LenDenClub, one of the leading peer-to-peer (P2P) borrowing platforms in Asia has integrated with Google Pay and is currently live on the payments platform. It’s the maiden P2P lending company to integrate with the technology platform. With this integration, users of GPay can now lend and borrow through LenDenClub as easily as they can make payments through the platform.
LenDenClub offers borrowers hassle-free loans, even in the farthest parts of the country. It’s one among those rare lending apps to supply loans across 19,000 pin codes across the country; which is more than the number of places banks provide loans in India. With its integration on GPay, customers can now access services offered by the brand right from the Google Pay app platform. Borrowers can visit the ‘InstaMoney’ spot on GPay and obtain loans ranging anywhere between Rs. 5,000/- to Rs. 12,500/- transferred to one’s checking account within minutes. In the same way, investors can visit the ‘LenDenClub’ spot on GPay and invest as low as five hundred rupees thereby providing loans to borrowers directly. The investment option will be live in a few days. The Spot feature is right now out there on Android, whereas the iOS version will be launched within a few months.
Speaking on the occasion, Bhavin Patel, Co-founder & Corporate executive, LenDenClub, said, “LenDenClub is very excited to be live on Google Pay. It goes on with our vision of delivering financial merchandise through technology. Being the only and maiden P2P player to integrate with GPay, gives us a huge opportunity to access over 60-70 million active GPay users monthly on both the demand and supply side of our business. With a new flow of people in the country getting used to the idea of shopping and transacting online everyday, a huge demograph are now also seeking credit digitally. We are positive and assured that we will add value to Google Pay’s customers through this collaboration.”
LenDenClub has been crucial in serving the marginalised and providing credit to those who are neglected of the country’s financial services fold. Additionally, the platform offers a wonderful, various investment opportunity for investors to lend on its platform and earn net returns up to fifteen% p.a., more than most of the other investment products available.
Right now the company has a loan book of over Rs. 500 Cr., with an average ticket size of Rs. 25,000. It has arranged more than Rs. 1,000 Cr. worth of loans by more than 1.5 lakhs lenders on the platform. Betting big on the P2P lending space, particularly in a post-Covid situation, the company just now expanded its flagship digital lending platform InstaMoney from its presence in seven states to pan-India. The corporate is among the lowest NPA in the digital lending space at 3.4% as of 30th December 2020.