Borrowing from Peer-to-Peer Lending platforms: How it Works
Apr 28,2020 Borrowing, OMLp2p Loans, Online Borrowing, Instant Personal Loan
In the new age of FinTech (Financial Technology), Borrowers has an option to borrow money for their personal as well as business requirements from Peer to peer (P2P) lending platforms. Borrowing from P2P lending platforms is much more convenient, hassle free, cost effective and with minimal documentations. What's more - no security required availing the loan. If you're in the market for a personal or a business loans, it's worth evaluating P2P platforms as you shop around. Especially if your credit score is good, without any default or delay, borrowing from the new edge technology driven P2P lending platform, like www.omlp2p.com is just at few clicks of button. Submit the basic documents for KYC and credit evaluation and you may expect money in your bank within a period of 1-4 days. No need to go anywhere, all at click of button from your mobile handset or laptop. Apply from any place at anytime.
What Is P2P Borrowing?
P2P loans are loans that any individuals or self employed businessmen avail directly from the like-minded investors through the RBI (Reserve Bank of India) registered P2P lending platforms, as opposed to loans that you obtain from your bank or financial institution. People with extra money offer to lend that money to individuals and businesses through online P2P lending platform. A P2P lending platform (typically a website) is a marketplace pairing lenders and borrowers, making the process relatively easy for everybody involved.
What are the benefits to the borrower on OMLp2p?
- Low rates: You can often borrow at relatively low rates using P2P loans. Banks and financial institutions must cover overhead costs for branch networks, other lines of business, and a large workforce. No burden of huge charges being charged by a bank or Money lenders as their margin. You just pay a small processing fees.
- Quick and easy: Availing personal and business loans through traditional channels of banking is a very big hassle to comply with huge documentations and follow-up. Most the time, huge security is required to pledge / mortgage to avail the loan. And after you apply, you may need to endure a lengthy wait during the approval process. P2P loan are fast processed through modern edge technology to help the borrower to avail the money faster and cheaper.
OMLp2p Platform is a new edge technology based RBI registered lending. The platform has it's own tested proprietary credit algorithm model to process the loan the loan faster at a fraction of time and to award the good quality borrower with highly competitive low rate of interest. Platform also understand the proper customer requirement and evaluate the same accordingly.
- Credit score matters, but no Credit Score is okay (First Time borrowers are equally eligible): In a world where lenders are reluctant to lend to anyone with no credit history (no past borrowings), P2P lenders remain an attractive option. Good credit (bureau score) helps to avail the loan faster and at low rate; however no credit score (no past loan) is not an issue to avail loan from p2p platform; as long as you satisfy other criteria of the system.
How it works
To borrow money through a P2P loan, select a P2P lending platform and begin the application process. You typically need to provide details about yourself (personal details, like name, address, Income tax pan card, etc.), and the lender may inquire about your plans for the money (financial details). P2P Platform mostly deals into Personal Loan and Small Business Loan. The lending platform checks and evaluate your personal and financial details as per their requirements. Once approved through the process for loan, your loan requirement get listed on their lending platform for investors to fund the loan. If all documents provided in proper format, generally the process takes around 1-4 days approx Once your listed loan is funded, you receive the money electronically in your bank account. Repayment is also hasslefree, the platform get the money electronically (NACH) from your given bank accounts. No tension of going and submitting the cheque.
Why choose P2P lending against traditional banking for Personal Loan
P2P platforms are technology based online loaning platform, where one can submite his loan requirements and documents from any place without and hassle. Being technology driven, it disburse faster with highly competitive interest rates. You can have your loan details at anytime on the dash board of the website.
So what are you waiting for; visit to www.omlp2p.com; India's leading p2p lending platform and apply for your loan requirements.
The author is sales head of www.omlp2p.com, an RBI registered p2p lending platform.