Payday Loans

Payday Loans can come to your rescue during sudden financial crunch. Payday Loans are short term personal loans of smaller...

Payday Loans can come to your rescue during sudden financial crunch. Payday Loans are short term personal loans of smaller amount for short tenures, typically offered by new-age NBFC fintechs to salaried consumers. They are usually availed to get out of temporary cash crunch or to meet an unexpected expense.

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Google Play Store

4.5_/5

15.5L Reviews

5.7cr+Satisfied Customers

65+Lending Partners

₹65k Cr+Loans Disbursed

Wide Choice

Curated offers from 30+ lenders

Quick Disbursal

Money in your account instantly

SmartMatch

Offers ranked according to eligibility

Digital Process

Hassle-free & paperless

Find Best Personal Loan Offers

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HDFC Bank

10 Second Disbursal*100% Digital Process*Quick Disbursal

Max Loan Amt.Upto ₹25L

Rate of Interest9.99% - 12.5%

Tenure upto1-5 Years

Processing Fee₹ 6,500

ICICI Bank

100% Digital Process*Quick Disbursal

Max Loan Amt.Upto ₹25L

Rate of Interest11% - 13%

Tenure upto1-5 Years

Processing FeeUpto 2%

Axis Bank

Low Processing fee

Max Loan Amt.Upto ₹25L

Rate of Interest9.99% - 17.15%

Tenure uptoUpto 6 Years

Processing FeeUpto 2%

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How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

What is Payday Loans

Payday Loans have no standard definition. They are also known as cash loans or short term personal loans. In the West, Payday Loans are typically short-term loans that you need to repay in full, along with the interest and associated charges, in a few weeks – when you get your next pay cheque (salary). In India, Payday Loans are your usual short term personal loans for salaried consumers – but of smaller amount (lesser than Rs 1 lakh) for short tenures (less than a year).

Do note that while these loans are easier to avail, it may lead to a debt trap since they usually come with high interest rates, high fees and charges along with short payment terms.

How payday loans work

Payday Loans come with less stringent eligibility criteria and are usually available also to borrowers with no credit history. The only criteria that’s considered is a stable income source and hence, it is generally offered to salaried consumers. These loans are reported to the credit bureaus and hence, they can be an apt choice to begin your credit journey, provided you display good credit behaviour and repay the loan with discipline.

While Payday Loans are usually offered by new-age NBFCs, Kotak Mahindra Bank has also started
offering these loans to existing bank consumers who have a salaried account at Kotak.

What to Watch Out for before applying for a Payday Loan

Borrow from a regulated entity only: Borrowers must be extremely careful and apply for loans only from RBI-approved lenders only. Do your research and watch out for fraudulent lending apps and websites
Higher Interest Rates: The tenure is short and the associated risk is high; hence the interest rates would be significantly higher than the usual personal loans offered by Banks and large NBFCs
Hidden Charges: Along with a high interest rates, these Payday Loans may also come with high processing fees, prepayment penalties, and late payment charges

Why choose Payday Loans?

These are typically instant loans, with disbursals within the same day
They don’t have strict eligibility criteria; apt for young salaried consumers
Documentation is minimum (income and employment documents along with identity and address proof)
Helps meet need for smaller loan amount, usually not catered by Banks and large NBFCs as they generally have a minimum ticket size
Not only helps meet urgent financial needs, but can help you build credit health through responsible behaviour
Like any personal loan, no collateral is needed

Avail Personal Loan for
All Your Needs

Lenders offering Payday Loans:

Payday Loan from Kotak Mahindra Bank

Loan Amount: Rs 3,000 to Rs 1.5 lakh
Rate of Interest: 10% p.a.
Processing fee: Rs 150 onwards
Salary Eligibility: Rs 10,000 p.m. for Kotak Salary Account holders

Instant Cash Loans from Fibe (formerly known as EarlySalary)

Loan Amount: Upto Rs 5 Lakhs
Rate of Interest: 18% p.a. onwards
Processing fee: Starting from 3.5% + GST
Tenure: 6 months to 36 months
Salary Eligibility: Rs 20,000 per month

Instant Personal Loan from KreditBee:

Loan Amount: Rs 6000 to Rs 10 lakhs
Rate of Interest: 12% to 28.5% p.a.
Processing fee: Upto 5.1% + GST
Tenure: 6 months to 60 months
Salary Eligibility: Rs 10,000 per month + Monthly Household Income of Rs 25,000

Everyday Loans from CASHe:

Loan Amount: Rs 45,000 to Rs 3 lakhs
Rate of Interest: 33.5% p.a. to 36% p.a. (2.79% p.m. to 3% p.m.)
Processing fee: Upto 2.5% + GST
Tenure: 9 months; 1 year; 1.5 year (18 months)
Salary Eligibility: Rs 40,000 p.m.

SMFG India Credit:

Loan Amount: Up to Rs 30 lakhs for salaried; Up to Rs 10 lakhs for self employed
Rate of Interest: 13% to 33% p.a.
Processing fee: Upto 5.1% + GST
Salary Eligibility:
- For non-metro cities: Rs 20,000 per month
- For metro cities: Rs 25,000 per month

Alternatives to Payday Loans

Personal Loans: If you have a need of higher loan amount (over Rs 50,000), you should check all personal loan offers available to you, including Banks where you have an existing relationship.

Banks usually offer personal loans at a lower rate of interest. The actual offer and interest rate would, however, depend on many factors including your credit profile.

Loan Against Credit Card: If you have a credit card, you can check for offers of a loan against your credit card. This is usually available to consumers with good credit history and low credit utilisation ratio. The amount is disbursed instantly and blocked against your credit limit.

Secured Loans like Gold Loan, Loan Against Car, Top-up home loan (in case if you have an active home loan) can also be strong alternatives, particularly since they have a lower rate of interest and more relaxed eligibility conditions.

How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Explore Our Personal Loan Lenders

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