Short Term Loan
by Kundan Jha kuldeep
Loans are classified as short term loan when the tenure of repayment of the
principal amount is less than a year. An immediate crisis like a medical
situation or an urgent capital need for your business triggers this type of a
loan.
Short term loan amount to a lesser total interest given the fact that they
are shorter period loans. Hence, the cost of capital is lower than long-term
loans. Also, these loans are dispatched faster than the other category of loans
as the requirements to qualify for it is comparatively lesser and simple. As a
result, the application process is much less comprehensive.
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Few features of a short term loan?
Salaried individuals can easily apply for a short term loan with minimum
fuss.
Borrowers having a poor credit score also get access to such loans.
Same day approval and next day disbursal of the short term loan
application.
Fulfill your short term capital need. It’s simple, instant and requires
zero physical documentation. Get your short term loan from private money
lenders at LenDenClub today.
Why get a short term loan from LenDenClub
Getting short term loan from peer to peer lending platform is hassle-free,
simple and easy.
Fast Loan Approval
With the help of digital automation, we have made our loan approval process
much faster compared to any bank. We are continuously improving to provide you
instant loans. Apply now to give it a try.
Flexible Loan Interest Rate
We do not have rigid interest rates. Interest rates are linked to the
borrower’s credit score calculated through our internal credit rating process.
A better LenDen score ensures a lesser rate of interest for the borrower.
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Easy Loan Processing
Our user friendly and tech enabled platform ensures that getting your loan
approved is simply a few clicks away. Do not go by our words, try our platform
to fulfill your loan needs. Start applying for your loan now!
No Prepayment Charges
No additional charges if you want to close your loan earlier. We provide
the flexibility of prepayment to our borrowers.
Have you faced problem in getting a short term loan approved from a bank?
If yes, check your eligibility instantly!!
Short Term Loan Eligibility
All salaried individuals can get a loan from us. Check if you are eligible
below.
Age
The borrower’s minimum age should be 21 and maximum should be 55.
Income
Minimum Net Monthly Income should be over Rs 12,000
Bank Default
Must have no record of loan/credit card defaults after Jan 2012.
Stay Type
The borrower should be staying with family or friends.
Locations
Resident of Mumbai, Pune, Ahmedabad, Nagpur or Bangalore.
Employment Type
Only salaried individuals are eligible to apply for a loan.
Everything you need to know about short term personal loans
What is LenDenClub?
LenDenClub is one of the fastest growing Peer to Peer (P2P) lending
platforms in India. It connects a lender looking to lend their money with
creditworthy borrowers looking for short-term personal loans.
How do I get started?
What documents are required for loan application?
What is fee structure of loan availed from LenDenClub?
Short Term Loan Interest Rates & Charges
Here is an exhaustive list of all the fees and charges to be paid for the
instant personal loan.
avg apr
Pre-payment charges*NIL
Account Statement ChargesNIL
For further details, please Click here
The process to get a short term loan
As already mentioned, getting a short term loan at LenDenClub is everyone’s
cup of tea! Just follow the simple steps mentioned below to avail a short term
loan from LenDenClub:
Registration
Every individual looking to borrow money online for a short time period
must register themselves as a borrower on a peer to peer lending platform like
LenDenClub. A few personal, professional and financial details are needed for
this.
Short term loan requirements
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Once registered, a borrower can apply for a short term loan by entering
his/her loan requirements i.e. loan amount and tenure. As soon as the
application is accepted, the borrower is informed of the sanctioned loan
amount, tenure and the rate of interest all of which are depended on his/her
credit history and other details.
Tracking the funding status
Once a borrower has been listed on the peer-to-peer lending company’s
platform, they can check the status of their short term loan sanction and will
also be notified via email.
Documentation
P2P lending platforms avoid unnecessary physical documentation procedures
as much as possible. Only when the funds are sanctioned the documentation
procedure begins which only contains some necessary forms. These are then
franked and the agreement and the post-dated cheque is submitted. This is
unlike the banks and other NBFCs wherein all the documents are collected well
in advance in spite of the uncertainty behind the sanctioning of the loan. P2P
lending makes a large part of this tedious process simple.
Disbursement
After the agreement is signed, the promised amount is disbursed to the
borrower from the lender’s account and a soft copy of the agreement is sent out
to both the parties.
This summarizes the process that takes place whilst taking a short term
loan from a peer-to-peer lending platform in India. It’s as simple & hassle
free as loans can get.
Our Other Short Term Personal Loan Products
Home Renovation
Advance Salary
Medical Emergency
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Created on Jun 10th 2020 05:45. Viewed 455 times.