Things have started moving online nowadays be shopping for cars, homes or things as small as you everyday groceries. Thinking of this, there are platforms online that have come up with a great opportunity for money lenders and borrowers to lend and borrow money online. There are various advantages of this, the biggest being it is easy to use and highly profitable for all.
Why to use online platforms for lending money?
- Rate Setter The biggest advantage is that you have the opportunity to lend money on your own terms. It is not a bank where you have to follow their terms and conditions and their rate of interest what they have set. You can set your own rate of interest.
- Easier The entire process on such platforms is much easier and hassle free. You get all kinds of assistance at all times to make sure that you have the best deals and that too hassle free and easily.
- Debt Recovery Assistance Another thing which is extremely important and critical to any money lender is debt recovery. Online money lending platforms like LB circle provide debt recovery assistance making sure that you do not have to worry about your money lent at any time.
- Choose your Borrowers Once you register with the platform, the profiles of the borrowers will be shared with you which include all the vital information necessary. Based on this information which has been verified before sharing with you, you can actually choose who you want to lend your money to.
Why to Use Online Platforms for Borrowing Money?
- Better Rates The biggest advantage and the first thing that any borrower looks at is interest rates which he is getting. And the best part about this kind of a platform is that you get the best rates of return here. Actually you can choose and negotiate your interest rates with your lenders.
- EMI Scheduling Understanding the busy schedule that you follow on a daily basis, it is very easy to forget important things like EMIs. There comes in the EMI scheduling option wherein you can actually keep a check on your past payments and schedule your EMIs for the future.
- Apply to Multiple Lenders There may be a situation where in the loan that you want may be a huge amount and you may not be able to get it from one lender. You can also choose multiple lenders and apply to them so that your entire loan is sanctioned. Also, even if it is a small amount, you can apply to multiple lenders in one go and that increases your chances of the loan getting approved making the entire process easier and faster.