Banks are the conventional way of applying for a loan, but we have many other new kids on the block. What are the options we have today when taking a loan or getting funds? Let us find out!
Banks are an example of a Direct Lender. Banks lend us a loan directly by keeping some collateral/security. In case we cannot repay the loan, our collateral is taken as compensation. Another example of a Direct Lender is NBFC (Non-Banking Financial Company). They do not hold a banking license but are simpler and more flexible compared to banks.
Peer to Peer Lending
Peer to peer simply means individual to individual. An individual who lends money is connected to individuals who are in need of money. Middlemen such as banks are not involved here. The process is faster with no bank hassles affecting the transactions.
DSAs (Direct Sales Agents) are individuals who offer a choice of financial products to potential customers and ensure the customers do not face any inconvenience while applying for their financial products. DSAs facilitate the entire process, helping customers complete the application process from the customer’s home to even collecting the EMIs each month. DSAs earn commissions from the bank or financial institutions. An e-DSA does all of the above but through a website.
As eponymous as the title suggests, a Hybrid Platform combines the features and characteristics of Peer to Peer Lending and Electronic DSAs. Hybrid platforms like Loan Singh offer the best features of the above options.
While banks have always been the go to point for loans, mortgages, savings, deposits, applying for any bank facility does consume time. Loan Singh provides an out of the box approach to reliable financing options without the long list of documents, credit score anxiety, paperwork hassles and long time-lines for disbursal.
Loan Singh brings borrowers and lenders together on the same platform using a financing principle called Digital Lending. Credit-worthy borrowers are selected with the help of our ‘Seynse Score’. Borrower profiles are shared with Lenders and they decide who they would like send funds to. A borrower can clear the loan ahead of tenure, without a penalty and thereby creating a positive credit history with Loan Singh.
Loan Singh helps you solve your financial needs arising due to lack of funds. Apply for a loan today at www.loansingh.com.
Should you have any questions, call us on 18008435353 or drop an email to firstname.lastname@example.org.
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