P2P Lending Companies: The Best Financial Institutions

Author: Manish Malhotra

Exigencies knock on your door without any foreboding. To ward off the adverse effects of such unforeseen circumstances, you may need access to quick money at reasonable interest rates. This need is successfully catered to by P2P lending companies.

What is P2P Lending?

Conventionally, whenever you have to borrow funds, you need to approach a financial institution, let’s say a bank. The bank would verify your credit score, then decide whether the loan is to be sanctioned along with the interest rate to be levied. P2P lending alleviates all personal loan related problems by helping you secure the needful amount at competitive interest rates from individuals willing to lend money.

How P2P Lending Works?

The process is simple and logical.

  1. You approach a P2P lending platform with your loan requirement
  2. You complete the loan application process by furnishing necessary details and uploading relevant documents
  3. You application is assessed based on various parameters like income, credit score, academic qualification, no. of dependants etc.
  4. Once your application is approved, your profile gets listed on the platform where lenders get access to your application
  5. Multiple lenders may decide to fund your loan request and once your profile is funded, you will have to sign the loan agreement and immediately your loan amount will get transferred to your bank account

Role of P2P Lending Company

P2P lending sites serve as the bridge between willing lenders and needy borrowers. The loan request is processed within a relatively short period and interest charged is affordable. The P2P company uses latest technological disruptions in the financial domain to assess your credentials expeditiously and match the right loan amount against your request.

Why P2P Lending Company is the Best Financial Institution?

P2P lending is definitely your best bet when it comes to seeking immediate financial rescue for impending monetary problems.

Some of the compelling reasons why you must take recourse to these financial institutions have been summarized below.

  • Expedited loan approval, mostly within the same day
  • Contemporary technological disruptions used for leveraging loan disbursement
  • Robust internal credit rating process to quickly assess loan eligibility for your credit score
  • Interest rates calculated based on borrower’s professional, financial, demographic, and personal information
  • Comparatively lower interest rates
  • Simple and transparent system with no cryptic clauses
  • Nominal registration fee and measly processing fee
  • Excellent customer support
  • Personal loan available for all purposes
  • Loan interest ratchets down with each top-up loan availed
  • Complete borrowing information made available beforehand through email, SMS, WhatsApp etc.

    • Conclusion

    P2P lending in India is offering significant respite to people seeking instant personal loans at affordable rates for taking care of emergencies. The process is quick and scientific. Prospects of finding a willing lender to meet your needs are remarkably high. P2P lending companies are trying to offer further leverages in the hands of lenders and borrowers to render the process safer, simpler and faster.