Faircent.com is the online home of Faircent, a peer-to-peer lending market available in the country of India that describes themselves as one of the most innovative financial products of recent times.
How Does It Work?
This company says that they provide a virtual market place where borrowers and lenders can interact directly with each other without having to through financial intermediaries like banks, who often dictate all the terms for both their borrowers and their lenders.
But because banks have massive overhead, thousands of employees, and hundreds of branches to maintain, they must make large margins on all the money they process and handle. Faircent, on the other, provides a small, efficient lender-to-borrower system that eliminates the high margins and keeps all costs at a minimum.
To get started you must register on Faircent as either a borrower or a lender. Their website will then use their automated system to take your specific information – whether you are a borrower or lender – and will find the right loan period, loan amount, and loan interest rate for your needs.
Not every borrower or lender will work one-on-one with another member of this website. Sometimes depending on what customers are hoping to borrow or lend their must be multiple loans made in between a variety of members. Faircent facilitates all of this for their members.
As mentioned above this company has a computer based algorithm that is able to generate the loan terms, interest rates, and payments for each of their borrowers and then matches them with a lender that is right for their needs. Because each borrower’s and lender’s circumstances will be different, these terms and details will be different as well.
In addition this website does charge both their borrowers and lenders a registration fee for becoming a member of their website. This fee is necessary in order to cover the small administration costs of this website.
This website actually offers very confusing information regarding refunds and cancellations at this time. Their website does say that any customers who must cancel their services due to unavoidable reasons will need to notify the company in writing by email. The website then says that cancellation charges will be assessed to the customer, and that these charges were clearly explained in a grid published on their Terms & Conditions page.
Unfortunately, when customers actually go to their Terms and Conditions page, there is no grid, and there is no further information regarding cancellations, charges, or refunds of any kind, making it impossible to know what customers should expect if they attempt to cancel a loan.
Concerned customers will want to contact their Customer Service team in advance to see if they can get a copy of or more information on these cancellation and refund policies, if they exist.
Customer Service Contact Info
Customers who have questions, concerns, or complaints they would like to direct to their Customer Service team can contact them by phone at 0120-4659902, by email at [email protected], or by submitting them directly to their website through their Contact Us link.
Unfortunately this company appears to receive almost no reviews at this time, potentially because they are a new company and they are only available in India at this time. There are obvious concerns about this company, however, specifically having to do with the fact that their company does say that they offer a Cancellation Policy in their Terms & Conditions that does not actually exist.
This is not only frustrating for customers who are hoping to find this missing information, but it is also a sign of a company that is not doing a great job of making sure all their details are in order, which is obviously incredibly important for a financial institution.
Customers who are interested in working with this company but wish to have this information provided before they begin should contact their Customer Service team to see what kind of information they may have regarding refunds and cancellations.
Competitors and Alternatives?
Peer-to-peer lending has actually gotten much more popular in the last few years and many of these websites and services are available in countries around the world. To find the right service to meet your needs, customers will want to find what services are available in their country of residence and then take the time to do the necessary due diligence on those sites before you agree to do business with them.
If you have any experience with this company or their products, please leave your Faircent reviews below.