To mitigate late or delinquent payments, we take the following measures:
- The identity of each borrower is verified when they request a loan
- Borrower's need to have at least one bank account connected to their Lenme account at all times from which we automatically withdraw owed payments
In the event of a late payment, the borrower will be charged $12 late payment fee one day after the due date. The late payment fee includes $6 to be paid to the investor plus $6 loan admin fee will be paid to Lenme. We will attempt to withdraw the owed amount every day for 7 days. If a payment is not received within 7 days, we will send the owed payment to collections on the investor's behalf where they will be able to collect most of it. Payments for the balance of the loan will resume.
Like many other investments, we understand that there is an element of risk involved with lending money to someone which is why we provide the borrower's credit report to help investors make an informed decision based on their comfort level.
once borrower default on loan how you send this to collection there is no clarity on that & how you inform to investor about when & how he will be getting his money back after borrower has defaulted on loan
I also think that you guys should be updating the investor on what's happening with their money. My first time trying this out the borrower has already defaulted, and I have no idea what lenme is doing about it or how long for any resolution. Had I known all that s before, I would've invested my money elsewhere.
What collection agency is used by lenme?
Any update on the Information investor about their defaulted loans from borrower ?
what is typical timeline that investor can expect to recover their money ? 6 month-1 year ?
is there any plan to update investor about in what stage their defaulted loan is in ?
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