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Suggestions for best P2P lending apps (like 12% Club)
- Thread starter Batmanbaba
- Start date
Can you suggest them if you are ok?
Are you facing any issue in opening the app? For me, it's not loading the app at all. And in morning I was not able to withdraw the amount. Are you facing any such issue?
FinoGuy
TF Legend
I heard that they (12%club) hv stopped taking new applicants. @kkk .
Another thing I understood is that they lend money @ higher rates like 16-17% here n there. So y will those ppl take at that much rates? Mostly because they couldn't get loan from banks /nbfc at lower roi or defaulters flagged by bank.. Just a thought..
Yes 12% is not taking any further investment. And yes, mostly merchants who don't get loan at good interest from bank are the borrowers.
There is a capital risk in P2P. They claim that they mitigate it as much as possible but default risk is definelty there. 12% annual interest can't be safe.
22tarush
TF Buzz
yeah they have stopped for now but the slots keep opening.
Yeah they lend at higher rates, sometimes even in the 20s, people take coz of urgent needs and sometimes just small amounts, one of my friend to this day keeps on taking 500 - 1000 loans by these kind of providers and for such small amounts people tend to use these services.
Default rate could be high, hence it's very risky, hence it's giving 12%. But generally for smaller amounts people tend to pay it and the defaults aren't that huge in number (from what i have seen).
It's asking for 590 as registration charges.
Yes when you invest in A/B/C/D category loans they charge 1% from this registration fees. By paying 590 you can invest 50k into it which offers upto 20% interest rate. But if you choose to invest into X category loans which gives 16% interest rate, there are no charges.
Also the iOS app is not good, android app is quite good. They also have auto investment feature.
Batmanbaba
TF Legend
In how many days can we withdraw money... How has been your money withdrawal experience
You can’t withdraw early. It is actually a P2P where you choose borrowers or automate it. When they pay their EMIs, you get it directly to your bank account.
You can also choose to get it in their account and select to reinvest, however I don’t do that as I have infrequent needs of money.
I paid the registration charges(after applying a coupon code which gave 50% discount). I didn't find any way to make it free registration. The maximum amount which I can invest is Rs. 50,000. If I try to increase there are additional cost. For investing more than 50k there is an additional charge of 1%. I don't know whether I'll invest in this. There is lock-in for investment as well. If we try to withdraw before lock-in there are additional charges.
Iamshashikant
TF Buzz
Downside is maximum in p2p. Better to protect the capital important. Invest in liquid funds or fd. Disclaimer- I'm not financial advisor.
You can directly invest in lendbox , which provides you upto 14%. However same is being done in mobikwik by lendbox. There you will get 12.99% for 1 year locked in investment and 12% without any locking period.
What about lock-in period?
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