How is it simple to get Debt Consolidation Loan via P2P Platform

How is it simple to get Debt Consolidation Loan via P2P Platform?

A P2P platform brings like-minded investors and borrowers together by formulating direct online lending mechanisms. Borrowers and investors bypass traditional bank settings to enjoy lower interest rates and higher returns respectively.

What is debt consolidation?

Debt consolidation means to consolidate your existing debts by availing a single credit line or a personal loan. It is the most convenient and feasible way to manage your obligations as it is “One loan to close them all!� You can clear your credit card dues and other loans but taking just one loan which makes it easier to manage.

How can you consolidate your loan via P2P lending platform?

The P2P online debt consolidation loan structure is simple. An unsecured personal loan offered to a borrower by a lender. The lender gives out loans with the aim of benefiting from interests.

Borrowers must provide proof of identity and income by submitting the relevant loan documents like KYC documents and income proof.

After verification, a borrower’s credit limit is determined based on the personal and financial information they provide. The borrower then applies for a debt consolidation loan. Once approved, the borrower will receive the loan amount in their bank account.

Why choose a P2P Platform for debt consolidation?

There are 2 clear advantages of opting for P2P lending platforms that other lending options:1. Simplicity Getting a debt consolidation loan from a P2P platform is as simple as registering on the platform, providing the required personal and financial information and requesting for your preferred but eligible loan amount. Your loan request is processed instantly or within a few hours, and you gain access to the funds within 24 hours in most cases.

2. You save a lot of time and money!

Instead of paying interest on multiple loans or credit cards that you have availed, you just have to pay interest on one loan. This means you end up paying lesser interest when you opt for a debt consolidation loan. It also frees you up from the hassle of managing multiple loans and remembering multiple due dates and most importantly be under the unforsaken psychological burden of taking a loan.

Borrower Eligibility P2P debt consolidation loans are available to all salaried individuals who are between 21 and 55 years old. They should have a minimum income, which varies for different platforms. Also, they should not have any recently defaulted loans.

Summary Banks are always skeptical about lending more money to individuals with outstanding or on-going loans. Hence, they may not only subject to a hectic application process but will also charge high-interest rates since you will be classified as a high-risk borrower. This makes P2P platforms the best debt consolidation loan providers since it eliminates the hectic loan application process and charges low-interest rates.