HomePress ReleaseLenDenClub Releases Major Update Of Its Loan App InstaMoney

LenDenClub Releases Major Update Of Its Loan App InstaMoney


Mumbai, 14-09-2020


With 2.5+ million downloads and 6+ lakh users of InstaMoney app. This new 3.0 version will offer an advanced user interface with efficient user verification. It also increases the speed to apply for a loan by up to 5x compared to the previous version.  Major features of this new version are listed below:

  1. One-Touch social sign up for instant access – The users can now sign-up using Facebook or Google account which reduces overall application time.
  1. Improved user experience – Along with advanced loan tracking features, the user will be updated in real-time with the loan status, repayments etc.
  2. Eligibility checks in two steps – By just filling in the basic location and credit details the user can now check the loan eligibility and pay the assessment fee.

InstaMoney raised the bar to InstaMoney 3.0 with a Simpler, Faster and Advanced app created exclusively for borrowers providing instant personal loans in 2 hours (in case it’s the first application by the user) focusing on salaried class; where the convenience goes a step further with real-time approval for repeat users. With a completely digital process and an advanced credit approval mechanism, getting an instant personal loan has never been this effortless. The loan can be availed for multiple purposes based on individual requirements for an advance salary, medical emergency, rent payment, bill payments, home renovation, etc. InstaMoney has a significant increase in loans for emergency purposes, from 63% in the January-March quarter to 78% in the April-June quarter of the total loans. 

About LenDenClub

LenDenClub is the fastest-growing peer-to-peer platform in India. Listing only pre-verified loans, LenDenClub offers investors a convenient medium to browse thousands of loans to earn better than fixed deposits, mutual funds etc. With 100% funding record for its borrowers, LenDenClub currently enjoys a user base of over 6+ lakh investors and borrowers and disburses on an average 90,000 loans annually. While the platform hosts investors across India ranging from small-time entrepreneurs to NRIs, the borrowers are currently active in 7 states of the country. 

An application offered by LenDenClub, InstaMoney is the go-to platform for borrowers to avail instant personal loans. The platform offers you quick loans at an interest rate ranging between 0% (minimum for no cost EMI finance) to 3% (maximum) per month for a tenure of 3-5 months. The loan amount offered under the category ranges between Rs. 5,000 and Rs. 12,500 and is applicable for people without any default/write-off in past. Since InstaMoney does not require any credit history, it is a more accessible route for an instant personal loan than banks. With over 2.5 million downloads, InstaMoney is one of the best instant personal loan mobile application available on Google Play.


For press inquiries, please contact:
ankita.p@www.lendenclub.com
marketing@www.lendenclub.com

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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