Spending hefty amounts out of pocket at one go may not be possible for everyone and hence many people depend on credit to meet the festive shopping demand, thereby delaying the payment process.
Buying and gifting new clothes for family members and in-laws, along with purchasing new accessories and/or cookware during Dussehra and Diwali festivals, is the generation-old tradition in India, especially in the northern part of the country. So, consumers gear up to spend some hefty money on various thinks like gift items, new electronics, home renovation, purchasing jewellery etc during the string of festivals starting September.
However, spending hefty amounts out of pocket at one go may not be possible for everyone and hence many people depend on credit to meet the festive shopping demand, thereby delaying the payment process.
Though credit cards are widely used to buy time to pay for the festive shopping expenses till the next due date of payment, peer-to-peer (P2P) lending platforms may also come in handy for consumers during the up-coming festive season.
Although the Indian economy is experiencing some volatility this year, but owing to the festivities, the retail sector is experiencing spike in demand as consumers are even looking for alternatives for borrowing adding to the demand pool.
One of the borrowing option is P2P lending as such platforms are common marketplace that connects individual lenders and borrowers to meet the loan requirements of a borrower. Moreover, borrowing from a P2P platform is mostly collateral-free, quick and at low interest rates compared to banks and NBFCs.
Moreover, to avail short-term loans from big financial institutions may involve a number of documentation followed by approvals and high charges. This is where Peer-to-peer (P2P) lending platforms like RupeeCircle, LenDenClub, etc come to the rescue of distressed consumers.
Talking on ease of borrowing and festive session plans, Ajit Kumar, Co-Founder & CEO, RupeeCircle said, “With the festive season coming up, we forecast that more people would be seeking money for multiple requirements. At RupeeCircle, we have a lot of initiatives and campaigns lined up to disburse loans faster and fulfill the needs of people seeking Rs 25,000 – Rs 2 lakh without the need of any collateral at attractive interest rates.”
“Also individuals, who do not have a formal credit history can avail P2P loans from RupeeCircle, who otherwise find it difficult to get loans from formal financial institutions. With RBI issuing NBFC-P2P license to multiple players, there is a strong regulator on P2P companies, making both borrowing and lending secure through the platforms,” he added.
With an uprise in P2P lending platforms in India, availing loans have become easy. It is one of the growing options amongst individuals today, especially salaried employees to get some quick and affordable cash for immediate spending.
To avail P2P loan, a borrower needs to do the following:
- Check your own eligibility before applying actively for a loan
- Research on the P2P lenders and basis your requirement, select the platform that suits your need
- Check the reputation and credibility of the P2P platform you have decided on to be sure
- Register on the P2P platform
- Choose the type of loan required and upload all necessary documentation as stated by the platform
- Get your funds