No, not at all, it is very easy to avail P2P loans as borrowing is very easy and less time consuming. You get a fixed rate of loan interest; once it is fixed it can’t be changed. No such prepayment fees. You can choose to pay completely your loan early. In this case Peer won’t charge a penalty fee for closure.
Yes, of course P2P loans and the loans taken from banks are very much different from each other.
Taking a personal loan, car loan or any other loans takes a week or two or more, as it involves a lengthy process.
Banking with loans stuff cost you more as they have to maintain physical branches and regional offices. Most of the banks allow prepayment only after 6 months after the loan is taken. Moreover banks charges high rate of interest. And most importantly, standardized requirements and categories are required in order to sanction a loan.
Whereas, borrowing money in P2P is very easy and simple as it is less time consuming. The low cost structure makes them more easy for borrowers to avail loans. No such prepayment time period is associated, as you can pay the money altogether at any time. And yes, low rate of interest of the loan taken. No such documents and paper work ios required, only the lender’s agreement that’s all.
This reply was modified 4 years, 8 months ago by SnehaArora.