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5 Reasons Why You Should Borrow Money Through Peer to Peer Lending

Thanks to the widespread use of technology, the financial industry is changing very fast like never before. More and more people are switching to online means to invest and other financial transactions. Peer to Peer lending (P2P lending) is one such modern concept made possible by growth in technology. Peer to peer lending has become a popular alternative asset class for both borrowers and investors / lenders. Although P2P lending is a global phenomenon, it is fairly a new concept in India. P2P lending is completely online and has transformed the idea of lending into an investment option. It is a step ahead of the traditional brick and mortar banks and enables individual investors and borrowers to transact directly through an online lending platform. In India, only a RBI (Reserve Bank of India) registered  (CoR holder) NBFC – P2P can operate as P2P lending platform. There are many such players in India like OMLP2P. Simply put, with P2P lending, you can take any type personal loan such as Marriage Loan, House Renovation Loan, Child education loan, Medical Loan, Loan for Debt Consolidation, Travel Loan, and Advance Salary Loan, etc. All this is possible without any security and without stepping out of your house and money will be credited to your bank account directly, generally within few hours to 2-3 days.

 

In 2017, the central bank of India, RBI, came out with guidelines to govern the P2P lending sector. This move showed the regulator's belief on P2P lending platform as a recognised asset class. It recognized peer to peer lending platforms as a new class of NBFCs (“NBFC – P2P”).

 

Click here for instant loans.

 

If you are looking forward to getting a personal loan, instead of spending days running after a bank, you can just avail a loan from the comforts of your living room. Here’s why P2P lending platforms make for a good borrowing option:

 

Less interest rate: You can borrow money from P2P platforms at a lesser interest rate than established institutions / money lenders. It is because there is no additional cost of employees and branch networks in P2P lending. The interest rates offered are also attractive than the interest rates on credit cards. All this without any collateral or security.

 

Quick disbursal: In the traditional framework, loan processing can be a painful task. It includes filling up various forms and visiting bank branches, only to get your loan rejected. With P2P lending, all you need to do is upload a few basic documents for your KYC and credit assessment and the loan amount is disbursed within few working days. Typically, it is seen that banks don’t entertain requirement of funds to buy a camera or such equipment. This is not the case with P2P lending.

 

No CIBIL score: Although many people need loans, many people are not able to get loans due to No CIBIL Score or low CIBIL score. CIBIL score depends on various factors and a low CIBIL score does not necessarily mean that the borrower is a risky one. In such cases, P2P lending comes to the rescue and one can borrow money as per their eligibility.

 

Many lenders: Unlike traditional lending institutions, P2P lending is not restricted to a specific lender. Here many lenders scan the profile of each prospective borrower and then decide accordingly. Hence, in P2P, the probability of getting a loan fast increases manifold.

 

Ideal for businessmen: Many a time, it is seen that banks do not entertain loan requests of small businessmen as they do not have a regular source of income. P2P makes it possible for people with irregular income such as businessmen and freelancers to take loans.

 

So if you are looking forward to applying for a loan through P2P lending, get your loan disbursed fast with OMLP2P. Let’s see what makes OMLP2P a good borrowing choice for many borrowers like you.

 

Low-interest rate: You can get a personal loan for as low as 10.99% from OMLP2P.

 

No prepayment charges: Being in debt does not look like a good idea for many individuals and they try to close the loan as soon as possible. But many institutions charge extra for foreclosing the loan. With OMLP2P, you can foreclose the loan without paying any prepayment charges. (Click here for more details)

 

Loan available for all purposes: Whether you want to take a Marriage Loan, Travel loan, Medical Loan, Debt Consolidation Loan, Home Renovation Loan, Advance Salary Loan, and Business Loan, you can apply for a loan from OMLP2P.

 

Transparent process: Sometimes the loan processing procedure may look a little murkier with a number of terms and conditions. OMLP2P handles the documentation and easy loans are available on transparent loan terms.

 

9-step process: Borrowing money from OMLP2P is just a nine-step process. The steps are 1. Register & create Profile 2. Upload Documents 3. KYC verification and Risk Assessment 4. List Loan Requirement 5. E-connect investor with borrower 6. Loan Documentation 7. Funding of Loan 8. Loan Repayment (EMI) 9. Loan Closure.

 

With OMLP2P, you can put all your loan requirements to rest and apply online for easy loans. So register today and fulfil your needs and goals with personal loans OMLP2P.

 

Click here for instant loans.

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