instant payday loan


A payday loan is a kind of short-term borrowing that is extended by a lender based on your income. The principal amount borrowed is typically a part of your next paycheck. They are also known as cash advance, salary advance loans. Instant Payday loans are typically charged with a slightly high rate of interest as they are unsecured and do not require any collateral as a security in case of default payment. There are various payday loan services offering instant payday loans online alone, they can be applied when you visit the website.

Before you decide which lender to choose to opt for a cash advance loan, below are some of the features of Payday loans.

  • Customers can withdraw a small amount as a loan with a comparatively short repayment tenure.
  • The borrowed funds must be repaid on the next date of receiving salary or income. 
  • The due date of a payday loan usually lies between 2 weeks to 1 month starting from the date of borrowing funds. 
  • The loan agreement issued by the lender contains the date on which the loan must be paid back completely.
  • The amount is directly credited into your bank account within 24 to 48 hours of being disbursed.
  • Instant Payday loans normally have a speedy loan processing and approval method.
  • Payday loans being unsecured, the customer does not have to provide any collateral as security in order to secure credit under this scheme.
  • As they do not require any guarantor, the risk connected with them is remarkably high. Therefore, the level of the interest rate charged for these loans is usually very high.

Eligibility Criteria to avail instant Payday Loans

The requirement to apply for a payday loan depends from lender to lender, but some common eligibility criteria should be fulfilled irrespective of the lender. Here are some of the eligibility criteria for these loans mentioned in the below list:


  • The borrower's age must be at least 18 years.
  • The applicant should be a citizen of India.
  • The customer must have a regular flow of income with full-time employment.
  • The individual must have an active bank account.
  • The borrower should have all the needed documents to apply for this loan.
  • The applicant must have a reachable phone number.

PayMe India offers a range of instant payday loans to meet the needs of borrowers. To apply for a loan visit the website.