Financial technology startup P2Vest offers distinctive financial products like loans. P2Vest has expanded its peer-to-peer lending business, which connects verified lenders and qualified borrowers so they can fulfill their credit needs, by launching an insurance product that stands apart in the fintech industry.
Simply explained, P2vest is an insurance aggregator that establishes an online marketplace for insurance services where users can evaluate offers from various insurance firms. Users can acquire loans directly from lenders, greatly reducing the time-consuming procedure of traditional financing.
Their most recent offering, Insurance Parasol, provides a wide array of reliable insurance service options on the app. They combine these insurance services so that customers can purchase, receive instant certificates, and be covered.
To choose the right insurance package, users can quickly recognize the distinctive features of each policy. African customers can utilize our P2P loan services to effortlessly borrow or lend money while maintaining the utmost security and respect for users’ privacy.
All loans must typically be evaluated, and if they have a minimum credit score of 50%, they will be given to a guarantor for approval before being sent to lenders on the platform. Additionally, lenders can send money on p2Vest for browsers. They receive the money, and P2Vest deducts a 30% platform fee from the interest received.
How to apply for P2Vest loans
The customer has the option to select the loan tenor, which might range from 60 to 180 days. A loan could have a monthly payment as low as 2% or as high as 20%. An Annual Percentage Rate (APR) of between 24% and 48% could result from this.
- Create a profile.
- Specify your loan preferences.
- Apply for a Loan
- You will receive a credit score when you apply for a loan.
- Directly deposit your loan into your bank account.
- As soon as your KYC is complete, raise your loan limit.
Your ability to obtain loans on their platform depends on the Tiers you choose when you sign up. Your Bank Verification Number (BVN) is used during onboarding to sign you up for Tier 1, which entitles you to a loan of N5,000.00.
You can advance to Tier 2 and borrow up to N10,000 if you repay the loan and upload a verified identity card and you register for address verification (which costs N1,000 one time), you are promoted to Tier 3, where you can borrow up to N100,000.
Terms for repayment of the loan
You have the ability to select payback periods for up to 180 days based on the size of the loan for which you are qualified. You can select the ideal loan term with p2Vest based on your demands.
Making Insurance Claims on P2Vest, You can use the P2Vest App to submit claims for any insurance policies you purchased through Insurance Parasol. You may keep track of the claim status until you are paid, and it is smooth.
They consider a number of indications, including your credit score, historical loan performance, etc. while processing your loan request to determine eligibility and share with eligible lenders on the app for funding.
They demand that loan applications be filled out accurately because providing false information could cause your loan request to be delayed or result in the blacklisting of your profile. You could be exposed to the authorities if you commit fraud.
P2Vest offers variable interest rates that are determined by credit scores. Their primary product is microcredits, which have values between N5,000 and N100,000. You must have reached the age of 18 at your most recent birthday in order to be eligible for a loan.