HomeMedia CenterP2P lending platform Lenden Club goes live with an android app

P2P lending platform Lenden Club goes live with an android app

BENGALURU: Peer to peer lending platform LenDen Club has launched an Android-based application to connect lenders with creditworthy borrowers.

In a note shared with the press, the company said that with its new ‘InstaMoney’ application, users can now get advances on their salary or an instant cash loan by merely confirming that they have employment and have a monthly income in excess of Rs 12000. The customers need to enter their Aadhaar number to have their application for credit processed.

“Our objective behind InstaMoney is to fulfil 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 Bhavin Patel, chief executive officer, Lenden Club.

The product is mainly targeted at the millennial population in smaller cities of the country who might be employed but still find it difficult to access credit from traditional lenders.

Credit: Economic Times

Read more at: https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/lenden-club-goes-live-with-an-android-app/articleshow/64573169.cms

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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