LoanFront is India’s first peer-to-peer lending marketplace. It allows you to borrow money from your friends and family by posting your loan request on the app. You can get a loan of any amount, with terms ranging from a few weeks to several years.
As the name implies, you don’t need a bank account or credit history to use LoanFront . The company says it will evaluate your creditworthiness for you so that you don’t need to provide any personal details about yourself. Once your loan application has been accepted by the LoanSillors (the lending institutions on LoanFront) as well, it is issued immediately against your request and payment is made directly to your friend or family member as soon as possible.
How To Apply For Loan Front Loan?
First, download the app on your phone. Next, create an account and select a loan amount you’d like to borrow. Then, find someone who would like to lend you the money. You can browse through prospective lenders’ profiles to find the right person for your request. Once you find someone that fits your needs, all you need to do is send them a text message asking them if they can help you out.
Next, follow the steps in the application form and fill out all of the personal information requested. This includes your name, age, gender and occupation as well as your credit score or past loan history with any banks or financial institutions. From there, LoanSiller will have all of this information available for review when reviewing your application for a potential loan. If LoanSiller approves your loan application and decides to lend you money at a rate lower than what was originally requested, then they’ll let it be known via a text message and ask for payment once again using MoneyGram or other methods such as Western Union or PayTM .
Repayment of Loan Front Loan
Once the loan is repaid, you can easily withdraw the funds. This happens automatically when you repay the loan and no additional documents are required from your end. You will be able to withdraw the funds in your bank account or ask for a transfer of money to an external account of your choice.
Interest Rates for Loan Front Loan
Interest rates for Loan Front Loans are much lower than traditional loans. According to the company, your interest rate will be 8% in the first year and 4% in the second year. The company also says that you can choose to have your loan partially or fully repaid at any time after taking a loan.
As of now, there are no fees involved with a Loan Front loan. There is also no limit on how many loans you’re allowed to take out from this platform.
Contacts for Loan Front Borrowers
LoanFront features a “Contact Us” button on the home screen. In order to contact LoanFront, you can either send an email to [email protected] or call 022-400-2000 (Kolkata) or 1800-333-2888 (Mumbai).
– What is the criteria to get a loan?
The LoanSillors evaluate your application. If they think you’re creditworthy, they will issue a loan. They will also consider other factors such as how much money you need and how long it will take till the loan is paid back.
– How do I find out about the interest rate on a particular loan?
LoanSillors usually charge 12.5% charged for one year. But, there are some loans that offer lower or higher interest rates than this, depending on what the lender deems appropriate for your application.
– Can I keep track of my repayment schedule?
You can use LoanFront’s smart payment tracker to stay up to date on your payments at any time from anywhere in the world!