I have invested with lendbox for the past 1 year. I work in Recovery Profile for IDBI Bank. I have experience of sourcing, sanctioning and recovery process of Credit Facilities even of smaller values like Rs.20, 000 given as KCC/JLG/SHG and higher value of MSMEs like 20 Crore.
Lendbox is one of the worst form of model as lender & recovery professional in action to trust your hard earned money with. They source loans through digital channels and other lending partner, without conducting proper due diligence, basically their relationship manager will reach out to you with a convincing lustful pitch of 30% return and convert the unsecured advances to a secured assuring pitch by claiming that “security cheques" are deposited, KYC, suit filing, robust legal team, collection agencies etc…
Practicality the RM has no idea of the quality of loans available in the portal and recovery actions. Incomplete KYC (borrowers go missing), inadequate collection process (they wait out for your mail to collect EMIs), Non compliance of tagging of defaulters as SMA & NPA as per IRAC norms. No recovery action in the form of basic action such as “Loan Recall Notice” or “Money Suit" filing in the Civil Court or action “U/S 138 of Negotiable Instruments Act" for security cheque bounce which attracts arrest warrants or FIR in the local police station for incorrect KYC with the intention tl defraud public money/wiful defaulter. This are the basic recovery actions under RBI guidelines. They lack the basic judgement of it even.
I didn't got back my principal money even. My return in portfolio is 56.615% of my principal amount.
It's just sheer negligence on the act of lendbox with public money. There are money who lost their money with P2P platforms kindly aware others of the risk such platforms carry and how their negligence can cost you your hard earned and there is zero accountability on their part.
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