Lendingkart — Mismanaged company that's causing me great problems

Address:	Hyderabad, Andhra Pradesh, 500033
Website:	www.lendingkart.con

Lendingkart is a highly mismanaged, insincere company that promises the moon and delivers nothing!
They say your loan will be disbursed within 48 hours, they say no collateral is required, they say no documents are required. That's all a lie!!
But most importantly, they will keep payments released to you from marketplaces such as snapdeal and Flipkart as collateral. Although they had promised me that these amounts will be rerouted to my back account the same day, I have been waiting for 3 payments from them since the last 6 days!!! Hence, a significant portion of my working capital is stuck with them. If my working capital is blocked like that, what was the point of taking a loan?
Last but not least, they charge interest at fixed rate - meaning that even if you are paying off a part of the principal in the EMI for a month, interest will still be charged on it. That is ridiculous because all banks and NBFCs charge reducing rate of interest since you're paying EMIs each month. Because of that the interest rate works out to be much, much higher. This is something they did not disclose in the beginning.

I've had a very bad experience with them from the very start. I had to approach them since I needed working capital immediately and they said they can provide it within 48 hours. However, they took 10 days to disburse the amount!!! I could've easily gotten the loan from a bank in that time period and at a much lower interest rate.
Secondly, they said only bank statements and company PAN card needs to be given, but later they asked for umpteen number of other documents that took more time.

I wouldn't advise anyone to go with them unless they want to pay higher interest and have their working capital blocked for long periods of time. I have been contacting them from the last 6 days about the payment amounts from snapdeal not being credited to my account, but I am yet to get any update. They've stopped answering my calls now.

VERY VERY DISAPPOINTED AND ANGRY!! I'm wondering whether I should take legal action against them.