Responsible Borrowing

Start from the beginning

For a borrower, it is essential to understand and evaluate the necessity of borrowing, at all times. Even in case of peer-to-peer borrowing or online money borrowing, a borrower needs to perform an unbiased background check to validate the need for a loan. To avail small personal loans from people, P2P lending can be a good platform, as loan procurement is easy and at lower interest rates. However, it’s the urgency of the situation that corroborates the requirement of a loan.

Understanding the affordability factor plays a crucial role in ensuring responsible borrowing. Before taking a loan, you need to evaluate factors like, the amount required to borrow, how much can be affordable without creating a credit burden. It is also necessary to ensure that all bills, debts, and expenses need to be less than your income and that you have a buffer for a rainy day. While it may be comparitively easy to procure low-interest personal loans, the real test is in your ability to repay the loan within the stipulated time frame.

Explore all options

P2P lending has evolved as a platform of choice when it comes to availing small personal loans. Lesser rates, easy procurement process and the option to interact with lenders, making it smooth and user-friendly. While on one hand borrowers can pitch for loans to interested lenders, on the other hand, lenders enjoy the freedom to choose creditworthy borrowers.

However, before applying for a loan, it’s good to understand the borrower agreement fully. Analyze the underlying clauses and evaluate it against your current situation. Would it overburden you? Would the loan be a liability? Or the terms are simple enough to comply with? Interest rates, payment terms, duration, additional fees, you need to carefully find out details about any such criteria. 

The key to successful loan procurement and repayment lies in being a ‘responsible borrower’.

The Art of Responsible Borrowing

The credibility of a borrower depends on his/her adherence to the borrower agreement. A creditworthy borrower, with a strong financial background and clear records, is always favoured by lenders. Thus being a responsible borrower is vital when it comes to availing quick loans. 

Here are some tips which can assure responsible borrowing:

  • Always stay on schedule - ensure that you do not miss any payment, for it can have serious repurcussions on your credibility as a borrower. However, in case you are forced to default, do inform the lenders and discuss the best possible solution.
  • Pay whenever you can – if you have the ability to pay off the dues, its best to clear it. The sooner you clear, the better it is for you
  • Share your complete details with the lenders. Explain the purpose of the loan and why they should lend to you. This will establish his/her faith in you and make your profile authentic and strong

The art of ‘responsible borrowing’ starts with correct evaluation of one’s capability and charting out the do’s and don’ts of borrowing. 


It is imperative that borrowers understand the importance of responsible borrowing. P2P lending is rendered meaningful, only when the lenders and borrowers collaborate and indulge in ethical practices. Leading P2P lending platform, i-lend enables its borrowers and lenders to strike a mutually beneficial deal. By helping its creditworthy borrowers create a strong personal portfolio and credible profile, i-lend establishes a strong guideline for responsible borrowing.