LenDenClub > Personal Loan > Unsecured Loan

Unsecured Loan

About Unsecured Loan

Unsecured loans are loans that are based on the creditworthiness of a borrower without the need for any type of collateral. Borrower’s creditworthiness is checked based on their past loans history and income. In other cases, demographic details are also considered as factors to check the creditworthiness of a borrower while giving an unsecured loan or personal loan. These loans are also known as signature loans since your signature in the agreement is all that you have to bring to the table. To get an unsecured loan, your credit score is very important.

Types of unsecured personal loans:

  • Personal loans, in most cases loans acquired through banks, NBFCs and online portals are termed as personal loans. These are a type of unsecured loans.
  • Student loans are often unsecured. In most cases, it does not require any collateral to avail.
  • Credit Cards are a common type of unsecured loans. Although you might not consider it as a loan, you actually borrow money and use your credit card to spend it.

Comparing secured & unsecured loans:

  • Home loans are secured loans where if you stop making payments, your Lender have the right to seize your home.
  • Auto Loans are also a type of secured loan. However, there are many lenders who provide personal or unsecured auto loans.

Parameters for unsecured loan eligibility:

  • Credit score: You must have a high credit score to avail an unsecured loan. To maintain a high credit score you need to make all your credit card and other loan payments on time. If you have settled off / written off / overdue in any loan or credit card due, your score takes a big hit making it difficult to avail a loan.
  • Income: The amount you can avail through an unsecured loan will highly depend on your income. Lenders will thoroughly verify your income based on either bank statement or salary slip. They will verify your current debts. The final amount will highly depend on your debt-to-income ratio.
  • Demography: Your age, location, stay type also has a significant role in availing an unsecured loan. These parameters differ from company to company.

Fulfill your unsecured loan requirement. It’s simple, instant and requires zero physical documentation. Get your unsecured loan from private money lenders at LenDenClub today.

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Why get an unsecured loan from LenDenClub

Getting unsecured 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 unsecured personal loan earlier. We provide the flexibility of prepayment to our borrowers.

Have you faced problem in getting an unsecured loan approved by a bank? If yes, check your eligibility instantly!!

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Unsecured Loan Eligibility

All salaried individuals can get an unsecured personal 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 unsecured personal loans

What is LenDenClub?

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 unsecured loans.

How do I get started?

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 unsecured loan.

What documents are required for loan application?

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.

What is fee structure of loan availed from LenDenClub?

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.

Unsecured 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

Is it beneficial to pay off credit card debt with an unsecured loan?

Gone are those days when carrying a credit card was used by individuals with higher salaries. Getting a credit card these days is easier than your imaginations. Carrying a credit card and maintaining it is not that easy as it seems to be, in most of the cases a credit card user ends up spending more than his pocket and then unable to pay on time and sometimes these debts are huge. If you are under a huge credit card debt, you may be feeling burdened by payments and pending dues. The option of taking a personal loan to clear off your credit card debt is an option you can consider. But you need to make a very calculated decision before applying for a personal loan.

Pros of taking an unsecured loan to pay off credit card dues:

  • You can avail for an unsecured instant personal loan, at lower interest than your credit card. This can help you in saving help you a good amount of money in interest charges.
  • Banks regularly offer you new credit cards with different offers and this tends to multiple card dues as well. If you have multiple credit card dues, then by the help of a personal loan you can limit yourself by making one debt payment on each month at one fixed rate of interest. These personal loans will help you in paying off your debt quicker than if it were to be repaid on an individual basis.
  • Always try to consolidate your payment and date into one. This process will make things easier for you and chances of missing out any payments will be lesser payments, leading to overdraft or late fees.
  • Apart from all these basic reasons, one of the main reasons could be that it could serve as a motivation. With regard to multiple credit card dues, taking a personal loan could give you a sense of priority and help you feel organised.

How can one qualify for an unsecured loan?

To borrow from P2P lending companies, one has to fill out an application online. The company then conducts a soft inquiry on the credit report of the borrower. Once the application gets approved, the rate of interest is chosen and this depends on the loan amount, the tenure of the loan and credit score and usage. Peer to peer lending platforms are beneficial for both lenders and borrowers and have been successful in providing the bail-out funds for many.

Our Other Unsecured Loan Products

LenDenClub is one of the fastest growing peer to peer (P2P) lending platforms in India. It connects investors or lenders looking for high returns with creditworthy borrowers looking for short term personal loans.

Our automated, simple to use, transparent and hassle free P2P lending platform ensures that the borrowing needs of salaried individuals are met quickly and efficiently. By connecting lenders and borrowers in the peer to peer lending space, we create a win-win situation for both lenders and borrowers.

cs@lendenclub.com

+91-22-39698384

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Disclaimer

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 on it.

LenDenClub is an Intermediary under the provisions of the Information Technology Act, 1999 and virtually connect lenders and borrowers through electronic platforms of website and/or mobile app. The lending transaction is purely between lenders and borrowers at their own discretion and LenDenClub does not assure loan fulfillment and/or investment returns. Also, the information provided on the platform are verified or checked on the best efforts basis without guarantying any accuracy in the data/information verification. Any investment decision taken by the lender on the basis of this information is at discretion of the lender and LenDenClub does not guarantee that the loan amount will be recovered back 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’ investment.

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