Technology is a boon for humans. It has not only made human life easier but is also revolutionizing the financial domain of our lives. There are several agencies available across the globe that helps individuals to get free from the financial crisis. In this modern era, there is a hike of P2P platforms around the globe. The P2P platforms connect the borrower directly to an individual to get a loan.
The first P2P firm as inaugurated in the United Kingdom in the year 2005, and there was no looking back after then. The majority of people supported these agencies, which led to the formation of P2P companies in various nations.
P2P firms are considered to be one of the convenient and reliable methods of loan and saving. It is a source of income as one can become an investor for any particular firm and can lend money to borrowers of their choice. These amenities of P2P platforms are raising its popularity. On the internet, and on the Crowd Reviewed everyone can grab the knowledge about different P2P lending procedures through several dedicated guides.
If anyone wants to become a lender for any firm or want to borrow money through P2P Platforms, you can directly contact any of the renowned company. It is a quite simple process; you have to open the online portal of the company and are supposed to fulfill the b requirement of the company. They guide you from time to time and help you to earn more if you want to become an investor. On the other hand, if you’re going to borrow money, then these agencies provide you with a quick solution.
A critical reason which led to the growth of P2P firms is that it is a secure method with no paperwork burden, and money will be directly transferred to your bank account without a lot of formalities, unlike a bank. It is called a cheaper and convenient way of loan. These agencies are not limited to the personal loan only as they have achieved success and extended their services, so now even they provide a student loan, property loan, and loan for vehicles.
Here are some of the reasons which increase P2P Platforms services:-
Credit score: – People started adopting P2P firms because they didn’t see a credit score before sanctioning a loan. For instance- In the case of a bank, one is eligible to get a loan only if the CIBIL score of an individual is impressive. However, banks do not provide credit to defaulters. Whereas, these agencies understand the requirements of an individual and are always ready to deliver a loan. Various agencies help the investor to stay updated upon the loan provided through him.
Earning and saving: – The P2P platforms bestow these two things. If any of individual is lending money in P2P Platform, then the money will be saved, and it can be further provided to the borrower on interest directly through the investor. The merit of P2P platforms is that your payment is safely deposited, and you are earning high interest, which cannot be provided by the bank to any consumer.
Global access: – The ease of P2P Firms has upgraded their popularity to another level. For instance- it doesn’t matter if one is an investor or borrower but can directly go-to the online portal of the firm to enjoy the services. These agencies allow you to sit anywhere and apply for a loan, and a quick reply is sent to you to ensure that your query is under process.
Diversification: – A plethora of agencies hire experts and professional workers who encourage you to invest money in various fields. They believe that if you are going to invest, you should always commence with a low amount. This shall ensure that in case of a loss, then you can bear it. However, embarking with a high amount can lead to high risks. They also encourage spending money in multi-platforms as one can suffer loss through one P2P platform and can earn money through the other P2P platforms.
Registered platforms: – The registered firms are influencing the lenders to lend money to various P2P firms. The registration of a firm is promoting the platforms globally. In India, P2P platforms are registered under the reserve bank of India, which is a governmental authority. This enhances the growth of investor in P2P platforms. Moreover, a borrower should look to buy a loan from legally registered firms because they didn’t want to suffer any problem in the future.
EMI options:- In the case of repayment, these agencies have created special amenities. Like banks, they also help you to set tenure of return, and they help you to take a loan under different categories. Investors in these firms agree to provide you with a loan under your requirements, and if you are facing a financial crisis, these agencies help you to repay the money by extending the tenure of the loan.
No communication barrier: – The supreme benefit of borrowing money through P2P platforms is that the client will have direct interaction with the investor. People are tired of giving commission to the third party on the sanctioning of the loan. However, the time has changed now, and the borrower can now directly communicate with the investor. The liberty is with the investor, as it is the wish of the investor he/ she wants to deliver the loan to the particular borrower or not?
Charges:- One didn’t need to pay any fee to join P2P platforms. It is quite simple; do the registration at their online portal. They allow you to become an investor and earn interest on your money. On the other hand, if you want to borrow the money, you didn’t need to pay any extra money. These agencies directly help you to communicate a lender of your mean which saves your time
Paperless: – The first feature is regarding the paperwork and documentation for a loan where they provide you with excellent service as the borrower doesn’t need to worry about his/her records.
Author bio: – Evan is a seasoned writer and blogger with a keen interest in Finance and businesses.P2P lending platforms have been a genre of peculiar interest for him, and he has been writing on it for quite some time now. His words on P2P platforms, hence, have gained value over time.