LenDenClub is Now the First P2P Lending Platform on Google Pay
- 25.03.2021 09:44 am
LenDenClub, one of the leading peer-to-peer (P2P) lending platforms in India, today said that it has integrated with Google Pay and is now live on its platform. It is the first P2P lending company to integrate with the tech platform. With this integration, customers of GPay can now lend and borrow through LenDenClub as seamlessly as they can make payments through the platform.
LenDenClub offers borrowers hassle-free loans, even in the remotest parts of the country. It is one of those rare lending apps to offer loans across 19,000 pin codes across the country; higher than some of the banks as well. With its integration on GPay, users can now access services offered by the brand right from the Google Pay app interface. Borrowers can visit the ‘InstaMoney’ spot on GPay and get loans ranging anywhere between Rs. 5,000/- to Rs. 12,500/- transferred to one’s bank account within minutes. Similarly investors can visit the ‘LenDenClub’ spot on GPay and invest as low as Rs. 500 thereby offering loans to borrowers directly. The invest option will be live in a few days.
The Spot feature is currently available on Android, while the iOS version will be launched in the coming months.
Speaking on occasion, Bhavin Patel, Co-founder & CEO, LenDenClub, said: “LenDenClub is extremely excited to be live on Google Pay. It goes along with our vision of delivering financial products through technology. Being the first P2P player to integrate with GPay, offers us access to over 60-70 million active GPay users monthly on both the demand and supply side of our business. With more and more people in the country getting used to the idea of shopping and transacting online, a large portion are now also seeking credit digitally. We are confident to add value to Google Pay’s customers through this collaboration.”
LenDenClub has been critical in serving the marginalised and offering credit to those left out of the country's financial services fold. Additionally, the platform offers an excellent alternative investment opportunity for investors to lend on its platform and earn net returns up to 15% p.a., superior to most of the other investment products available.
The company currently has a loan book of more than 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, especially in a post-Covid scenario, the company recently expanded its flagship digital lending platform InstaMoney from its presence in 7 states to pan-India. The company has one of the lowest NPA in the digital lending space at 3.4% as on 30th December 2020.