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Five Reasons to Lend on a P2P Platform
P2P Lending - An Alternative Investment Option
These days getting a decent return on your hard-earned investment for a middle-class individual, requires careful homework, in terms of investment instruments( stock market or FDs or Mutual Funds ) or the good companies or funds to invest in.
One of the good options to invest your money, today, is on a Peer to Peer lending platform. There are five reasons you should lend on a Peer to Peer platform, that is registered with the RBI.
1.Quick Returns
There is no long waiting period for getting returns on your investment as in the case of a mutual fund or a stock market investment. You can start getting interest on your principal, from the next month of investment onwards.
2. Attractive Returns
While the banks FDs today will provide a return of upto 7 % on normal FDs, with an investment on a P2P lending platform that has pre-verified borrowers, the lender can make upwards of 10 % or more.
3. P2P is a regulated activity
On Oct 04 2017, RBI announced the P2P Directives that the P2P companies operating in the sector have to comply by. The P2P companies need to apply for a specialized NBFC license from the RBI, along with complying with a number of requirements in terms of capital requirement, leverage ratio, business continuity planning & confidentiality of customer data among other requirements.
Now, the loan defaulters have to be reported to the 4 credit bureaus, namely, CIBIL , EQUIFAX ,EXPERIAN , CRIF.
A loan default record would adversely affect the individuals in their future financial transactions with any institution.
4.Socially Responsible
The lenders are being socially responsible by choosing to lend to people who have little or no access to a formal banking system. They are helping the unserved or underserved borrowers achieve their dreams. Their money would make a positive and direct impact on the lives of the people. Clearly, it is a win-win situation as the lender benefits from the returns on their investment, and the borrowers benefit from getting the loan at reasonable rates.
5. Choose Who You Want to Give a Loan to
Lenders can decide who they want to give a loan to, and, why on the platform. While identities are not divulged, but a lender would have a fair picture of the borrower, in terms of capability to pay, and, the reason they are taking a loan. So, if as a lender, you do not want to be giving a loan to a person who is consolidating their credit card debt, but, believe that a person who is taking an educational loan is more deserving. You can go ahead, and, choose the latter person to give loan to.
These five reasons of relative quick & attractive returns, P2P being a regulated industry, being socially responsible & being able to choose the borrower profiles, make P2P Lending an attractive alternative investment option.
Let us know what you think about lending on the P2P lending platform. Please leave your comments, feedback and suggestions on the topics you would like to read about more.