Faircent
For Lenders:
The Faircent App offers lenders a unique alternative investment opportunity to lend money directly to pre-verified borrowers and earn upto 26% p.a. returns on their investment.
Using the Faircent App Lenders can:
• Sign up as a Lender
• Review borrowers’ profile and send proposals
• Earn returns on your investments
• Strike a deal on their own, without any intervention from our end
• Get transactional updates
For Borrowers:
The Faircent App offers borrowers cheaper and faster access to personal loans. It uses a tech-enabled, underwriting mechanism that does not depend solely on traditional tools like credit score but uses more than 120 parameters across 400 data points – social, financial and personal to evaluate credit-worthiness.
Using the Faircent App Borrowers can:
• Sign up as a Borrower, get verified and get their personal loan requirement listed on Faircent.com
• Get personal loans at interest rates up to 2% to 4% lower than banks
• Online, tech-enabled transactions for easy disbursement and EMI repayments
• Strike a deal on their own, without any intervention from Faircent.
Payments involved:
-> Lenders need to make an upfront payment starting at Rs. 500/
- (for investments upto Rs.50,000/-) at the time of registration. This is a non-refundable one-time payment. There is no other fees or interest payable by the lender.-> Borrowers need to make an upfront non-refundable payment of Rs. 500/
- at the time of registration which is adjustable against processing fees (2%-4% of the loan amount) payable at the time of loan disbursement. -> The payment is to facilitate back-end processes like social, financial and personal verification and document check etc.-> It is also used to formulate the legal agreement & documentation with the borrowers before loan disbursal.
Steps to register:
1. Click on sign-up2. Fill your basic details3. Pay registration fees (Through any convenient online payment methods like credit cards, net banking etc)4. For lenders, our support team verifies your details and gets back to you within 12-24 hrs. After verification and approval, you can log into your Faircent account and start lending.5. Borrowers need to upload the required documents post which our support team will verify your details and get back to you within 2-3 working days. After verification and approval, your loan requirement will be listed on our website and lenders can start making offer to fund your requirement.
*Faircent practices transparency and they have no hidden costs and don't take margins from interests decided mutually between the borrower and lender. Please visit https://www.faircent.com for more information.
Category : Finance
Reviews (29)
Very bad experience.1 after Submitting all documents and make call many times after that app showing your documents is not sufficient and asking same documents many more time. But your application still not approved. 2 not get any support from Customer care Number. 3 after submitting all documents in app they will asked same documents in WhatsApp no. I don't know that they are doing with our documents. But after submitting documents get many calls from other companies. But they are all rubbish.
Lost money. They pitched as if no-one can lose money, but there are so many defaulters in my portfolio who started defaulting from the 2nd 3rd EMI and never repaid the money. On top on that faircent will keep deducting it's commision as if nothing has happened, what's the commission for if they cannot even recover the money. It's been almost 3 years and I haven't even got my principal recovered yet. It's pathetic, don't ever make a mistake of investing with them.
Unable to login atleast... The otp was never sent... When I try to check my payments the very first step login was failed itself... I don't know how can someone clear their loan amount without even get login
Overall the app is useful. Few improvements can be done. It seems the app or some service keeps running in background and every now and then android gives a prompt to kill the app. The notifications are not of much use, once its opened there is nothing else to read or know. It feels like a broken functionality.
Not yet everything I can say resolved but yeah payment thing resolved after my credit score updation on cibil, crif, Experian, highmark and other bureaus will be corrected that time i will give the app 5 star right now putting 3 star from 1 star
A decent app with the features almost on par with the full site version. The Faircent platform itself can be a bit frustrating, with a few key filters and information missing. The autoinvest feature also needs to be more intuitive. I still haven't figured out a way to make it work.
My experience with the app so far has been good. I would suggest to include processing fee charged by Faircent for investors to analyse total cost of investment on this venture. Recently, ive been facing issues to recharge escrow account through app. On choosing the submit option for recharge, the app automatically restarts and this issue has been there for the last one month. I had to login through browser to complete recharge.
As a lender, i am unable to upload pan, aadhaar and cancelled cheque in jpg format. I converted them to pdf, i get error while uploading it also. Kindly withdraw my request and delete my details and confirm.
I don't know how the hell does this app even work.....they tell you that you are eligible & your credit score is perfect & literally force you to submit the documents saying that you are eligible for sure....they even take the fees & suddenly reject the loan. Moreover, the executives only know to call for getting the documents & processing fee....but for any query or service, they ask to call back but never call back. Disgusting experience.....I was referred by one of my colleagues but very bad
The app and user experience are very good. There are some minor changes can make it excellent: 1. The font colours are often light. On a colour background it becomes very difficult to read the letters. Please change the font colours to darker shades. 2. The message section needs to be streamlined and corrected. 3. The reports and enquiries should have drill-down facility. Thank you
The overall look and feel of the app is good. Performance wise also I have not faced any issues till now and all the options works as they work on website. One suggestion is I would like to be able to check the EMI reconciliation file in mobile app also, so that I can check the status of repayments on the go without needing my system.
Best place for a person to learn, grow and earn. Wonderful experience working herr.Healthy competition really bring out the best in an employee. Managemeny is very supportive and also good learning platform who want to build their career in recruitments.
It was working fine till yesterday. Something wrong with the app as it has stopped working. Reinstalling also does not help. I am sure the engineers mus have fingured the app without any notice to the customers. Erratic behaviour again today 12 February 2021. During the process of investing the application just goes off. Tried uninstalling and reinstalling. Same behaviour. Fed up.
Worst app ever seen. Reason 1. Forgot password link send you an email which takes to payment page directly. Whereas in other' websites. When you opt for forgot password, they take you to a page where you can reset new password without any hassle. 2. I am not able to reset my password since three days. 3. App version is entirely different from web version. 4. App version is charging a huge amount where as when you add money via Paytm and then net banking then it charge only extra ten rupees.
Good App! My suggestion would be to increase the speed of transition from one screen to Another. keeps loading forever. Also bookmarks done on App does not appear on desktop!
Loan collection activity is worst. EMI pending Since 2 years. Don't go with this app. I lost money
I don't get OTP to mobile while doing registration. Tried many times but same result.
It's very wrost app I request for loan foreclosure on 11may 2022 and company gave 48 hours to close loan but my loan is not foreclosure till date and I request four time for foreclosure my loan via customer helpline. Or email id but not working it's very wrost app it's interst is very high and process fess is very high its first emi showing 5806 but amount debited from account is 7506 I am very troubling but this app employs not listening or not replaying
Most irritating app. Mobile OTP is not receiving. Is this app working or not?
My loan application is not passed.. And cancelled.. No loan disbursed in bank.. But ot shows in cibil.where i can complaint it.
Why i have to pay to get a loan ? I have money crisis as so i want to borrow then how can i pay the fees ? Your membership planning is very well to take money from the borrower. I am not interested to pay any fees in advance. If you are a reliable lender then cut out the money from loan amount and disburse the rest amount.There have no option to delete my account. So i request you to delete my account from your end. I can't stay no longer with your apps.
I have applied a loan through faircent. As a procedure I have submitted all the required documents and also paid the registration fee of rs 500. After that there is no update from faircent. Chased few times but not even bother to reply. when you ask for status they will send one statndard email like plesse send the following documents even though you have submitted all the relevant documents. Before go with this, please think twice. I personally recommend not to use this app.
I applied for personal loan and I remember getting a call from your customer service support and sending me a link where I could send the required documents but now I have lost all data...and not able to send the documents. And when I try to apply again it says this information already exists in our database.kindly help me. I will increase the star ratings once I get the loan.
Hi, I never took any loan from your app fairassests tech but 3 loan accts showing active in my credit history and due why please correct it
I really understand but at time of filling the form. It was not mention that there will be processing fee of 500/-rs. When submited the form and after 3 or 4 calls. The agent asked for the fee. And I was helpless bocs my application was in the mid way.... If you want to charge anything from kindly clearly mention in the beginning ...
For some reason, this app picks up wrong details in the agreement between lender and borrower. I flagged 2 issues, one where my wife was shown as my father in the agreement (later rectified) and other the wrong DOB details of my wife. The system doesn't behave the way it should, in picking up details while formulating agreement.
When I open the app showing message "Something went wrong. Please try again". Everytime application will be crashed. I sent log also. Why this type of problems are occur. Now I am helpless.
Very worst customer support in response. Paid my emi and send a payment screenshot mail to collection team and backend support team... Still they not updated in their system then what the hell they are working. Very worst experience and doesn't refer qny of them to this app. Showing me bouncing charges with penality. Damn worst.... Underated app not even to give half star ratings
ATTENTION LENDERS/INVESTORS If you want to lose your hard earned money invest in Faircent. They will be just sending email to collect delayed emi, even after a delay of more than 7 months. Worst collection activity. No hope of getting back money (even the principal amount). Regretting for wasting more than 2 year of time. App don't show most of the update also.