Is peer to peer lending safe in India?

Yes, Peer to Peer (P2P) lending in India is safe as long as you invest through an RBI Certified P2P NBFC like LiquiLoans or Faircent. Although there are other factors that you must consider before you become a lender on one of these platforms.

Is lending on Faircent safe?

Infact, Faircent has a strict borrower selection criterion. Although, this is unsecured lending, lenders can seek legal help and Faircent also has a soft recovery and collections process to ensure the safety of the monies invested through the platform.

Is giving money on interest illegal in India?

This is money lending which is illegal in India, if your friend has license for lending the money on interest then only he is right otherwise not. There is no such cap. As per money lending act, interest on loans cannot be charged exorbitantly. The normal interest that shall be chargeable shall restrict to 24\% pa.

How do I borrow a small amount of money?

1. Banks. Taking out a personal loan from a bank can seem like an attractive option.
2. Credit unions. A personal loan from a credit union might be a better option than a personal loan from a bank.
3. Online lenders.
4. Payday lenders.
5. Pawn shops.
6. Cash advance from a credit card.
7. Family and friends.
8. 401(k) retirement account.

Is lending money interest legal in India?

This is money lending which is illegal in India, if your friend has license for lending the money on interest then only he is right otherwise not. As per money lending act, interest on loans cannot be charged exorbitantly. The normal interest that shall be chargeable shall restrict to 24\% pa.

Why Lendbox is the best platform for personal loans in India?

Those with a higher risk get loans at higher interest rates and a person deemed likely to repay the loan diligently gets lower rates. Lendbox is one of the most successful peer-to-peer lending platforms in India. By creating a conducive environment for borrowers and investors, Lendbox aims to revolutionize the personal loans market in the country

What is a Lendbox loan?

Lendbox is a P2P Lending marketplace for people with idle cash in their accounts and people with financial needs. It enables a loan between these borrowers and investors. Is Lendbox regulated? Lendbox is an RBI certified NBFC-P2P lending platform and operates adhering to RBI’s guidelines for peer to peer lending.

What is your review of lendlendbox?

Lendbox is a truly innovative P2P lending platform that understands Indian context of borrowing and lending and the related safety. The team is very responsive to queries and the platform has variety of borrowers to diversify risk. Lendbox helped me in the time when i really needed the money.

What is the interest rate of instant loan on Lendbox?

Borrowers can avail instant loansat interest rates ranging from 16\% to 28\%. The loan amount can vary from Rs.25,000 to Rs.5 lakh. The loan repayment tenure can be between 6 months and 36 months. Key Highlights of Lendbox