This article is general information, not financial advice. Please verify terms with your bank/NBFC before acting.
Schematic overview (illustrative).
Payday loans provide quick cash until your next salary. They are unsecured and simple to access, but the effective cost can be high due to fees and short tenure.
Use sparingly and only for genuine emergencies. Explore cheaper options first: employer salary advance, gold loan, or overdraft.
- Borrow only what you can comfortably repay on your next payday.
- Check lender legitimacy; prefer RBI-registered entities.
- Clear dues promptly to avoid a debt spiral.