Tired of rejection! Get Safe and Simple Peer to Peer Loans
Have a business idea that is need of funds. Tired of being rejected by banks repeatedly. Falling short of some working capital for your startup. Peer to peer Lending could be your saving grace. It is simply the practice of lending money to individuals or companies through an online platform.
With significantly lower overheads this model provides benefits to both lenders and borrowers. Online money lenders get the benefit of a better interest rate on their funds thereby acting as a good investment avenue for them and borrowers can have access to instant personal loans at lower interest rates. P2P lending is a relatively easier option for a borrower in comparison to borrowing funds from a bank or NBFC.
P2P lending is a boon for those looking for short term loans. Online platforms charge a nominal fee for registration and acting as the matchmaker between the borrower and lender. They undertake a thorough credit review of the borrower thereby making it a safe avenue for both parties involved. LenDenClub is one such platform for online moneylenders to get higher returns on their investments as well as for borrowers to have access to funds on a short-term basis at competitive rates. Being one of the pioneers of the P2P lending platforms, LenDenClub boasts of a list of pre-verified borrowers on the platform. It facilitates borrowers with a choice of a number of lenders by working on the principal of reverse auctioning. Imagine having your cake and eating it too with borrowers not only having access to funds immediately but also enjoying the advantage of selecting a lender with the lowest lending rate.
For lenders, they can browse a borrower’s profile before offering a loan. Additionally, a Lender Protection Fund is instituted to protect lenders’ principal amount making this system of money-lending a win-win for all parties involved. This process of online money-lending is a simple and safe one involving a borrower or lender registering with the platform by filling out basic information as well as KYC requirements as per the RBI guidelines. The potential lenders in a swift process will then approve the loan funding. Agreement and disbursement is made easy with hassle-free documentation mitigating the need for physical visits. The loan amount will then be credited to your bank account directly.
P2P lending in India is gaining momentum and helps investors multiply their money faster. The tenure of repayment is generally flexible ranging from 3-18 months and with a loan-funding ratio of 99% it makes for a great option for borrowers in urgent need of funds. P2P lending has created enormous freedom for people intending to get loans. Simply having an ability to repay, which is scrutinized by the online platform in a manner as strict as any other lending institution makes this a secure avenue for lenders. Being a user-friendly platform, having access to loan funds using smart phones or tablets in a considerably efficient manner is now a reality. So for those looking to borrow funds using a quick and resourceful method whether for consolidating debts, expanding a business or buying a vehicle peer-to- peer lending could be your savior.