If you suddenly need the money and you are neither getting help from a friend nor are you paying a bank loan then you have the best option where you can get money within one to two days. You have to fulfil very few formalities for this. This is not protected by any government guarantee. This is a new kind of model, which most people do not know about.
What is the P2P Landing Platform?
P2P is a way of peer-to-peer lending crowdfunding. It is used to borrow a loan. Here one person or business takes the online loan from the other. That is, those who are in need of debt take loans from those who want to earn interest on the amount by giving them loans.
Apart from the physical verification of the given address, the entire process of P2P lending is online. Even you can scan and share documents on your mobile phone.
5 Benefits of P2P Landing Platform
1.Loans get in 1 to 2 days
In comparison to banks, not only is the processing of loans, but it is also shown to increase the speed. Loan verification is done in 24-48 hours after the verification of borrowers. Loan lenders usually reach the customer within 5-7 days.
2.Every kind of loan
Unsecured loans can be made for any requirement on the P2P platform. You can choose interest rate, loan amount and duration according to your own. Small loans below Rs 50,000 are also available on P2P lending platform.
3.No prepayment charge
Before closing the bank’s personal loan prematurely, you can get pre-closure fees of 2-4%. At the same time, there is no charge like this after three months of repaying P2P loan. Apart from this, only a few banks offer you part-payment facilities. This does not apply in case of P2P loan. You are free to part-pay.
4.Even if the credit score is low, it gets money
Banks operate on branch models. For them, it is not possible to give a small amount of loan. Compared to the bank loan, there is more flexibility with the P2P loan. Despite being below the credit score of 750, there may be a lot of loan at P2P. The borrower is assessed on the basis of his ability and the intention to return the loan.
5.Money can return in the shortest time
The biggest centre of attraction for borrowers on P2P is the lending period. These loans are of 3 to 36 months of duration. At the same time, the personal loans of banks are of one to five years.