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.
