The problem you told us about
Lending on the platform earlier meant you had to keep checking regularly. You had to log in, see if a good borrower opportunity was available, and then transfer the money yourself. If you missed the opportunity, your money would just sit idle instead of earning returns.
Many lenders wanted to lend more regularly but did not always have the time to keep checking the app. They needed a simple way to stay in control of every lending decision, without the hassle of logging in and transferring money every time.
What's changed
You now just need to set up a one-time mandate by choosing an amount between ₹50k, ₹1 lakh, ₹1.5 lakh, and ₹2 lakh. The default amount is ₹50k. This is securely authorised through your bank using your debit card or net banking. After this, the system takes care of finding lending opportunities for you.
- You can now receive suitable borrower opportunities directly on WhatsApp, without checking the app again and again.
- You can approve lending with a quick OTP verification instead of manually transferring money every time.
- As borrowers repay, your lending limit can automatically become available again, so your money keeps getting opportunities to earn.
Why is this important
Money that is sitting idle does not earn anything. This mandate helps your money get deployed faster into lending opportunities that are already matched and selected for you, while you still stay in control of every decision.
One important thing to remember: once you approve a set of loans, the debit is confirmed and cannot be reversed. This is intentional. It is your money, and the final decision should happen only when you are completely sure.
Where to find it
Go to Banking and Mandate in the app to set up or deactivate your mandate anytime.
Did you notice something that does not look right, or have a suggestion to make this better? Share your feedback with us at care@1financep2p.com.
1 Finance P2P Private Limited is an RBI registered NBFC-P2P. P2P lending is subject to risk of borrower default; principal is not assured. This update describes platform functionality and is not final.
Jaspal Singh
Jaspal is a Product Manager at 1 Finance P2P with 4+ years of experience in finance. He brings his experience in financial products and market trends to create clear and insightful content for readers.