[Resolved]  Faircent.com — Pathetic service - scam for lenders

They helped me by introducing my case to many lenders and finally 3 lenders contributed to lend me whole money of 1 lacs

Hi, I am Umair Sheikh I work in a bank. My take home salary is 3 lacs. Due to non it background, I incurred and debt of Rs. 1 lacs with credit card company. After much struggle and failure with banks for this debt consolidation, my friend dear friend shiju explained me peer to peer lending conceptin India and suggested Faircent, the best P2P lending portal in India. Based on my cibil and credit analysis by them, I got my application of loan registered in their portal. They helped me by introducing my case to many lenders and finally 3 lenders contributed to lend me whole money of 1 lacs. Now I am very happy and cautious about debts. Through easy emi scheme, I am returning back my loan.

Pathetic service for lenders

Hi Jagdhir,

At the outset, we at Faircent would like to say that we sincerely empathise with you. While we had attempted to address queries/complaints raised by you earlier on other social platforms, our endeavour yet again is to resolve them transparently.

We would like to assure you Faircent has utmost respect and value for its customers and would like to outline the following facts:

a) Faircent is a mature new-age financial instrument for discerning investors like you. It is for those who can go beyond conventional wisdom and traditional routes of investment to make independent and well-judged risk assessments. We at Faircent, seek to “facilitate” convenient lending opportunities for everyone. Faircent does not take any deposits from either the borrower or lender. Faircent does not guarantee any returns to any of the lenders on the platform and categorically states the liability lies with lenders.

b) We at Faircent have a credit underwriting team which risk assesses the borrowers as per our own credit rating model which is more or less similar to a model being used by a bank or an nbfc. But the biggest differentiating factor between the banks/nbfc and us is that we leverage on our technology integrations with companies like Transunion and Yodlee to risk assess a profile. So we make use of technology to risk assess a profile and then list a profile under a particular risk category rather than doing it manually. The due diligence and risk assessment process are the same for each and every profile hence the risk associated with it is also the same. The reason of sharing the complete details of borrowers in a lucid and transparent manner is to enable our lenders/investors to take a well-informed decision on their investments.
The details that we mention are as under :

i. Personal details---Single/married, own/parental/rented house, no. of dependants
ii. Salaried or self-employed, name of the company, tenure
iii. Financial details—Income, details on bank balances (avg and monthly)
iv. Credit History---No of loans, credit cards, cheque bounces, expenses
v. Strengths and Weakness of a profile

c) We always advise our lenders to diversify their portfolio i.e. to invest small amounts in large number id borrowers & in each risk bucket. This way one can hedge the risk and enjoy good returns.

d) On collection front, we follow a recovery process which is in line with the best practices prescribed by RBI where we call, mail, sms the borrowers. Additionally, in case of no response from the borrower’s end, we also send out legal notice covering section 138(Criminal Offence) through a lawyer. However, we have categorically mentioned that we only facilitate the entire agreement and in case there’s a default the lender needs to file a case against the borrower as the agreement is between the lender & borrower. It totally depends on the lender whether or not to go ahead with legal option to recover the amount lent to a borrower. All the details on default and recovery are also given on our website for everyone’s understanding and consumption.

e) The concept of Faircent is more like investing, as you are risking money and the returns typically depend on the risk taken. Today, we have a host of lenders who earn good, steady returns from their investment decisions and negotiations with their borrowers. Again, it is really unfortunate that the borrowers that you have identified and negotiated with have defaulted.

f) Let me assure you of our best efforts in actively following up with the borrowers in question for the recovery of your money. As advised it would help greatly if you could file a case against the parties in question as you are the beneficiary and the affected party.

Regards,
Faircent

Really I empathize with Mr. Jagdhir

Very Fake Company...Please Any Transaction Carefully...You Are Own Responsible...

@Jagdhir - did you get your money back? what happen to other lenders invested on this default loan? did faircent inform anything about this? In my opinion, p2p india will survive only if they have robust mechanism to recover loans. They need to work with lenders in legal process also.

Defaults may happen. However, p2p platforms should be with investor till legal process complete in case of default loans. The say they have legal team. I don't understand why they can not initiate legal proceeds on behalf of investor? They simply cannot leave investor like that.

In my opinion, without investor, there is no p2p. P2P can and will survive only if investor/lender is happy.

I think P2P lending is unsecured business and when default happens, platform says it's unfortunate and give false assurance to investors. Ultimately, it is the people hard earned money at risk and his people must refrain from falling in such traps. Better invest in mutual funds via SIP than P2P products. In India, people don't have character and have seen people defaulting at P2P platforms as no reporting happens to Credit Bureau like Cibil, Equifax etc.

These guys collect registration fee and give silly reasons to provide loan for borrowers.
My net take home was 145000 and my current emis are just 44000
but still they feel I have exhausted my limit so they cant give loan at this time which clearly tells what the faircent goal to earn income through processing fee..

I want to thank you Faircent.com and your staff for all you've done for me and my family to help us get into our new scooter. I was reluctant at first because I never physically met you, but you have made me a believer and you've earned me as a loyal customer

High risk.There is an inherent incentive to scam the system as lenders cannot fight case for small amounts. Faulty lending model.Already had first default. Incase of defaults, the companies will fail as word of mouth travels fast.

I had applied for a loan did the registration. Stil it shows that my account hasn't been verified, I paid the registration fees aswell, I emailed them the same still no response from them.

It is also very dangerous that, instead of trying to address the complaint they are sending in fake army of five star givers to fool people into believing they are great.

This is Valabojuvasudevarao I have take loan
10th emi due time .but amount not dedect my account.in 10th amount was saficient in my account still now .neither amount dedect my account or give us bank details give us. I will send

People having a hard time borrowing from banks, greatly with a bad score, approaches P2P and say they follow an unconventional way of assessing borrowers profile however they share your profile with various lenders (individual as well as Financial institution) and most of the times to third-party financial institution who then raise a hard inquiry in your Cibil and decide based on the score.
So, the idea of approaching a P2P is a total waste if they follow the similar method.
So, please read their full T&C before loading your profile on their site, your data privacy might be at stake. The data is being circulated to various financial institution without your consent and knowledge.

This is good only for the borrowers. They can easily fly away leaving investors in lurch and Faircent will just watch tamasha later on. They beg investors for investment but when it comes to recovery they escape. Investors beaware IT IS GOOD ONLY FOR BORROWERS and be ready to lose huge money. My 25% of investments are turning bad and All that faircent can do is just make fake calls and update the status. You are putting money in black hole. I have more than 30 borrowers turned as defaulters. For small investors this is going to be huge. There are so many fake borrowers.

I took a loan from Faircent Finance" of 1 lac with 22% interest loan no-[protected], i have made this bec of my bad situation and slowly and rapidly i have paid all my EMIs recently.But still they are not closed and sent my NOC, still they are showing some amount of Rs.1299. I ask for what purpose they are charging this amount, they say this is the collection charge.for what??? no reply..again and again they are sending emails and calls for this amount.And already i have made more than Rs 5000, extra for one EMI late payment and i have showed them all my EMI transactions and they put this extra amount knowingly that i am not going to telly this amount.
This is really illegal without any reason they are trying to charge extra amount, SHAME on you FAIRCENT, UNTRUSTWORTHY, CHEATER, FOOL $ LOOTING CUSTOMERS just for their benefit.
So i request all govt. forums and Non Govt. organisations to take strong action against them immediately to stop illegal system in faircent.