Part 3: Platform Reviews — LenDenClub, Lendbox, Faircent, LiquiLoans

All data sourced from platform disclosures and financial media as of early 2026. Always verify current figures directly with the platform.

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Head-to-Head Comparison

Feature	LenDenClub	Lendbox	Faircent	LiquiLoans (NDX P2P)
RBI Registered	✅ Yes	✅ Yes	✅ Yes	✅ Yes
Founded	2015	2015	2014	2016
Reported NPA	~3.6%	~9.75%	~4-6%	~3-5%
Min Investment	₹250	₹1,000	₹10,000	₹10,000
Advertised Returns	10-12%	10-14%	9-14%	10-12%
Loan Tenure	3-36 months	6-36 months	6-36 months	6-24 months
Auto-Invest	Yes	Yes	Yes	Yes
FY25 Profitability	Profitable	Profitable	Mixed	Data limited

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1. LenDenClub

Overview

LenDenClub is one of India’s largest P2P platforms by lender base. It uses AI/ML algorithms for credit scoring and offers micro-diversification down to ₹250 per borrower.

Strengths

• Micro-diversification: ₹250 minimum per loan allows spreading across 100+ borrowers easily.
• Low NPA: Reported NPA of ~3.62% (as of late 2025) is among the lowest in the industry.
• Profitability: Turned profitable in FY25 after restructuring.
• Technology: Advanced credit scoring using AI/ML, bureau data, and alternative data points.

Weaknesses

• Fee transparency: Some investors have raised concerns about fee structures impacting net returns.
• Recovery opacity: Limited visibility into the recovery process for defaulted loans.
• Liquidity: Post-August 2024, no early exit feature. Funds locked until loan maturity.

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2. Lendbox

Overview

Lendbox is an RBI-registered platform that offers various risk-return categories. It provides detailed portfolio analytics and has been transparent about its NPA data.

Strengths

• Transparency: Publicly discloses Gross NPA data (reported at ~9.75%).
• Risk Categories: Offers multiple risk buckets allowing investors to choose their risk appetite.
• Detailed Analytics: Portfolio-level performance dashboards for investors.

Weaknesses

• Higher NPA: The ~9.75% Gross NPA is the highest among major platforms, meaning roughly 1 in 10 loans has defaulted.
• Higher Minimum: ₹1,000 minimum per loan limits micro-diversification for small investors.
• Net Returns Impact: After accounting for defaults and fees, actual net returns may be significantly lower than advertised.

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3. Faircent

Overview

India’s first RBI-registered P2P lending platform (founded 2014). It positions itself as a marketplace with detailed credit grading.

Strengths

• Regulatory Pioneer: First mover in the regulated P2P space.
• Credit Grading System: Uses an A-E grading system for borrowers with corresponding interest rates.
• Performance Decks: Publishes periodic performance data for investor reference.

Weaknesses

• Higher Entry Barrier: ₹10,000 minimum investment limits accessibility.
• “Best Effort” Recovery: Explicitly states that repayments are on a “best effort” basis — not guaranteed.
• Platform Age: Older codebase and interface compared to newer competitors.

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4. LiquiLoans (NDX P2P)

Overview

Positions itself as a “prime quality” borrower-focused platform, targeting lower-risk segments.

Strengths

• Borrower Quality: Claims to focus on prime and near-prime borrowers, potentially resulting in lower default rates.
• RBI Licensed: Fully compliant NBFC-P2P.

Weaknesses

• Limited Public Data: Less publicly available NPA and performance data compared to LenDenClub and Lendbox.
• Smaller Scale: Smaller lender and borrower base compared to industry leaders.

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5. 12% Club / BharatPe Invest

Overview

Originally launched by BharatPe as “12% Club,” it acted as a digital intermediary connecting users to partner NBFC-P2P platforms. Has been rebranded post-2024 regulations.

Critical Warning

• Not a Direct P2P Platform: It is an intermediary that routes your money to partner NBFCs. Understand which underlying platform is actually managing your loans.
• Post-Regulation Changes: The “12% guaranteed” branding was removed following the August 2024 RBI crackdown. The actual returns are now market-dependent and subject to borrower defaults.

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Next: Part 4: Risk Analysis — NPA, Defaults, and Capital Erosion