When you’re urgently in need of quick money and all that you do is scratch your head and couldn’t decide which bank would be most suitable then probably it’s time you stop thinking too much. With the advent of technology, money transaction has only got better and convenient both for the lenders and borrowers. P2P lending is one such technological advantage that eases the entire process of borrowing and lending, and LoanMeet is here to help you get a loan without much hassles.
Peer to Peer or P2P lending is the system which provides an online platform where the lenders and borrowers meet as per their criteria and requirements. Already quite popular in western countries, this concept is still at its nascent stage in India. However, recently RBI has focused on regularizing P2P lending in India after interacting with the consumers and decided to acknowledge its practice.
Both the lenders and borrowers who would be contacting the web forum offering P2P lending services needs to give a one-time upfront fee. Necessary documents are required to prove authenticity of both the parties. The interest rates are set as per the guidelines of either the lender who bids for the lowest rate or by the intermediary platform based on the loan seeker’s credit scores or background. On the other hand, the borrower gets an advantage to choose their lenders who are again verified by the intermediary platform.
Beneficial for both the lenders and borrowers
–No Harassment: Wandering about from one bank to another and then decide which one would be favourable could be really pain staking. You know very well that various banks have different criterias which you need to fulfill to get your loan approved. You can instead sit at your home and apply for your loan online where the lenders won’t be pestering you about good credit scores or any collateral because your identity is already confirmed by the P2P lending platform.
–Low interest rates: Flexibility in selecting the interest rates offered by the lenders as per your needs and requirements is an advantage you won’t get in any traditional bank. The borrowers may get the interest rates as low as possible in P2P portals.
–Quick money: Mostly people resort to loans in times of emergency. In P2P lendingyou can save a lot of time and may get your money as fast as 24 hours.
–High returns: Lenders are likely to get high returns compared to market rates depending on the type and term of loans they choose.
–Good investment: Like the borrowers, even the lenders get an opportunity to choose the other party. They could invest in the borrower according to their requirements.
–No middleman: As there is no middleman involved in the transaction process between the two parties, the lender would get higher interest rates than they would’ve got through any other debt investment or bonds.
So switch to a hassle free and low-cost web solution like Peer To Peer lending and get your task done just within a few minutes!