How i-lend is democratizing loans.

P2P lending has just entered India and is slowly getting accepted as a viable, return generating asset class from lenders both Individuals and Institutions. i-lend has recently finished tying up with an Institutional lender ( NBFC ) which is going to offer loans to the borrowers requesting for a loan through the website. However it is important for potential and existing borrowers to understand and appreciate the nature and the responsibilities they have while borrowing on these platforms and an understanding of the dynamics of the process. 

Borrowers particularly in India have gotten used to borrowing from banks, NBFCs, Money lenders in case of dire need and an eco system established by the conventional financial institutions like banks and NBFCs who have created tele callers, DSAs, verification agents and finally the collection mechanisms that defaulters are familiar with including probably the legal implications. 

The key differences on P2P lending platforms are:  

• The lenders are individuals who are lending their own money. 
• These individual lenders look for a certain amount of responsible behaviour from potential loan seekers which means if one has too many cheque bounces their chances of getting a loan is very low. 
• Articulating your need and being truthful about your repayment capacity is something lenders look for when they look at a borrower listing for giving him a loan. 
• Month end balances are a key factor in deciding which borrower to give loan to and lenders place a great emphasis on this as this signifies spending patterns. 
• Being accurate about the end use of the loan amount is very important in getting an offer from a lender. Vague statements do not inspire confidence in lenders. So if one needs money for education , please be specific or for an function or to buy something , be specific on the end use of the loan. This will help in building your credibility with lenders. 
• Finally give as much information on your listing page as much as possible and also please double check your english, spelling mistakes etc all these are important when a lender is looking at your profile.

i-lend provides all the space and facility to build yourself a good credit story and using these features fully will go a long way in building a good borrower loan request on the platform.