LenDenClub rolls out P2P platform InstaMoney Plus

By Megha Bhattacharya

LenDenClub, an India-based peer-to-peer lending platform, has launched ‘InstaMoney Plus’. It gives premium advantages to customers, such as Digital Credit Line, Digital Credit Card along with UPI to offer easy access to credit across both online and offline platforms. With its latest feature, users can make payments, shop online or pay at any retail stores. InstaMoney Plus caters to the problem the users face during unpredictable times.

InstaMoney is a flagship digital lending platform of LenDenClub, an RBI registered NBFC-P2P. It is an instant short term personal loan product for salaried individuals looking for short term and small loans. It aims to benefit low salaried millennial residing in tier II & III cities who find it challenging to avail credit during emergencies from traditional lending institutions like banks.

Bhavin Patel, Co-founder & CEO, LenDenClub, said, “During the pandemic, we have witnessed there has been a rise in credit demand for emergency usage, multiple times by the users. Hence, InstaMoney Plus has been introduced for easy access to cash 24×7. With this upgrade, we hope to provide benefits to our loyal existing customer base, especially during an uncertain time like now and also contribute to the country’s digitisation story.”

Once the user repays the dues, the new platform will automatically top-up the money in the InstaMoney Plus account. It ensures users access to cash at any given time, for any emergency usage, with no requirement of new applications, documentation or physical visit. With this, the loan application and approval time have come down to zero from 3-5 hours earlier. Users need to pay interest only on the used amount and not on the top-up.