At Lenme, we take several steps to reduce the risk of late or missed payments:

🔍 Verified Borrower Identity: Every borrower’s identity is thoroughly verified when they request a loan.

🏦 Connected Bank Account: Borrowers must have at least one active bank account linked to their Lenme account, from which we automatically withdraw owed payments.

In the event of a late payment:

⚠️ Late Payment Fee: If a payment is missed, a $12 late payment fee is charged one day after the due date. This fee is split, with $6 going to the investor and $6 as a loan admin fee to Lenme.

💸 Daily Payment Attempts: We will attempt to withdraw the owed amount every day for 7 days. If payment is not received within 7 days, the debt will be sent to collections on the investor’s behalf, maximizing the chances of recovering most of the amount.

Like any investment, lending carries some risk. To help you make informed decisions, we provide the borrower’s credit report so you can assess your comfort level before funding a loan. 📊

We’re committed to providing you with the tools and support you need for secure and reliable lending.