Emergencies main reason for borrowings, P2P patterns reveal

Emergencies are the main reason for borrowers on the P2P platform LenDenClub. The P2P lender in its annual report over analyzing

New age Peer to Peer (P2P) lender, LenDenClub’s study of its customer’s borrowing pattern reveals the primary reason for borrowers on their platform is to borrow for crises such as medical, rent, advance salary.

In its 2019 report ‘The 2019 Lending and Borrowing Behavior’ on analyzing the key borrowing and lending habits of its consumers on platform, Mumbai and Bangalore have emerged out with a maximum number of lenders and borrowers respectively. Bangalore had the highest credit demand followed by Mumbai, Hyderabad, Pune, and Chennai.

On analysis of lenders, Mumbai had the highest number of lenders on the platform followed Bangalore and Hyderabad.

An important statistic from the report reveals 40% of lenders and 53% of borrowers are below 30 years of age. 12% of the borrowers and 16% of the lenders comprised of women customers. Profile studies of lenders on the platform reveal majority were from business backgrounds, CXOs, and salaried individuals.

“Considering only 16% of the lenders on our platform are women, we will work towards creating awareness and reducing the gender gap. Also, the data clearly reveals that the majority of loans are availed for emergency situations. This is the first of its kind data and will help investors to make informed decisions on borrowers through our platform.” said, Bhavin Patel, Founder, and CEO, LenDenClub

Credit: https://bfsi.economictimes.indiatimes.com/news/fintech/emergencies-main-reason-for-borrowings-p2p-patterns-reveal/74335956

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