A person who needs unsecured personal loan can get so from individuals or entities, instead of banks. This transaction system follows certain guidelines, and is done between people. The service model is known as peer-to-peer lending (in case of lending an amount) or borrowing (in case of taking a loan). Peers can directly contact each other online on p2p.loanbaba.com for lending or borrowing money.
The P2P platform is completely safe, quick, secured, trustable, and is rapidly taking shape in India against traditional loan applications done at banks or financial institutes. If you want to borrow monetarily, then visit p2p.loanbaba.com’s peer-to-peer lending, and get the cash in just few moments.
Here are some benefits the borrowers receive in peer-to-peer lending model:
1. Online Application
Like any other online transactions, peer-to-peer borrowings happen on the internet. You have to submit few necessary personal and other details online and instantly connect with the lenders from anywhere in India. Verification is done by the provider, and every deal is finalized online. You do not have to meet the lender outside of the peer-to-peer lending platform.
2. Speedy Funding
Sometimes, the response rate is only one or two weeks to get the funds (once the verification process is completed), while in banks it can take number of weeks or even months for loan approval. When a lender finds you suitable as a borrower, a mutual business decision can be met. Depending upon the amount needed, and other aspects, the funding duration may differ, but is generally quicker than that of the traditional lending systems.
3. Sustainable Credit Score
When applying for a bank loan, the most important factor is the strength of your credit score. If the credit score is bad, then there is a very weak chance of securing a loan. On peer-to-peer lending platform, several other aspects are considered about your current credit score to judge if it is good enough to sustain repayment. However, you still need a strong credit score to convince that you are eligible to borrow on P2P.
4. Talk about your Requirements
You have the chance to share your requirement about why you need the loan. So, put your best case forward to convince the lender. If the lender gets convinced about loaning an asked amount to you, then receiving funds would be easier. But it is important to understand that you must not default at repayment.
5. Nominal Interest Rates
P2P at loanbaba is extremely suitable for borrowers, as lenders offer competitive interest rates, such as those offered by the banks. Thus, the payback amount is comfortable for you to take care of. However, the interest rate will be decided on your financial profile, and other factors. But, you can borrow on the best suitable interest rates.
6. Cheaper than Credit Card Loans
Borrowing on peer-to-peer platform is significantly cheaper than select credit card loans. The P2P reasonable interest rates help in quickly resolving the debt. Also, you get to mutually reach a decision with the lender about the loan amount, the final amount to be paid over certain tenure. But, negotiation does not work on credit card loans.
7. No Overhead Charges
When a person visits a bank for loan, there are many overhead charges. These include processing fee, application fee and other fees. But, in peer-to-peer service, you need to just pay a small registration fee, and that’s all. No hidden costs or other charges are paid to the P2P service provider.