They give you all sort of assurances till you lend.
Once lending is done, you are no one.
You are damn lucky to even if you could recover your capital let aside interest from the borrower.
I lost 25K given a borrower listed as a government employee. All sorts of background checks, salary slip checks, address checks, etc etc were claimed by the lend box.in done.
So, being greedy(let us be true), though with doubt I had lend 25K to a person name M Durga Prasad.
I was asked to transfer fund on March 25, 2016, & after a manual agreement etc and keeping aside all my apprehensions aside after talking numerous times to the Lendbox.in I decided and transferred 25K on April 12, 2016, to borrowers account.
First Month EMI was paid late by the borrower, find the second month was paid after 3 months after a lot of followups.
That’s the last amount I received from the borrower.
So 25K Invested and received mere 3K back and rest all gone.
OK, fine a bad borrower. But where it feels hurt and felt cheated is by lendbox.in
Other than keeping few nicely worded emails and assurances that borrower had asked for time to repay due to some difficulties, Literally they washed off their hands.
They seem to be very good at it, washing off. No recovery agent, No lawyer, Nothing.
They drag it soo long that you will get frustrated and leave it. They seem very experienced at it.
So, when you get frustrated and ask questions, they will ask you to go to police station give complaint on the borrower and then go to a lawyer and file a case on borrower etc.
They simply wash their hands off. very convenient.
So they clearly know for a 5k, 10K, 15K, 20, 25K etc no one will take so much pain of going to police and lawyer and all sorts which may eventually be costing more than actual money one can recover if at all.
So, they keep dragging the issue with all such advice and etc till the time you forget and leave it.
In this case, lendbox.in though failed to give any kind of service had got its chunk of money by fees and commission from lender and borrower and simply washes off responsibility,
Genuinely the guys had no intent of recovering the money from the borrower.
Amount Transferred in April 2016. Now it’s June 2018.
SO JUST WANT TO LET YOU KNOW HOW PATIENT I WAS
STILL NO RESOLUTION
SO PLEASE MY GOOD ADVICE. NEVER EVER LEND THROUGH LENDBOX.IN
Never believe in the assurances and checks and badges they show on borrowers profile.