Peer-to-peer (P2P) lending has emerged as an alternative source of financing for individuals and businesses in India. With the increasing demand for accessible and convenient loan services, many P2P lending companies have established themselves in the Indian market. In this article, we will take a closer look at the 7 best P2P lending companies in India for 2023.
1. Lendingkart
Lendingkart is a P2P lending company that offers loans to small and medium-sized businesses. The platform uses technology and analytics to evaluate creditworthiness and provide loans in a hassle-free manner. Lendingkart offers loans up to Rs. 2 crores with a repayment period of up to 36 months.
Also Read: HDFC Bank Instant Personal Loan
2. Faircent
Faircent is one of the first P2P lending companies in India and has been operating since 2014. The platform connects borrowers and lenders directly and offers loans up to Rs. 5 lakhs with a repayment period of up to 36 months. Faircent charges a one-time fee from the borrowers and a service fee from the lenders.
3. RupeeCircle
RupeeCircle is a P2P lending platform that provides loans to salaried individuals and small businesses. The company uses data analytics to assess creditworthiness and offers loans up to Rs. 5 lakhs with a repayment period of up to 24 months. RupeeCircle charges a fee from both the borrowers and the lenders.
4. Kiva
Kiva is a non-profit organization that operates a P2P lending platform in India. The platform connects borrowers and lenders from all over the world and offers loans up to Rs. 50,000 with a repayment period of up to 36 months. Kiva charges no interest on the loans but requests donations from the lenders.
5. Finzy
Finzy is a P2P lending company that offers loans to salaried individuals and small businesses. The platform uses a proprietary credit scoring system to assess creditworthiness and offers loans up to Rs. 10 lakhs with a repayment period of up to 36 months. Finzy charges a fee from the borrowers and a service fee from the lenders.
Also Read: 5 Apps that give instant loans in India
6. LenDenClub
LenDenClub is a P2P lending platform that connects borrowers and lenders directly. The platform offers loans up to Rs. 10 lakhs with a repayment period of up to 36 months. LenDenClub uses machine learning algorithms to assess creditworthiness and charges a fee from both the borrowers and the lenders.
7. AnyTimeLoan
AnyTimeLoan is a P2P lending company that offers loans to individuals and businesses. The platform offers loans up to Rs. 3 lakhs with a repayment period of up to 36 months. AnyTimeLoan charges a fee from the borrowers and a service fee from the lenders.
Conclusion
P2P lending has emerged as a viable alternative to traditional financing in India, providing access to credit to a large segment of the population.
The above-mentioned P2P lending companies have established themselves as leaders in the Indian market and are likely to continue to grow and innovate in 2023. As always, it’s important to do your research and choose a lending platform that meets your specific needs and requirements.
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