We all know how banks lend. For those of you who don’t, it’s straightforward; lend money at exorbitant rates and borrow at meagre ones. Added to it, for the borrowers, there’s always a ton of documentation to be done before you see the first penny in your account. For the lenders, it is primarily lending your money and forgetting it existed in the first place while the cents die a slow death to the poison called inflation. Banks shall remain as they do now, and little can be done to revolutionise the “lunch ke baad aana” institutions. But where there’s a will, there’s a way (cliche but true), and that same way is known as Peer-2-Peer lending.
Sounds new and unfamiliar? Stay with us, and we’d acquaint you with our new friend.
Unlike the banks, the P2P lending market is highly flexible in loans. It offers different amounts of loans to be borrowed at different rates ensuring the most economical rate for borrowing the loans. The P2P lending market has emerged as a cheaper and viable alternative for small businesses, student loans, and even to pay off their credit card bills at a much lower interest rate than the credit card companies.
This was some finformation on our new friend, P2P lending. Make sure you check out Spenny Wise for more information regarding the same.
Till then, Stay Safe! Invest Safer!!
Non-Banking Financial Companies are institutions similar to banks but have a few differences, like not being able to accept demand deposits or issuing self-drawn cheques.
A credit score represented CIBIL score quantifies the ability of the borrower to return the loans. The score ranges from 300 - to 900. The lower the CIBIL score, the higher the interest rates and the more complex the procurement of a loan.
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