Home / Without Label / Consolidation of loans – a wise bet…
Wednesday, 13 January 2016
In our experience of running Rupaiya Exchange we have come across many borrowers and their requirement of loans till date.
The single biggest category of loan applications that dominates today is Consolidation of Loans – these ‘loans’ are credit cards overdue amounts or some high interest bearing loans taken by an individual at some point of time.
What is the rationale behind such consolidation of loans?
Consider this – we have a 26 year old salaried individual. He happened to use his credit card to pay an electricity bill of Rs. 9000 at some point during last year. Unfortunately for the individual could not repay the amount and now with overdue interest – of a whopping 10% per month (including default interest rate, processing fee, service tax etc.) – this amount has swelled upto Rs. 43,000. He today is paying approx. Rs. 4300 per month only as interest charges.
The logical step for the individual, once he got to know of the peer-to-peer lending site, Rupaiya Exchange, was to register himself and list his loan at 24% interest rate for 12 months. Having received the loan for this amount he continues paying Rs. 4400 per month (approx.) – in this case not only to cover his interest but also the principal. Simply put – with this option – he would be debt free in 12 months.
Today there would be many individuals who would feel trapped in a vicious circle of credit card debt or other high interest bearing debt – peer-to-peer lending is an answer to fight out this.
@RupaiyaExchange is a virtual market place for Peer to Peer Lending.#peer-to-peer lending #p2plending #loans #borrow #fintech #creditcards #debt rupaiyaexchange.com
About Rohan Hazrati
Rohan is the Founder of the Peer-to-Peer lending platform Rupaiyaexchange.
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