HomeMedia CenterLenDenClub launches InstaMoney Android app

LenDenClub launches InstaMoney Android app

New Delhi [India], June 13 : Fastest growing peer-to-peer (P2P) lending platforms in India, LenDenClub has announced the launch of an Android-based App to connect lenders with creditworthy borrowers.

With its new ‘InstaMoney’ application, available for download on the Google Play Store, users can now easily get advances on their salary or an instant cash loan. The applicant merely has to confirm that they have employment and have a monthly income in excess of Rs. 12000 and enter their Aadhaar number to have their application for credit processed.

With smartphone and internet penetration in India growing rapidly, a new generation of digital natives is finding it easier to use apps and mobile platforms to access a wide variety of services LenDenClub is tapping into this opportunity by offering people better and quicker solutions for their financial needs through the InstaMoney app.

This is particularly true for millennials in tier II and tier III cities in the country that are gainfully employed, but find it hard to access reliable credit from conventional lending institutions like banks. They are either concerned about the laborious process, or have been so excluded from the legacy financial system that they are ineligible for credit. Through the InstaMoney app, they will now be able to access credit hassle-free.

“Our objective behind InstaMoney is to fulfill the short-term requirement for credit that salaried individuals face when they have to deal with some un expenditure during a month. Over the last two years of our operations, we have found that such one-time expenses can often leave salaried individuals without liquidity to meet their immediate needs. Earlier, they had to rely on family members or friends. Now, they can rely on our app! Our targeted disbursement time is only 2-3 hours in this loan segment, which is a huge achievement in P2P lending, and shows that getting credit can truly be hassle-free,” said co-founder and CEO, Bhavin Patel.

Credit: Outlookindia

Read more at: https://www.outlookindia.com/newsscroll/envoy-credits-sushma-swaraj-for-strengthening-russiaindia-ties/1329024?scroll

LenDenClub is India’s largest alternate investment platform which started operations in India in 2015. We have been helping investors 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 investment returns. 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 investment 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’ investment amounts.

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

*P2P investment is subject to risks. And investment 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 returns received by investors

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