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According to my Instagram survey, around 72% of you didn't get your money back.
In banking terminology, this means that the money lent has become NPA.
️ Tag these friends in the comments section below to let them know they are an NPA.
️My suggestion – Don’t lend money to friends, especially if they are close friends. If you do, assume it's gone and don't ask. You don't want money to be the reason you break up your friendship.
Money is important but not more important than your relationships
Naturally, most of us are not comfortable lending money to strangers at 0% interest.
I mean… why would you?
What if you get an interest rate of 9-12%. This kind of feedback crosses into jiggle territory.
Usually banks do this on your behalf. They take your money from a savings account and give it to companies. They charge the company 12%, give you 4% and keep the rest. They guarantee that your money will never be lost and even insure you up to 5 lakhs.
What if you want to lend it yourself?
This is what P2P lending (Peer to Peer lending) is for.
Now you're the one taking all the risks. There is no insurance. But the returns are juicy.
This falls under the realm of alternative investment assets. Other investment options in this asset class are crypto, leasing, venture capital, venture debt, etc.
This asset class can represent up to 10-15% of your portfolio because it is mostly decoupled from stock market returns and acts as a hedge.
Some of the Indian companies offering P2P lending are: Cred Mint, BharatPe, RupeeCircle, LenDenClub and Finzy.
️Have you invested in P2P loans? Leave me in the comments section below with your experience (both good and bad)
Let's help each other know which platforms to avoid and what to trust, since it's relatively new.
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#financewithsharan #bank #fd #savemoney #moneytalks #financetips #personalfinance #moneytips
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