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Lendbox

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4.1

Summary

Lendbox
Swaroop L@swaroopsci
Sep 20, 2018 04:49 PM, 1282 Views

Lendbox Cares

Lendbox is working closely with MouthShut.com to enhance customer satisfaction.

A big NO to LendBox p2p platform

Lendbox is worst P2p platform.Initially they give you all sort of assurances but once you lend money then its better you forget your money and this platform(Lendbox) and start thinking of your future in other platform(roadside) if you still get addicted and continue investing here.


LendBox gives recovery assitance but to the best of my experience is that they just sit in office and try calling the defaulted borrower and finally update the comments as "Number does not exist".Fact is Lendbox doesnt initiate any recovery as its a loss for the company.


Compared to other p2p sites I have seen Lendbox having greater default rate as the borrower profiles are not validated as per the standard protocol and if they reject any borrower profile its a loss for them as they lose the processing fee.


I had come accross a borrower profile which was rejected by other p2p lending platform(Lendenclub) but the profile was accepted by Lendbox and to no surprise the borrower defaulted and there were no signs of recovery since the details furnished was not verified by Lendbox.


And to speak about the support team of Lendbox, If you call them once and raise the issue you will get the response as "we are trying". The day you ask whats the effort they have put in recovery the next moment your number is blacklisted(Never answered)


About the website, it is outdated website where you still have to depend on your computer excelsheet to keep track of investments since you cannot find history here and even you have to do your calculations outside this site as there is very minimal info ab


So investors kind advise, there are lot other ways you can think of making profits or may be other better p2p platforms where these losses can be avoided as they have different strategies to overcome these defaults . But LendBox I would say a big no for investing.

Issue Resolved
(0)
Hello sir, we really regret that you had such experience. P2P lending falling under credit risk is subject to default, a proper diversification across different risk categories would help you earn greater risk adjusted returns. Once an NPA becomes irresponsive of our in-house collection team and recovery efforts, a legal filing takes place. Legal procedures can be really long depending on the co-operation of borrower. Lendbox has greatly evolved since 2018, we now have multiple low and even near zero risk investment products that have helped our investors diversify even better while earning better returns from similar mainstream investment channels. Please reach out to your wealth manager to know more about it.
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