Loans can be used for plenty of purposes! They can be availed in case of a medical emergency, renovating your home or fulfilling daily household chores. With a quick approval on loans, turn your dreams into reality with PayMe India loans for salary!
However, despite the many advantages, here are some points that you need to consider while looking out for a salary based loan:
- Don’t borrow more than you can repay: The first rule of smart borrowing is what the older generation has been telling us: don’t live beyond your means. Take a loan which you can easily repay. Your monthly expenditure on loans put together should not be more than 50% of the montly income. Make sure that your loan-to-income ratio is within acceptable limits.
- Low-interest rate: The low rate of interest is possibly the most important point. The rate of interest can range between various percentages. But if you are looking for a loan for salary, loans with lower interest rates may work out.
- Don’t apply for too many loans: When you apply for a loan online, most applicants leave a footprint on the credit record which lenders check before approving a loan. Having multiple applications on your record makes you look desperate or in financial difficulties. As a result, lenders will see you as more of a credit risk, so your latest loan application is less likely to be approved.
- Think about early repayment fees: It may seem unlikely at the time when you take out a loan against salary – but don’t forget that it’s possible to pay off the debt early. Many payday loan companies apply a charge if you wish to do so, so it’s a good idea to check how much this might cost before you apply for a particular deal. If you think there is a good chance you will want to settle your loan early, PayMe India is a good pick as it comes without any early repayment charges.
- Don’t borrow to splurge or invest: This is a basic rule of investing. You should never borrow money to invest or to spend on fulfilling the worldly desires. Don’t spend more than you cannot afford. The best companies offering online payday loans in India recommend taking a loan against salary only in case of financial emergencies.
- Know the risks of loans against salary: Loans for salary are a good option for a financial emergency but you run the risk of falling for debt trap if you don’t keep up repayments. Such loans may have high interest rates, early pay-off penalties etc. Make sure you are well aware of the pros and cons of the loan.
From meeting the expenses of a medical emergency or a wedding to paying for higher education, renovation and more, PayMe India offers special salary based loan for individuals with low income.