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Borrowing from a P2P platform? Here's what you need to know

Updated : May 20, 2019 03:02 PM IST

Check if your P2P platform is registered with the Reserve Bank of India. While many online lending platforms offer quick loans, only a few of them have received the NBFC-P2P registration from RBI, making it a safer and credible platform for both investors and borrowers.
Make sure you check for any extra charges that the platform might impose on them that would, in turn, add to the total interest paid, or deducted from the amount they have received.
Defaulting or late payments on P2P loans has its consequences as most NBFC P2P platforms have bureau integration and thus, it makes it difficult for the borrower to avail future loans as well if the borrower has been tagged as a defaulter.
Borrowing from a P2P platform? Here's what you need to know
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