How the older generation wishes that online desktop facilities were available during the previous decades! Technology has truly opened up a million windows of opportunity besides making work so much simpler. Applying for loans can now be completed within minutes and, once approved, the money is deposited in your bank account immediately. As easy as that. Of course, the uploaded documents should be in order and the lending organisation must be convinced. Otherwise, we often find exploitation and manipulation where loans are concerned. The interest you pay may be as little as 11%.
Become a part of the peer to peer lending/p2p lending online culture for personal or business loans. If your requirements range between Rs.10,000 and Rs. 25 lakhs for a period of 3 months and 10 years, facilities exist. Business loans could extend up to Rs. 60 lakhs. That sounds serious enough, but think hard before you decide. Money matters are tricky and you need to carefully study your circumstances in terms of timely repayment.
The entity like a mediator brings together lenders and borrowers on a common platform. The potential borrower’s documents are scrutinised by the lender who makes a decision and provides the money. You need not traverse the town in search of lenders and thus avoid some unscrupulous persons like the pawnbrokers who often charge exorbitant rates of interest.
Don’t you think it is a viable option? Almost all of us need a loan at some point in time.
Salaried persons need have no worry about repayment of loans because of their regular income. Why do we need loans? Whether it is money you need for buying land or a house, purchase of a vehicle, education for children or marriage, a fair system is worked out that would be quite acceptable to the borrower. You fill out the form online, whether for short or long-term loans.
If you are not used to the present online systems, you get to meet nobody personally during the process since everything is automated through software. Imagine completing the educational courses online with no face-to-face meeting.
The borrower-lender facilitating organisation solves many financial problems seamlessly online for those who need loans without a fuss. Get your documents ready like the PAN card and Aadhar card along with address proof besides electricity bills that may be required for submission online, scanned copies of course. The lender would study your credit score. If documentation is clear, loan sanctions are quick.
The website has a list of FAQs to clear up whatever queries and doubts the borrower or lender may have. You need to hold a bank account of course for transactions besides being an Indian national. Most convenient peer to peer lending indeed usually approved within 24 hours.
The author of this p2p lending article worked in financial institutions for three decades and is associated with several banks as a consultant. He realizes the need for loans for various reasons and Working Capital and encourages the taking of loans on fair terms.