Loans are a common way to get funds easily without much hassle. These days’ loans have become an integral part of our daily life. Almost every individual is paying EMIs for some or the other loan taken in the past. Some have taken a home loan while others are repaying a car loan. However, now the need for anything in excess of these low loans is termed as a personal loan. It is easier to term the need and the interest rates can be stagnated without worrying about many minute details. But is it easy to get a personal loan? If yes, then is the personal loan affordable for your requirement? Let us look at the answers to these questions in detail.
Personal Loan Options
There are many kinds of personal loans as provided by i2ifunding.com that you can avail easily. The most common ones are personal loans and loans on credit cards. They work on a simple way of lending the money required and charge an interest on a yearly basis equated in the months of the loan period. But these loan options charge a high-interest rate which can be expensive to the borrower. The other way to get an affordable personal loan in a short period is by P2P (Peer-to-Peer) Lending. This is the latest way to get a personal loan with a few formalities to be adhered to. These personal loans from P2P platforms have a floating interest rate which can be decided by the borrowers themselves and get the required amount.
How Does it Work?
P2P lending, such as i2ifunding.com, is an online portal where you can propose your requirements and upload your KYC documents. This helps to make your profile a strong contender to get or give loans. Yes, you can get loans as well as become an investor as per your requirements. However, both the portfolios will have different requirements. For now, let us concentrate on availing a personal loan. Once you have created a profile for you, find the investors and bid your requirement. Make an offer for the interest rate that you can pay to the investor on the amount you will borrow. If the investor agrees to invest at the mentioned interest rate, then the deal goes through.
The parties need to agree upon the terms and confirm the same. Once done the details and KYC documents will be verified by the i2ifunding.com team and if everything goes as planned the deal will be finalized. A contract needs to be signed to legally bind the parties for transparency. If the terms and conditions are not met by the borrower, then heavy penalty and charges will be levied.
The loan is approved in a short period without much paperwork and can be available at an affordable rate. This is the best way to get an affordable personal loan in a short period. You can calculate your monthly payments by making an input as per your requirements. It will give you the detailed data and help you decide whether you need to avail the personal loan at the desired interest rate. There are no prepayment penalty rates which makes it a healthy option for a personal loan for a short period. The other available personal loans do not offer such benefits and features which are given by P2P lending portals.
Transfer of Money
You can get the money transferred to your bank account once the deal is finalized by i2ifunding.com. All these transactions are recorded in the portal for a quick reference and transparency. Also, these transactions are documented and paper work is also provided to both the parties.
Why P2P Lending?
The online process makes it easy to get the loan approved with a few clicks at the comfort of your home or office. For borrowers who are not able to get the loans from the designated market options, can avail the P2P lending at no extra cost. Moreover, such portals are free of cost and do not charge the processing fees like the banks and other financial institutions do. i2ifunding.com as a team works to make the life of the borrowers and investors easy and make them benefit from such transactions. It is easy for the investor to earn higher returns as compared to the market conditions without much hassles and a little extra homework.