Fairassets Technologies Complaints & Reviews

Dec 05, 2016

Fairassets Technologies Customer Care's response Dear Mr. Kawraa,

Greetings from Faircent.com!

On November 26, 2016 our sales executive spoke to you. As you are aware, all sales call are recorded by us for internal quality control purpose. The total call duration was 6 mins 12 seconds and was primarily in Hindi. The executive clearly explained the step-by-step process and that the registration fees of Rs. 500/- is non-refundable but adjustable against the loan processing fees, if disbursed. You are welcome to visit our office to hear the recording.

Also, our website clearly mentions (you can click here https://www.faircent.com/interest-rates-and-fees ) that registration fees is non-refundable. Our business ethos is complete transparency and our Refund Policy is clearly visible on the main Borrowers page.

Please note that our credit team carefully assess each and every borrower profile before listing. This registration fees goes towards covering the cost, time and effort involved in ensuring that each borrower profile is carefully evaluated and timely listed to ensure maximum value to our borrowers and lenders. The listing fees gets adjusted towards the final processing fees if the borrower is funded on our portal.

Faircent.com provides a complimentary e-book (worth Rs. 600/-) to all applicants rejected due to credit profile not matching our criteria. The e-book provides suggestions on how a loan seeker can improve his/her credit profile which will help in future acceptance of the loan application. The same was also emailed to your registered email address and we hope you find it useful.

For any further queries, please feel free to contact us on[protected] or write to us directly at [protected]@faircent.com and we will revert immediately.

Thanking you,

Regards
Team Faircent.com

Nov 30, 2015

Fairassets Technologies Customer Care's response Dear Mr. Jagdhir, At the outset, we 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 portals, 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. Best Regards, Team Faircent