Nov 19, 2021 11:09 AM
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(Updated Jan 23, 2023 03:34 PM)
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I started investing in micro loans with few thousands. I saw plenty of defaulters and my principal got eroded. Borrower may be lucky as they need not repay and enjoy. I suspect lending to insiders to loot. If default is very high, why they keep this investment platform open. I invested in Gripinvest, never faced default. They don't promise such high returns.
After this review, no single rupee was credited to my account form the borrowers. This confirms that it is not real lending but real cheating
Simple -“ Invest to loose, borrow to become rich". I invested around Rs40, 000/ got back only Rs27, 000/ ( lucky enough to get back this much).
Appropriately I call it or rename it “CHEAT BOX".
No guarantee for investor. Looks they are lending personal loan to insiders (high return catagory). Also I have a feeling that they share the investor money — justified by increasing defaulters.
They claim recovery team is doing the job ( may be sharing the money looted from investors).
My suggestion is — be a borrower, you need not repay and you become rich!!!!
For any query, the standard answer is - "our legal team is working (is it existing?), we will call back" , which never happened. High risk where the investor not going to get even his principal, then such a investment option is kept - only to loot money?
I also strongly believe, whatever the positive comments posted, probably by borrowers or insiders.
