In this particular online manual, we are going to see the top four reasons as to how borrowers beat the edge with P2P lending. They come out of the shackles or tight nicks, banks or stringent financial institutions provide them with. Let us move on to see how it happens:
Simple process of filling up an online application form
Peer to peer lending sites just draw out a simple application form that needs to be filled up online. And you are all set, to have your loan money approved. You can apply a loan from an esteemed group of personal money lenders and from anywhere across the globe. Once your loan money is approved, you just have to wait until the money is credited into your bank account. The entire process is made a seamless affair for borrowers opting for short-term personal loans.
Borrowers with lower credit scores are also encouraged to apply for loans unlike the rigid norms followed by banks or financial institutions. So, as long as you have the money to pay, meeting up with the interest component should not seem a hassle, at all. You have an amazing Peer to peer lending company in India named the LenDenClub. Interest rate ranges between 12.5% and 30%. You will be assigned an interest rate as per your creditworthiness determined by the platform.
Speed of loan approval
Banks and financial institutes take a minimum of three to four week for approving even the minutest of minute loans. The reason why you are applying for a short-term loan is that you are in absolute need of money. With so much delay the banks put up with, how will you have money in your hand when you need it the most? Makes sense right? This is where you have peer to peer lending sites coming to your rescue. You will have your loans approved within 24 hours from the time you applied for a loan. This is the magic, a peer to peer company can bestow you with.
Medium-term loans are also taken care of
With a company like LenDenClub, you have loans starting off from Rupees 25,000 which can go upto Rupees 2,50,000. The tenure for re-payment is 3/6/9/12/15/18 months. You can choose the suitable tenure working for you. This way, your medium-term loan requirements can also be satiated.
You see, a group of personal money lenders operating online, can change your lifestyle, all together.