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FAQs

What does P2P lending mean?

Peer-to-peer (P2P) lending is the practice of lending money to unrelated individuals, or "peers", without going through a traditional financial intermediary such as a bank or other traditional financial institution. 

What is QuickCredit.in?

QuickCredit.in is an online peer-to-peer (P2P) marketplace lending platform in India that provides borrowers instant, flexible, short-term cash loans without needing any hectic paperwork and security. We help borrowers avail short-term cash loans in a simple, quick and flexible way. We provide investors a platform to invest in cash loans thereby catering to the needs of the borrowers as well as earning higher returns. 

From a borrower’s perspective, what is the entire process at QuickCredit.in?

  • A Simple One-Time Registration:  The registration is completely online from start to finish. You need to complete this to become an approved borrower.
  • Quick Verification/Approval: We evaluate you based on your Personal - Professional Credibility and your Social Credibility.
  • Instant Fund Transfer: Once you register as a borrower, you can avail cash loans instantly, one click, 24*7 and without needing any further verification, documentation, etc...

Why does QuickCredit.in provide short-term instant money?

People need small, short-term money instantly for temporary situations in their daily life. We have realized that there is an unfilled gap in the market catering to borrowers seeking instant cash loans. And the borrowers are willing to pay premium for simple, quick and flexible service.

How can QuickCredit.in provide short-term cash loans instantly without any hectic paperwork, physical verification and security?

We evaluate you based on your Personal - Professional Credibility and your Social Credibility. Our technology-enabled underwriting algorithm predicts each borrower’s financial ability to repay and personal intention to repay. Therefore, our statistical model predicts defaults with better accuracy.

How does QuickCredit.in evaluate Personal - Professional Credibility and Social Credibility?

  • We validate each borrower’s:
    • Identity
    • Personal Profile
    • Employment Credentials
    • Social Profile
  • Our proprietary underwriting algorithm then predicts each borrower’s:
    • Financial ability to repay
    • Personal intention to repay

Who are the target borrowers for QuickCredit.in?

  • Over 21 years of age
  • An Indian resident
  • Earning (either salaried or self-employed)

What are the documents needed for the one-time borrower registration?

  • Proof of ID (POI): Company ID or Pan Card
  • Proof of Address (POA): Passport or Aadhar Card or Driving License or Voter ID
  • Latest Salary Slip
  • Bank Account Statement for the last six months

How can I apply for loan and when will the loan be credited?

Once you register as a borrower, you can avail cash loans instantly, one click, 24*7 and without needing any further verification, documentation, etc... Login to your account, click ‘APPLY LOAN’, select ‘How much money do you need?’, and click ‘Apply Now’. Once you request a loan, QuickCredit.in team will try its best to transfer money to your bank account instantly.

What is the purpose of the sliders on HOME page, HOW IT WORKS page and ABOUT US page?

The sliders on the HOME page, HOW IT WORKS page and ABOUT US page are for your information regarding how the Interest & Fees varies as the borrowing amount and the repayment date varies.

How does the Interest & Fees work? Is it fixed or variable?

Interest & Fees is calculated on a daily basis and is variable. The maximum repayment period is 30 days. The faster you repay, the lesser is the Interest & Fees. You can login to your account and under ‘Repay Loan’, you can see the outstanding till date. The outstanding gets updated every day. So, you only pay for "what you use". The loans are extremely flexible, there are no hidden costs.

If the Interest & Fees is variable, how can I know the charges upfront?

As mentioned above, the sliders on the HOME page, HOW IT WORKS page and ABOUT US page are for your information regarding how the Interest & Fees varies as the borrowing amount and the repayment date varies. All these charges are mentioned upfront in the sliders and there are no hidden charges.

If there is no concept of a fixed tenure, then why is there a tenure on the ‘APPLY LOAN’ slider?

You need to decide only on ‘How much money do you need’ (‘Amount Borrowing’). ‘How long do you need’ (‘Repayment Date’) is only for your reference with regards to how the Interest & Fees varies as the borrowing amount and the repayment date varies.

When can I repay the loan?

You can repay the loan any time before the maximum repayment due date of 30 days. Since the Interest & Fees is calculated on a daily basis, the faster you repay, the lesser is the Interest & Fees. You can login to your account and under ‘Repay Loan’, you can see the outstanding till date. The outstanding gets updated every day. Hence, we request you to click ‘Repay Loan’ and check the outstanding and accordingly repay. So, you only pay for "what you use".

Are there any pre-closure charges?

No, there aren’t any pre-closure charges. All these charges are mentioned upfront in the sliders and there are no hidden charges.

Can I extend a loan?

No, there isn’t any loan extension.

Is there any part loan repayment?

No, there isn’t any part repayment. But, since the Interest & Fees is calculated on a daily basis, you only pay for "what you use".

Can I apply for multiple loans?

You can apply for multiple loans until your ‘Current Eligibility Limit’ gets exhausted. You can see your ‘Current Eligibility Limit’ once you login to your account under ‘Home’.

How can I repay the loan availed through QuickCredit.in?

To Repay Loan, use Net Banking to transfer funds online to our account or deposit money (including cash handling charges) directly to our account. Please send us the payment receipt to info@quickcredit.in for us to acknowledge and update the loan status. Please add us as your Registered Payee. Below mentioned are the sample steps: Open your bank website (Ex: www.icicibank.com); Login to your Net Banking; Add us as your Registered Payee;

What are the Interest & Fees at QuickCredit.in?

  • Interest & Fees = Processing Fee + Interest + Service Charge
  • Processing Fee =  Rs500 irrespective of borrowing amount & tenure
  • Interest = Amount Borrowing*Rate of Interest*Tenure; Rate of Interest = 1% for 30 days
  • Service Charge = Amount Borrowing*Rate of Service Charge*Tenure
  • Rate of Service Charge = 0.5% for 1 to 5 days; 0.75% for 6 to 10 days; 1% for 11 to 30 days

Why was my membership rejected even after providing all the info?

The possible reasons could be following: Incomplete Profile due to missing/incorrect documents/information; Your profile could not meet our eligibility criteria; You can always reach out to us if you are willing to complete/improve your profile.

How do QuickCredit.in memberships work?

  • Standard Membership: Every borrower is initially registered as a Standard member Maximum Borrowing Amount is Rs20000.
  • Classic Membership: The membership would be upgraded to Classic, if the borrower has availed at least one loan and has not default for six months. Maximum Borrowing Amount is Rs30000.
  • Premium Membership: The membership would be upgraded to Premium, if the borrower has availed at least one loan and has not default for twelve months. Maximum Borrowing Amount is Rs50000.

What is our policy on disclosure/security of borrower’s information, documents and social profile?

The borrower’s identity will not be disclosed on the website to the public and the entire transaction will be processed under confidential environment; unless and until you default the loan availed. We protect your personal information from unauthorized access and use; we use security measures in its implementation by adopting advanced practices prevailing from time to time.

How does QuickCredit.in justify the higher Interest & Fees compared to the market?

People need small, short-term money instantly for temporary situations in their daily life. And there is an unfilled gap in the market catering to borrowers seeking instant cash loans. QuickCredit.in is here to help you with instant money when you need it the most! The borrowers are willing to pay premium for simple, quick and flexible service. We do agree that our annual Interest & Fees is high but you need to acknowledge the fact that our instant cash loan is only for short-term (1-30 days). Comparing our short-term instant cash loans with other loans in the market is not fair. It is a bit like trying to plan a short vacation at a luxury hotel, using the theoretical cost if you were planning to stay all year.

What does QuickCredit.in have to say to the borrowers about short-term instant money?

We are here to help you with instant money when you need it the most! But, do remember that Interest & Fees is calculated on a daily basis, the maximum repayment period is 30 days, there is no part repayment and there is no loan extension. The good thing is you can pay anytime you want to. You only pay for "what you use". The faster you repay, the lesser is the Interest & Fees. So remember all these before you apply as we expect you to adhere to the repayment date. If you are not sure/comfortable with our terms and service, please do not apply in the first place.

What happens if the borrower doesn’t repay the loan within the maximum repayment period of 30 days?  

We would make all possible efforts from our side to recover the loan. First, we would try reaching you via mobile, mail, etc.… post which we would make further attempts to contact you and discuss the situation. We would leverage your social profile by reaching out to all possible contacts and we would initiate all legal procedures to recover the money from the defaulter. Having said that, we will do our best to reach a solution and come to an arrangement. Also, the recovery costs and arrears will add up to all your upfront costs. Finally, your QuickCredit.in trust rating will take a knock and you probably won't be able to borrow from us again. None of these things are worth the risk. So, if you are not sure/comfortable with our terms and service, please do not apply in the first place. 

What is Trust Rating (TR) and how is it calculated?             

Trust Rating (TR) is our assessment of a borrower’s credibility, reliability, trustworthiness… QuickCredit.in Trust Rating (TR) comprises of a borrower’s Personal - Professional Credibility, Social Credibility, Membership, Activity… A borrower’s Trust Rating (TR) keeps updated based on borrower’s interaction with our platform, activity on the platform, loans availed/repaid, membership…

From an investor’s perspective, what is the entire process at QuickCredit.in?

  • Connect/Mutual Discussion
  • Due Diligence
  • Commercial Negotiation
  • Partner Contract

From an investor’s perspective, what’s in it for them?

  • Returns considerably higher than those offered on most of the savings accounts/FDs/bonds/stocks
  • Invest surplus money and earn returns monthly
  • Ease of access to your funds and unprecedented liquidity
  • Re-invest the returns to build/diversify their portfolio
  • Match your risk/reward profile
  • Easy to invest and accessible to all
  • Flexible to invest without any time/limit constraints