About Short Term Loan

Loans are classified as short term loan when the tenure of repayment of the principal amount is less than a year. An immediate crisis like a medical situation or an urgent capital need for your business triggers this type of a loan.

Short term loan amount to a lesser total interest given the fact that they are shorter period loans. Hence, the cost of capital is lower than long-term loans. Also, these loans are dispatched faster than the other category of loans as the requirements to qualify for it is comparatively lesser and simple. As a result, the application process is much less comprehensive.

Few features of a short term loan?

  • Salaried individuals can easily apply for a short term loan with minimum fuss.
  • Borrowers having a poor credit score also get access to such loans.
  • Same day approval and next day disbursal of the short term loan application.

Fulfill your short term capital need. It’s simple, instant and requires zero physical documentation. Get your short term loan from private money lenders at LenDenClub today.

Apply for Short Term Loan

Why get a short term loan from LenDenClub

Getting short term loan from peer to peer lending platform is hassle-free, simple and easy.

Fast Loan Approval

With the help of digital automation, we have made our loan approval process much faster compared to any bank. We are continuously improving to provide you instant loans. Apply now to give it a try.

Flexible Loan Interest Rate

We do not have rigid interest rates. Interest rates are linked to the borrower’s credit score calculated through our internal credit rating process. A better LenDen score ensures a lesser rate of interest for the borrower.

Easy Loan Processing

Our user friendly and tech enabled platform ensures that getting your loan approved is simply a few clicks away. Do not go by our words, try our platform to fulfill your loan needs. Start applying for your loan now!

No Prepayment Charges

No additional charges if you want to close your loan earlier. We provide the flexibility of prepayment to our borrowers.

Have you faced problem in getting a short term loan approved from a bank? If yes, check your eligibility instantly!!

Get Short Term Loan

Short Term Loan Eligibility

All salaried individuals can get a loan from us. Check if you are eligible below.

Age

The borrower’s minimum age should be 21 and maximum should be 55.

Income

Minimum Net Monthly Income should be over Rs 12,000

Bank Default

Must have no record of loan/credit card defaults after Jan 2012.

Stay Type

The borrower should be staying with family or friends.

Locations

Resident of Mumbai, Pune, Ahmedabad, Nagpur or Bangalore.

Employment Type

Only salaried individuals are eligible to apply for a loan.

Everything you need to know about short term personal loans

LenDenClub is one of the fastest growing Peer to Peer (P2P) lending platforms in India. It connects a lender looking to lend their money with creditworthy borrowers looking for short-term personal loans.

Click here to create your borrower profile by providing the required information. It is just a 2 step process. Your profile will be assessed based on our credit & risk policies. Once approved, your profile will be listed on the platform. Any lender, who finds your profile suitable, will fund your loan.

You need to submit a few documents regarding your identity and income, which are:

Pan Card
Passport/Aadhar Card (compulsory) /Voter ID
Last two months salary slips
Last two months salary account statement
Passport Size photograph
In case you are staying at rental premises, you need to submit a rent agreement copy as well.

LenDenClub charges two type of fees from borrowers.

Fixed registration fee of Rs. 750 is charged from each borrowers at the time of registration. LenDenClub charges these fees to recover cost incurred towards assessment of the borrower. Registration fee is a one time fees paid by the user and it is non-refundable.
Loan processing fee is charged at the time of loan disbursal. Processing fee is 4% of the loan amount or Rs. 2000 (whichever is higher) and applicable taxes. The amount is deducted from the disbursed amount.

Short Term Loan Interest Rates & Charges

Here is an exhaustive list of all the fees and charges to be paid for the instant personal loan.

6.50%

Min apr

16.60%

Max apr

12.10%

avg apr

  • Description of Charges
    Charges
  • Registration Fee*
    Rs. 750/-
  • Loan Processing Charges*
    4% of loan amount or Rs. 2000/- (whichever is higher)
  • Pre-payment charges*
    NIL
  • Account Statement Charges
    NIL

For further details, please Click here

The process to get a short term loan

As already mentioned, getting a short term loan at LenDenClub is everyone’s cup of tea! Just follow the simple steps mentioned below to avail a short term loan from LenDenClub:

Registration

Every individual looking to borrow money online for a short time period must register themselves as a borrower on a peer to peer lending platform like LenDenClub. A few personal, professional and financial details are needed for this.

Short term loan requirements

Once registered, a borrower can apply for a short term loan by entering his/her loan requirements i.e. loan amount and tenure. As soon as the application is accepted, the borrower is informed of the sanctioned loan amount, tenure and the rate of interest all of which are depended on his/her credit history and other details.

Tracking the funding status

Once a borrower has been listed on the peer-to-peer lending company’s platform, they can check the status of their short term loan sanction and will also be notified via email.

Documentation

P2P lending platforms avoid unnecessary physical documentation procedures as much as possible. Only when the funds are sanctioned the documentation procedure begins which only contains some necessary forms. These are then franked and the agreement and the post-dated cheque is submitted. This is unlike the banks and other NBFCs wherein all the documents are collected well in advance in spite of the uncertainty behind the sanctioning of the loan. P2P lending makes a large part of this tedious process simple.

Disbursement

After the agreement is signed, the promised amount is disbursed to the borrower from the lender’s account and a soft copy of the agreement is sent out to both the parties.

This summarizes the process that takes place whilst taking a short term loan from a peer-to-peer lending platform in India. It’s as simple & hassle free as loans can get.

Positive SSL Wildcard