A P2P lending blockchain platform offers loans at low interest rates to the borrowers. It ensures quick, convenient, and responsible granting of credit. They mostly operate as registered NBFCs in the market.
Borrowers can go for either short-term loans or long-term loans according to their financial requirements, use it for multiple needs and emergencies, need not submit any collateral, can approach numerous lenders simultaneously to get their loan funded quickly, and need not pay a penalty if they happen to pre-close the loan before the specified deadline.
Lenders earn more returns on idle cash deposits, repayments are provided every month through EMI’s, can choose from the list of creditworthy borrowers, can lend to multiple borrowers at a time to diversify their risks, and gain access to all the information about the borrowers anytime ensuring a higher level of transparency.