HomeMedia CenterLenDenClub Becomes The First P2P Lending Platform On Google Pay

LenDenClub Becomes The First P2P Lending Platform On Google Pay

Google Pay (GPay) customers can now lend and borrow through LenDenClub as seamlessly as making payments through the existing platform

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Mumbai-based peer-to-peer (P2P) lending platform LenDenClub on Thursday said it has integrated with Google Pay and is now live on its platform. It is the first P2P lending company to integrate with the tech platform.

With this integration, customers of GPay can now lend and borrow through LenDenClub as seamlessly as they can make payments through the platform.

LenDenClub offers borrowers hassle-free loans, even in the remotest parts of the country. With its integration on GPay, users can now access services offered by the brand right from the Google Pay app interface. Borrowers can visit the ‘InstaMoney’ spot on GPay and get loans ranging anywhere between INR 5,000-12,500 transferred to one’s bank account within minutes. Similarly, investors can visit the ‘LenDenClub’ spot on GPay and invest as low as INR 500 thereby offering loans to borrowers directly. The investment option will be live in a few days.

The Spot feature is currently available on Android, while the iOS version will be launched in the coming months.

“LenDenClub is extremely excited to be live on Google Pay. It goes along with our vision of delivering financial products through technology. Being the first P2P player to integrate with GPay, offers us access to over 60-70 million active GPay users monthly on both the demand and supply side of our business. With more and more people in the country getting used to the idea of shopping and transacting online, a large portion are now also seeking credit digitally. We are to add value to Google Pay’s customers through this collaboration,” said Bhavin Patel, co-founder, and chief executive officer, LenDenClub.

LenDenClub has been critical in serving the marginalized and offering credit to those left out of the country’s financial services fold. Additionally, the platform offers an excellent alternative investment opportunity for investors to lend on its platform and earn net returns up to 15 per cent per annum, superior to most of the other investment products available, the company shared.

The company currently has a loan book of more than INR 500 crore, with an average ticket size of INR 25,000. It has arranged more than INR 1,000 crore worth of loans by more than 1.5 lakhs lenders on the platform. Betting big on the P2P lending space, especially in a post-COVID scenario, the company recently expanded its flagship digital lending platform InstaMoney from its presence in 7 states to pan-India. The company has one of the lowest NPA in the digital lending space at 3.4 per cent as of 30 December 2020.

 

Credit:https://www.entrepreneur.com/article/367907

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.

About

Lending

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

© 2024 LenDenClub by Innofin Solutions Private Limited | CIN: U74999MH2015PTC266499