A Revista Cadernos de Cultura e Ciência é de caráter nacional e multidisciplinar, cadastrada com o ISSN 1980-5861.

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P2P Loans in India

por Lucio Feeney (2020-01-20)

P2P loans in India are loans that are offered through the peer to peer lending online platform. The peer to peer lending is a platform offered for peers to borrow and lend money to their peers online with very little interest rates. The loans offered do not need any forms of collateral are quickly funded and can be for any occasion and paid back at a considerable amount of time as agreed by the borrower and the lender. In peer to peer lending, the investor can lend money to as many borrowers that he/she desires. This way he gets good return rates for his idle cash, making it a good investment for the lender.

The peer to peer intermediaries provide the platform for the two parties (borrower and lender). The platform is basically online and it enables the users to interact with each other. The intermediary which is mostly the P2P website does not interfere with the agreement made between the two parties. The two parties are offered a platform to state their cases. The borrower states how much money he/she wants the duration they intend to take to pay back the money and the preferable interest rate that they intend to pay. The lender can either choose to accept or decline the offer of the borrower.

The loans available in peer to peer lending is mostly for personal requirements like weddings and other ceremonies, education, medical bills, house payment or any other personal bills. Before being a member of such a website, the website runs a financial background check with the personal details that is offered. They check for any irregularities in the individual's financial statements, credit history, any outstanding debts that the individual has not been able to pay and any linked salary loan to the individual. All these factors are considered before the individual is allowed to make any transactions on the website. This is done to reduce the rampant growth of internet crime and 토렌트 추천 internet fraud that is on the market today.

Other than having low interest rates, P2P loans are also approved faster, this is because the agreement is done between two people. The borrower will state how first they require the money and the lender states how fast they can avail the money. Communication is easily done in peer to peer lending and it is not as cumbersome as bank loans. With P2P loans the borrower can exert pressure on the lender or make an earlier requirement on the cash prior to their agreement. The loan arrangement is between two parties thereby making the decisions between them easier, flexible and reliable. The website only processes the payments between the lender and the borrower and does an automatic cut off fee that the website charges.

P2P loans in India are rapidly generating awareness among investors. The borrowers opt for the P2P loans when considering personal loans as it is relatively cheaper than bank loans. It has lower interest than the bank loan and charges no fee in late payments.

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ISSN: 1980-5861