How Do Peer To Peer Network Sites Work?
Off late there has been everything available online. From shopping of cars to vegetables, jewellery and even you can now buy house online too. Then why not go for something like borrowing money online.
Internet has made life so much easier and simpler. This is the reason the biggest of work is done in the shortest span of time and in the simplest way. There are various peer to peer network platforms where one can borrow money through a simple procedure. They help introduce the borrower and lender and make sure the deal is beneficial for both of them and works out smoothly as well.
One of the portals is LB Circle or also called Lenders Borrowers circle. How it works is extremely simple.
The first step is that the borrowers and lenders need to register online. Once they register, they need to create a profile of their own. Through this profile, they need to shell out basic details about themselves so that they other person knows who they are lending money to or who they are borrowing money from. Also it gets easier for the platform people to scrutinize people.
Once the details reach the LB circle team, they get them verified from third party agencies. Then the team there scrutinizes the data provided by the borrowers or lenders to understand their lending or paying capacity. The borrowers on their profile need to mention the reason of the loan. This information is shared with the lenders as well to understand their need. Not just this, they also need to share how the lenders are safe with respect to the borrowers paying back their money on time.
Borrower profiles are then shared with the lenders who scrutinize their profiles and decide upon which borrower they want to lend to. That is the reason the form and profile created is extremely important and needs to be done with utmost care. A major advantage here is that if an amount is big, a single loan can be financed by multiple lenders.
Once the loan is sanctioned, all the terms and conditions are decided upon beforehand. Post this, borrower repays the loan to the lender monthly or bimonthly whatever the terms and conditions of the loan are and the rate of interest as decided upon.
Lending and borrowing is actually that simple now and that too on your own terms and conditions.
Internet has made life so much easier and simpler. This is the reason the biggest of work is done in the shortest span of time and in the simplest way. There are various peer to peer network platforms where one can borrow money through a simple procedure. They help introduce the borrower and lender and make sure the deal is beneficial for both of them and works out smoothly as well.
One of the portals is LB Circle or also called Lenders Borrowers circle. How it works is extremely simple.
The first step is that the borrowers and lenders need to register online. Once they register, they need to create a profile of their own. Through this profile, they need to shell out basic details about themselves so that they other person knows who they are lending money to or who they are borrowing money from. Also it gets easier for the platform people to scrutinize people.
Once the details reach the LB circle team, they get them verified from third party agencies. Then the team there scrutinizes the data provided by the borrowers or lenders to understand their lending or paying capacity. The borrowers on their profile need to mention the reason of the loan. This information is shared with the lenders as well to understand their need. Not just this, they also need to share how the lenders are safe with respect to the borrowers paying back their money on time.
Borrower profiles are then shared with the lenders who scrutinize their profiles and decide upon which borrower they want to lend to. That is the reason the form and profile created is extremely important and needs to be done with utmost care. A major advantage here is that if an amount is big, a single loan can be financed by multiple lenders.
Once the loan is sanctioned, all the terms and conditions are decided upon beforehand. Post this, borrower repays the loan to the lender monthly or bimonthly whatever the terms and conditions of the loan are and the rate of interest as decided upon.
Lending and borrowing is actually that simple now and that too on your own terms and conditions.
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