolkata, Bangalore, and Delhi. If you live in a major Tier 1 and Tier 2 Indian city, LoanSumo can probably serve you.
Guaranteed Pay Day Loans – No Hard Credit Check
Our payday loans come with a guaranteed approval or response to the customer. Since the payday loans are more predicated on the salary of the customer, loans are also made to those with low CIBIL score. Our partner lenders do not perform a Hard Credit Check on the borrower. Hence, there is no impact of credit check on the borrower.
By reviewing customer information and matching them appropriately to the lender, we are able to cut short the customer review process within 24 hours. We work with lenders across the spectrum which also includes private finance lending companies.
Same Day Loans Online within 1 hour up to 24 hours
Online Same Day Loans are an excellent option for those urgent money needs in the middle of 2 paychecks. Below is our detailed online loan process for instant loans:
Apply Online in our easy 2-minute loan application: Our online application asks basic questions about the requirements and needs of the customer. Based on this data, we are thus able to review the borrower application and match him to a lender appropriately.
Receive Guaranteed Response within 1 hour – 24 hours: After applying online, the borrower can expect a response from LoanSumo within 1 hour to 24 hours.
Cash in your bank account within 24 hours of approval: After approval, the customer’s bank account will then be debited with the loan amount within 24 hours.
Documents Needed for Payday Loans Online Same Day
Some of the documents needed for our Payday Online Loan Application include:
- Aadhar Card Copy
- Copy of PAN Card
- Last 6-month bank statement (Copy attested by your bank)
- Address Proof – Proof of Residence
- Proof of employment (Offer Letter)
- Proof of Income (Last 3 months Salary Slips)
- Form 16 & Income Tax Returns Filed Documents
LoanSumo is an Instant Cash Loan platform in India that offers online personal loans through easy application and fast approvals.