Whether it is for a medical emergency, an urgent renovation that is needed for your business, a gadget that you have been eyeing for long, a personal event that is dear to you, or simply an impulse purchase decision, personal loans have become ubiquitous to most Indians, especially the young ones.
In this world of hyper digitization, where one needs everything to be a 60 second affair, availing a loan is no different. While banks and large Non-banking financial institutions focus on a select set of customers when it comes to extending loans, and require relatively lengthy process and paperwork, a number of fintech lending platforms have mushroomed across the country, especially focussed on facilitating short term, unsecured personal loans with the promise of ‘instant credit’.
All good things come with a catch, and this one is no different. Over the last few months, there have been many horror stories that have emerged from such lending platforms, that charge high interest rates, sometimes as high as 500% per annum and lure customers into a debt trap at the pretext of instant loans. Needless to say, such platforms often resort to illegal and abusive practices when it comes to collections as well.
Your friends and trusted contacts and acquaintances can be ideal lenders
Lending and borrowing amongst trusted contacts has long been a preferred form of financing for many and this global phenomenon has been quite popular in India and is now being reinvented on the back of reliable and transparent technology led innovation for such transactions.
Let’s say you need Rs 10,000 for 3 months and there is someone in your personal, official or business contact group who has such amount as surplus lying in his/her bank account and may be willing to lend to you. What if there was a platform that could simply ‘discover’ such a lender and facilitate the entire transaction, keep adequate records, send reminders so that you never forget to pay?
All this in real time, paperless and completely discreet manner to ensure highest degree of security and privacy!
Introducing SaveIN, your personal, Social Finance platform that lets you transact, lend and borrow money, amongst your trusted contacts and network in a completely digital, fair and organized manner.
One can lend or borrow from friends, family and acquaintances, pay them interest as agreed between both parties and let SaveIN take care of all record keeping, payment reminders and everything else that you would need to transact in peace!
How does SaveIN work?
One can download the SaveIN mobile application, available on Google Playstore and Apple store, register in under a minute, apply for a loan by choosing available lenders within your trusted network, out of contacts that you have saved on your mobile phone. In case you don’t see your preferred lender in the list of options, you can also invite prospective, known lenders to register on SaveIN by simply sharing a personalized invitation with them and then apply.
So, say good-bye to all your urgent money woes and predatory lenders; instead, use the power of your own network to fulfil such needs