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What exactly is a payday loan? Is it the pay you receive at the start of each month as a loan? Is it a loan you avail in the form of your pay? A payday loan is quite simply an unsecured personal loan. Many consider a payday loan as a payday advance. Some call it a payday loan, some call it a cash advance loan. It is nothing but a short-term unsecured loan.

भारत में Payday ऋण
There are times in our life when we need a cash injection in times of emergencies. There can be urgent medical bills to pay, home repair or improvement or a sudden delay in our monthly salary. The amount may just be in thousands, but sometimes this lack of thousands could lead us onto serious trouble. This is when certain lending institutions thought of coming up with an alternate name called ‘Payday loan’.
Also known as a ‘cheque advance loan’ or a ‘cash advance loan’, payday loans are quite popular in the United States, but it hasn’t escaped the shores of India. A payday loan is required to be repaid quickly i.e. within 60 days. This quick repayment means the interest rates are quite high (sometimes as high as 1% per day). The idea was to introduce a product among lending circles where the tenure is short and disbursal super quick.
Now that we know a payday loan is nothing another name for a quick online personal loan, we can assume that a personal loan can ease your need for funds. The short duration personal loan assures speedy relief from debt without burdening your savings. With comfortable interest rates and easy emi repayment schedule, a personal loan is simply apt for financial emergencies. Now, what about an online personal loan? Does it also provide a 1-day disbursement guarantee?

ऑनलाइन पर्सनल लोन

A personal loan is an unsecured loan that solves your quick fund requirements. As it is an unsecured loan, it does not require any collateral. For salaried individuals, being able to arrange for funds within a short span of time, is not possible via traditional banking solutions. These solutions take up to weeks to disburse funds. For a personal loan, the borrower’s creditworthiness determines if he/she can pay the loan EMIs regularly, and that too, without straining his/her daily living.
No collateral – Having no collateral gives a personal loan an advantage over a secured loan. Even if you do not own any assets, you can at least get funds from Loan Singh.
Multiple purposes – An online personal loan can be availed for a number of purposes – such as paying for online shopping, buying consumer durables, celebrating festivals, buying used vehicles, buying the latest gadgets, traveling for a holiday, home improvement, job relocation, medical emergencies, home renovation, marriage or wedding, etc.

8 Personal Loan Categories in India

At Loan Singh, you can avail funds for any personal need. You can apply for a loan amount that ranges from Rs. 50,000 and Rs.5,00,000, with tenures ranging from 3 months to 36 months
  1. Home Improvement Personal Loan         
Give your kitchen, living room or bathroom a classy makeover with a quick and easy home improvement personal loan. The home renovation loan can help you upgrade your home to the standard you deem perfect.
  1. Consumer Durables Personal Loan
Purchase the best in electronic or home appliances to enhance the styling and sophistication of your home. With international brands selling some of their top products in India, there are no shortage of options.
  1. Medical Personal Loan
Save precious time by clearing your medical bills and starting the treatment quickly. Crucial time is wasted when a loved one needs treatment for an illness or disease. There are opportunities to avail a 0% interest medical personal loan as well.
  1. Used Vehicle Personal Loan
Upgrade your medium of commute from a 2-wheeler to a 4-wheeler, thanks to a quick used vehicle personal loan. You can ditch the bus or metro and drive to work in comfort and style.
  1. Marriage Personal Loan
Celebrate your special day with pomp and grandeur, by paying for it via a hassle-free loan. Your wedding personal loan allows you to spend lavishly. You can then pay for the EMIs later on once you are done with the celebration of your special day.
  1. Travel Personal Loan
Go see the best travel/holiday destinations in the world with a quick travel personal loan. Having the funds to spend on fantastic travel ticket deals and discounted hotel rates is crucial. Spend now, enjoy your family vacation and start paying the EMIs once you are back.
  1. Debt Consolidation Personal Loan
Consolidate all your individual debts into one with a personal loan. This will help you improve your credit score easily, thanks to your prompt EMI repayments.
  1. Credit Card Refinancing Personal Loan
Clear off your credit card bill statements to also improve your credit score in the bargain. Not being responsible with your credit cards can ruin your credit score. As a result, pay off the credit card dues by applying for a personal loan.

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