So what they'll do, next day withdrawal?
P2P Lending works like this.
If the borrower doesn't pay the investor will not get money.
i2iFunding is one of the initial companies that started P2P Lending and they still operate correctly. I
These VC funded companies like Liquiloans changed that by saying that return is guaranteed which is not the case. This might be become a Ponzi scheme when borrowers doesn't pay back.
the platforms can't allow anytime withdrawal
P2P lending platforms like CRED mint and Mobikwik Xtra? Unregulated, vicious cash traps. RBI sambhalo, please! Now, aren't you concerned about your investment risks?
Doesn't this affect the investors rather and actually benefit the lending platforms? Or maybe I'm misunderstanding how stopping instant withdrawals equals to self-regulation?
Ideally P2P lending platforms should not offer anytime withdrawal option. But, most of them offer. RBI commented recently that such practices are incorrect. So, these platforms seem to be self regulating to avoid any regulatory interference.
So, If any investor parked their liquid money here, they should reconsider it now.
So guys I have 4 lac in 12 percbetage club.
Now withdrawal takes 2 days. Should I remove it and wait what happens in this space
It’s an another red flag!
A mask of “self-regulation” before RBI send them back home packing.
I have put lots of my liquid money into P2P lending and get 1k daily from cred mint, mobikwik xtra and 12%.
Reason- My bank pays interest which hardly can beat inflation.
Question - Where should I park my liquid money ?
PS - Markets ...
RBI cracking down on P2P credit card payments. Do you think the move was justified?
