Frequently Asked Questions | FAQs | Lendee APP LLC

Question 1

What happens to my credit score if I miss a payment?

Accepted Answer

In the future, all payment activities will be reported to the credit bureaus. Missing a payment will impact your credit score similar to missing a credit card payment. Along with this, you will be charged with Late fee.

Question 2

What happens to my Lendee score if I miss a payment?

Accepted Answer

Your Lendee score will be negatively impacted if you miss a payment.

Question 3

How can I add funds from my bank to my Lendee wallet and Vice Versa?

Accepted Answer

To add funds to your Lendee wallet, follow the below steps:

Go to Add money 2. Enter the amount and select the payment method 3. Click on Add money button

To add money to your bank account, follow the below steps:

Go to withdraw money option 2. Enter the amount 3. Select transfer type (Standard/ instant) 4. Click on the transfer money button.

Question 4

Can I fund a portion of the requested amount?

Accepted Answer

No, you must fund the full loan amount.

Question 5

What can I do to improve my returns?

Accepted Answer

Currently, we do not offer loan aggregation. Our loans are single peer to single peer. Investors can select from a range of borrower risk profiles to maximize returns.

Question 6

How will I know when a borrower makes a payment?

Accepted Answer

You will receive an email notification informing you that you've received your payment with an SMS and push notification.

Question 7

Need to borrow money?

Accepted Answer

Within a few clicks, you will have access to lenders competing for your microloan. You simply input the amount you're looking to borrow, specify the reason, upload the document to justify your reason, and how long you need to pay it back to create a microloan request!

Question 8

Investing on Lendee?

Accepted Answer

Within a few clicks, you will have access to the types of microloan requests you want to see. Based on information like the Lendee score, you can make the right investment decision!

Question 9

Why is my transaction still pending?

Accepted Answer

A bank or credit union transaction usually takes 1-2 business days to complete via the Automated Clearing House network (ACH) used by banks to transfer funds. Please note that transfers may take longer to complete over the weekends or during a holiday.

Question 10

Why am I being asked for more documentation while creating a microloan request?

Accepted Answer

Although to verify your identity, your document, such as a valid driving license may be required. Apart from that, a supporting document validating your reason to borrow money may give you a chance to get a microloan easily.

Question 11

Why did my transaction fail?

Accepted Answer

Sometimes transactions to or from a bank or credit union can fail. Here are a few reasons why a transaction can fail:
Insufficient funds - there are insufficient funds in the sending bank or credit union account to complete the transaction
Frozen account - a bank or credit union account is frozen
Other reasons - a bank or credit union rejects the transaction for some other reason

If a transaction fails, please contact your bank or credit union to check on the status of your account. Then either re-initiate the transaction or ask your financial institution why the transaction may not be processed.

Question 12

Can I use Lendee Outside the USA?

Accepted Answer

Currently, you can use Lendee in the US only, although we will expand the services outside the US in the near future.

Question 13

Does Lendee verify the identity of the user?

Accepted Answer

Lendee is using industry-leading services from the most trusted credit bureaus in the market to verify the identity, income, and various scores of borrowers. They use the most advanced technologies to verify the borrower and lender using the latest facial recognition to verify liveness and identity.

Question 14

Is it secure to connect my bank account with Lendee?

Accepted Answer

Yes. Lendee ensures that all bank account and transaction information is secure. Lendee uses the Plaid platform, which uses best-in-class encryption protocols to protect users' information.  Plaid is certified in internationally-recognized security standards, like ISO 27001 and ISO 27701, and is SSAE18 SOC 2 compliant.

Question 15

Why do I need to provide my Social Security number

Accepted Answer

The Social Security number is required for ID verification and to prevent fraud.

Question 16

What are the payments methods Which I can use on Lendee?

Accepted Answer

Currently, you can use the below-mentioned payment methods. 
Debit card
Bank Account
Credit card 
Apple/Google pay
(The payment methods also depend upon the transaction amount and Lendee score.)

Question 17

What information is required to start investing on Lendee?

Accepted Answer

You will need a Social Security number, government-issued ID, and online bank account information.

Question 18

What happens after I accept an offer from the investor?

Accepted Answer

Once you accept an offer, the funds will be transferred to your Lendee wallet immediately. Once the funds are available in your Lendee wallet, you can transfer the funds to your bank account, which can take up to 1-2 business days. If the investor declines or the offer expires, the previous offers for your loan request will be available, as long as they haven't expired, and your request will also be made available to new investors.

Question 19

How can I cancel my loan request?

Accepted Answer

Canceling a request is as easy as creating a microloan request. Just tap on request, press the cancel button and mention your reason. The borrower can cancel a microloan request until any microloan offer has been accepted. Once the offer has been accepted, a borrower can not cancel his request.

Question 20

What information is required to request a Microloan?

Accepted Answer

Social Security number
Facial recognition
Valid government-issued ID

Question 21

How can I cancel my offer?

Accepted Answer

The investor can not cancel a loan offer until at least one of the borrowers accepts the offer.