Expanding its footprint to Pan-India, InstaMoney, a LenDenClub’s loan product app has been extended to borrowers across the country. Earlier, this app was available only in 7 states.
All big businesses start small. Back when the company commenced the InstaMoney loan product in June 2018, it had a presence only in 3 cities. From today, InstaMoney app will be available across 19,252 pin codes in India. Practically, it becomes the institutional lender with the highest reach in the country. Traditional banks have multiple pin codes or areas where they do not provide loans citing reasons like inability to assess, negative areas with high defaults, lack of collection reach and many more. However, InstaMoney app, through its complete digital operations, effectively assesses borrowers in those areas as well.
Pan India presence will assist the wide cross section of people around the country to avail instant loans through this app only platform, bringing positive impact on the economy through higher consumption. It’s worth noting that India’s household debt to GDP ratio is mere 11%, which is way below the same indicator of China and the US, which is 38% and 80%, respectively. Traditional banks or NBFCs do not provide small ticket loans to consumers, especially in tier 2, 3 and below. InstaMoney aims to serve these borrowers through its app. The app provides 100% digital experience to the borrowers, that maybe for medical emergencies, debt consolidation, education, advance salary and many other purposes.
The platform grew 5 times since the countrywide lockdown announced in March 2020. The number of participants, lenders and borrowers, on the platform has also doubled during Q1 & Q2. The company is aiming to triple its disbursement numbers in this quarter, backed by Pan-India expansion and strong economic revival since Unlock-1.
LenDenClub is the fastest-growing peer-to-peer platform in India. Listing only pre-verified loans, LenDenClub offers investors a convenient medium to browse thousands of loans to earn better than fixed deposits, mutual funds etc. With a 100% funding record for its borrowers, LenDenClub currently enjoys a user base of over 90,000 registered investors and over 7,00,000 borrowers. The platform disburses on an average 1lakh+ loans annually.InstaMoney, an application offered by LenDenClub, is the go-to platform for borrowers to avail instant personal loans. The platform offers you quick loans at an interest rate ranging between 0% (for no cost EMI finance) to 3% (maximum) per month for a tenure of 3-5 months. The loan amount offered under the category ranges between Rs. 5,000 and Rs. 10,000 and is applicable for people without any default/write-off in the past. Since InstaMoney does not require any credit history, it is a more accessible route for an instant personal loan than banks. With over 2.5 million downloads, InstaMoney is one of the best instant personal loan mobile applications available on Google Play.