A personal loan is an urgent cash you borrow for any purpose when you are in extreme need of money. For most of them that might be for their basic necessity, for some to fulfil their wants and for few to buy luxuries. Personal loans are designed to serve a variety of purposes and to address an innumerable financial need that may arise for an individual. You can fill the shortfall between what you have and what you need by applying for a personal loan. Also, you pay the money back—including interest—in monthly instalments over time.
The financial goal may differ among individuals – from paying for family medical emergencies, pursuing higher education, buying a home/car, home renovations, dream vacation or even planning your destination wedding. Whatever is your purpose, quick and easy access to a personal loan can help mitigate some of the emotional stress associated with it.
Let’s analyse all the options you have.
- From friends/family/colleagues/social networks
Communities and groups are an integral part of our life’s. We are highly dependent on our relatives and friends for money. When needed huge amounts, borrowing from friends can be problematic, or at the risk of your social equations with them. But eventually, the number of people relying on family/friends for a loan has continued to fall. Therefore, this option is less widely used.
- From Banks
Banks provide you with a loan on the promise to repay. Moreover, they check your credit score as well. The amount that you can borrow varies depending on your credit ratings. Banking systems are incentivized to serve people with better ‘repayment credibility’ first. Besides, the essential paperwork is the pain and a waiting game. Furthermore, interest rates are high when borrowing from a financial institution.
- Loan on Credit cards
Purchase first, pay later! Though this is an easy-going approach but transaction fees, interest income in outstanding balance and other fees and penalties charges eat up most of the money. Furthermore, outstanding credit card balances attract interest rates ranging from anywhere between 43% – 50% per annum which is substantially higher than available other options.
- From NBFCs
NBFCs also believe considering the factors i.e. credit scores and banking history to examine potential borrowers. The entire process experiences the same disadvantages that traditional banking channels have in general – the rates are not appealing, the rejection ratio is excessive, and the disbursement takes plenty of time.
- From Peer to Peer (P2P) Lending Platforms
Peer to Peer (P2P) Lending Platforms provides fast personal loans online in the easiest way possible at the lowest interest rates. Borrowing from an online P2P lending platform reduces your hassle of visiting the bank or NBFC, who most often end in rejection. By using this platform, both lenders and borrowers can improve their finances and their lives.
With LenDenClub Peer to Peer (P2P) Lending, one of the best P2P Lending platform to avail personal loans without terms and conditions like banks. As a Peer to Peer (P2P) lending platform, LenDenClub is equipped to provide personal loans with quick processing and at flexible interest rates. As a customer, you can get an instant personal loan for any reason at an interest rate that is calculated according to a lot of parameters like your income, number of dependents, your creditworthiness etc. The entire loan disbursement is smooth and transparent. Being a technology platform, you are just a few clicks away from availing a personal loan from LenDenClub.
So why not choose the appropriate and convenient option for yourself rather than opting for a lengthy, complicated and difficult process.
Certainly, the Peer to Peer Lending platform, LenDenClub, is the accessible and advantageous platform to apply for the loan. At LenDenClub, no amount is too small to finance your future! With LendenClub’s InstaMoney, an App created exclusively for borrowers like you; the convenience goes a step further – you can get a personal loan instantly on your mobile, with just a few clicks.