To borrow money from a stranger is to engage in peer-to-peer lending. Direct loans are loans that you apply for through a financial institution and then receive the money from that financial institution without any intervening steps. Peer to peer lending, on the other hand, eliminates the financial institution as a provider and reduces its role to one of a facilitator.

Comparing Peer-to-Peer Loan Lenders to get the best

APR: Interest rates and fees are added together to form the annual percentage rate (APR). More money will be required to pay for a higher interest rate. In February 2022, the average annual percentage rate for a loan with a 24-month duration was 9.41%. 

Long-term: The length of time you must make loan payments is called the “term.” The typical length for a personal loan is five years or fewer. Even though the monthly payment will be greater with a shorter term, the interest rate and the total cost of the loan will likely be cheaper.

Prepayment penalties: If you pay off your loan early, some lenders charge prepayment penalties. Compare lenders to avoid prepayment fees.

Minimum credit score: Minimum credit score for a lender’s loan. P2P lenders search for scores of 750 or higher.

Contact the helpline number

If you are a new customer looking for information about the personal loan or if you would like to contact customer care., 

EMI overdue charges,

There are no obscure costs attached to a Personal Loan. Penal interest at the rate of 3.50% per month shall accrue on the monthly instalment outstanding from the respective due date until the date of receipt in the event of a delinquent payment.