Short Term Loanby 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.
The borrower’s minimum age should be 21 and maximum should be 55.
Minimum Net Monthly Income should be over Rs 12,000
Must have no record of loan/credit card defaults after Jan 2012.
The borrower should be staying with family or friends.
Resident of Mumbai, Pune, Ahmedabad, Nagpur or Bangalore.
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.
Account Statement ChargesNIL
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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:
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.
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.
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.
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Created on Jun 10th 2020 05:45. Viewed 344 times.