BENGALURU: Peer to peer lending platform LenDen Club has launched an Android-based application to connect lenders with creditworthy borrowers.
In a note shared with the press, the company said that with its new ‘InstaMoney’ application, users can now get advances on their salary or an instant cash loan by merely confirming that they have employment and have a monthly income in excess of Rs 12000. The customers need to enter their Aadhaar number to have their application for credit processed.
“Our objective behind InstaMoney is to fulfil the short-term requirement for credit that salaried individuals face when they have to deal with some unexpected expenditure during a month. Over the last two years of our operations, we have found that such one-time expenses can often leave salaried individuals without liquidity to meet their immediate needs. Earlier, they had to rely on family members or friends. Now, they can rely on our app! Our targeted disbursement time is only 2-3 hours in this loan segment, which is a huge achievement in P2P lending, and shows that getting credit can truly be hassle-free,” said Bhavin Patel, chief executive officer, Lenden Club.
The product is mainly targeted at the millennial population in smaller cities of the country who might be employed but still find it difficult to access credit from traditional lenders.
Credit: Economic Times