Online Payday Loans Direct Lender in India
Online payday loans direct lender in India is hard to find. But, we at Loanbaba, have your financial needs backed up with an instant small cash loan, where you can borrow from us any amount between Rs. 10 thousand and Rs. 50 thousand for a period up to 3 months. When you are in an urgent need of money, the safe bet is to approach a direct lender and not a middleman. However, it is difficult to get loans easily at short notice even from the most popular banks. Thus, payday loans become the best choice in such situations where you can enjoy funds being approved within minutes from the online payday loans direct lenders in India.
Before you apply for a small cash loan, do check if you are receiving the cash on the same day and via a payday loan direct lender. At Loanbaba.com, you are assured of funds in no time as we are a direct lender of payday loans.
What Are Direct Lender Payday Loans?
Loans which are disbursed to the customer by the lender without involvement of any third-party agent or company, is known as a direct lender payday loan.
Are Direct Payday Lenders Regulated?
The registered direct payday lenders, such as Loanbaba, are regulated and thus, we provide you a legal loan agreement document, which has all the terms and conditions regarding small cash loan. Thus, there are no hidden costs or fraudulent activities conducted and we work on transparent policies.
Who is a Direct Lender for Payday Loans?
A direct lender is a person, company etc. who is directly in charge of offering you loan, and you repay the same in designated repayment terms. The online payday loans direct lenders offer short term loans with an easy application process and instant approval of funding the amount. The repayment is finally made directly to the lender on the next payday.
This is in contrast to the companies who work as agents between direct lenders and borrowers. You first fill in an application there, and then they further send the information to the real lender. Once analysed and approved, the agent gets the information and communicates it to you. This obviously will take longer than dealing with a direct lender.
Requirements to Apply for Direct Lender Payday Loans
Below mentioned are the things to keep in mind before applying for a small cash loan or payday loan in India.
- Eligibility Criteria: The minimum salary required is Rs. 25,000. The person must have a credit score of 600 and above. The person must be employed with the employer for a period of at least 3 months. You can use our free-of-cost small cash loan eligibility calculator to understand your eligibility for the loan. On the other hand you can also use instant payday loan EMI calculator, free-of-charge.
- Documents Required: Only minimal and basic documents requires such as identity proof and current address proof in form of Aadhar card, PAN card, voter ID card, driver’s licence, passport, electricity bill, utility bill etc. You need to provide income proof such as salary slip, bank statements, and your credit score will be checked.
- Interest Rate: The interest rate on payday loans Thane is as low as 0.01% per day.
- Other Terms: You have to provide post-dated cheques as per repayment terms and conditions. Additional charges will be applied as decide per loan agreement, on delay in loan EMI payment.
Benefits of Direct Lender Payday Loan
The advantages of small cash loan or payday loans from direct lenders such as Loanbaba are mentioned below:
You can get loan even if you do not have a score as good as 750 and above. Most banks and NBFCs would reject offering unsecured loan on credit score below the mentioned benchmark. A credit score 600 and above is sufficient for direct lender payday loan. The amount you can borrow is up to Rs. 50 thousand. The disbursal takes just a few hours and maximum 24 hours after the loan is approved. Loan approval is done as soon as your loan application is reviewed and all the documents are in place along with you fulfilling the eligibility criteria. There is no restriction on how you use the loan amount. You do not have to provide income tax return proof. Only basic documentation is needed, such as income proof, salary slips, identity proof, address proof etc.There is no need to submit collateral. You do not burden your finances as this is a short term loan and can be repaid as soon as a month or up to 3 months.
Why Choose a Direct Lender Payday Loan?
One of the major reasons to go with direct lenders is the hassle of dealing with just one company and getting your work done. This is not just less confusing but also ensures that the lender will not sell your personal information to any third party. This way, you can reduce the number of companies who have your personal information and are likely to spread it across. This especially gets safer when it comes to leakage of information like your bank account and contact details.
com, a trusted direct payday loan lender, With us, you will never have to bear issues related to dealing with multiple companies while availing a payday loan or small cash loan up to Rs. 50,000. The next major benefit of connecting with a direct lender is that you need to pay only the interest rates as applied by the company. There is no additional cost you bear as a commission to the middlemen.Also, you can get the same with no extra time required for approval. Indirectly approaching lenders can take a huge number of days for approval.