Like i have mentioned in the previous blogs peer-to-peer lending is cutting it’s way through all NBCs, selling agents etc. It is growing and gaining popularity as an easy and a convenient way to get loans within minutes. Peer-to-peer lending is a platform where in the borrowers can get the loan approved within minutes and get the loan amount within minutes. The platform directly makes the borrower meet the lender and make the transaction of loan happen within minutes.This platform is a blessing for the people who are looking for instant loans or looking for borrowing money from peers. As an inquisitive customer, one question that pops up in my head is why P2P? So here are the following insights which i came across while i was googling about it.
There are many reasons why one should go for P2P:
- No prepayment fees: If you decide to close your loan before the mentioned loan tenure, you don’t have bear ANY extra charges, unlike traditional system.
- You can get a loan even if you have a low credit score: Do you have a low credit score? Are your loans not getting approved by the traditional system? Are you in need of money? Well, the answer to all the questions is peer-to-peer lending. One of the major advantage of peer-to-peer lending is that you get loans, even if you have a low credit score. Now having a low credit score won’t stop you from enjoying your life with the help of the loan.
- High interest rates: Everyone likes something extra. If you invest rp1 today and the platform guarantees to give you 3rs by the end of the year, well, i don’t see a reason why you shouldn’t invest. That kind of platform is provided in peer-to-peer lending where you are given high interest rates on your investments.
- Easy process: The whole process of getting the loan approved and transferring the money is simple, easy and hassle free. You do not need to manually wait in queues and wait for weeks before you can use that money.
To sum it up, P2P has many advantages over the traditional financial system, which makes it easy and convenient as a platform for loan services. The market of P2P is eventually spreading it’s roots all over the world. People who are in urgent need of money or who are looking for a good investment option are switching to P2P because they think that this is the best and hassle free process.