Can I get a PL using peer to peer lending?
Anyone with a rightful need for money can request for a loan on a P2P platform. The platform will check your credit worthiness and if it finds you eligible only then will it allow you to list
your loan requirements. You can get both personal loans and commercial loans for various projects.
P2P loans offer borrowers with good Credit Scores to borrow amounts as low as Rs. 25,000 even for a 6 month period, which they can prepay without any penalty. Banks don’t offer such flexibility. Peer-to-peer (P2P) lenders may not report to credit bureaus and your Credit Score may not get affected.
However, there are many problems with P2P lending. You need to be clear about the fees and charges involved before opting for a P2P loan. Keep in mind that the RBI has put a cap on the amount that can be borrowed through this facility. The maximum amount one may borrow at any time is capped at Rs. 10 lakhs, so if your loan requirement is higher, then you will have to look elsewhere.
So, it really all depends on the amount you’re looking to borrow and what your financial situation is. Before deciding, do a thorough comparison before opting for one or the other.
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Yes you can get this.