HomeMedia CenterEmergencies main reason for borrowings, P2P patterns reveal

Emergencies main reason for borrowings, P2P patterns reveal

Emergencies are the main reason for borrowers on the P2P platform LenDenClub. The P2P lender in its annual report over analyzing

New age Peer to Peer (P2P) lender, LenDenClub’s study of its customer’s borrowing pattern reveals the primary reason for borrowers on their platform is to borrow for crises such as medical, rent, advance salary.

In its 2019 report ‘The 2019 Lending and Borrowing Behavior’ on analyzing the key borrowing and lending habits of its consumers on platform, Mumbai and Bangalore have emerged out with a maximum number of lenders and borrowers respectively. Bangalore had the highest credit demand followed by Mumbai, Hyderabad, Pune, and Chennai.

On analysis of lenders, Mumbai had the highest number of lenders on the platform followed Bangalore and Hyderabad.

An important statistic from the report reveals 40% of lenders and 53% of borrowers are below 30 years of age. 12% of the borrowers and 16% of the lenders comprised of women customers. Profile studies of lenders on the platform reveal majority were from business backgrounds, CXOs, and salaried individuals.

“Considering only 16% of the lenders on our platform are women, we will work towards creating awareness and reducing the gender gap. Also, the data clearly reveals that the majority of loans are availed for emergency situations. This is the first of its kind data and will help investors to make informed decisions on borrowers through our platform.” said, Bhavin Patel, Founder, and CEO, LenDenClub

Credit: https://bfsi.economictimes.indiatimes.com/news/fintech/emergencies-main-reason-for-borrowings-p2p-patterns-reveal/74335956

LenDenClub is India’s largest alternate investment platform which started operations in India in 2015. We have been helping lenders diversify their investments beyond traditional investment instruments ever since.

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The Reserve Bank of India does not accept any responsibility for the correctness of any of the statements or representations made or opinions expressed by Innofin Solutions Private Limited, and does not provide any assurance for repayment of the loans lent through its platform.

LenDenClub is an Intermediary under the provisions of the Information Technology Act, 2000 and virtually connects lenders and borrowers through its electronic platform via the website and/or mobile app.

The lending transaction is purely between lenders and borrowers at their own discretion, and LenDenClub does not assure loan fulfilment and/or lending simple interest. Also, the information provided on the platform is verified or checked on the best efforts basis without guaranteeing any accuracy of the data/information verification. Any lending decision taken by a lender on the basis of this information is at the discretion of the lender, and LenDenClub does not guarantee that the loan amount will be recovered from the borrower, fully or partially. The risk is entirely on the lender. LenDenClub will not be responsible for the full or partial loss of the principal and/or interest of lenders’ lending amounts.

*This is an annualized yield and is subject to the maximum FMPP tenure, which is 5 years. P2P lending is subject to high risk and may cause an entire loss of principal.
 

*P2P lending is subject to risks. And lending decisions taken by a lender on the basis of this information are at the discretion of the lender, and LenDenClub does not guarantee that the loan amount will be recovered from the borrower.

** Average value mentioned is the weighted average of simple interest received by lenders

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