Growing Popularity Of Borrowing Amongst Millennials Through P2P Lending
The YOLO (You Live Only Once) occurrences are making a lot of millennials bite off more than they can chew. Comfort at the hands is what each millennial expect and mobile phones provides that with extreme ease these days. Gone are the days, when banks were the primary go-getters for finances. The rise of non-banking financial companies (NBFCs), Peer-to-Peer lending platforms, and digital lending firms have changed the dynamics of personal finance radically over the past few years.
Borrowing amongst the millennials has increased substantially in the last few years. A few might have their loyal reasons while the other being the urge to satisfy the wants or to satisfy lifestyle needs. i.e buying consumer durables or to travel. Although, according to research millennials borrowed the most for medical expenses and to purchase consumer durables.
Easy Availability Of Credit
As we know, convenience and comfort are essential for the millennials. This rising tendency of borrowing loans can be attributed to the easy availability of credit. Instead of physically visiting the lender’s office and filling out several forms for availing loans and funds, nowadays it is done online with simple easy steps at minimal time.
Peer to Peer Lending is taking the banking model and revamping it entirely to create favourable lending and borrowing. A millennial who is looking for a loan goes to a P2P platform like InstaMoney to borrow money. It is absolutely safe and secured since regulated by the Reserve Bank of India (RBI).
InstaMoney transfers loan amount within few minutes to your account, one just needs social signup and upload the PAN details, further within 2 minutes the amount is disbursed. InstaMoney not only provides money for medical emergencies or instant salary loan but for all other needs and wants. To plan your wedding or family vacation? If you are falling short of cash to make your credit card payment or your rental deposit? InstaMoney is at the rescue!
While income can be delayed, our monthly expenses cannot wait for them. Whatever be the reason, LenDenClub understands your requirements and offers the right solution through our instant loan application. Nonetheless, millennials have been early adopters of the sharing economy and this trend has been visible across to us.
Not applied for an instant loan yet?? Download the InstaMoney app now.