Rank: Member Joined: 9/12/2009 Posts: 312
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kayhara wrote:Juojo wrote:Mike Ock wrote:There is a big loophole that people are using with these apps: they are using one app to pay the other. They create a chain of loans and as long as there are new loan apps coming out, they can keep borrowing from Peter to pay Paul. This means that technically if these apps keep proliferating ad infinitum, every new app will find business until a regulatory body clamps down. So maybe the opportunity for now is in creating yet another loan app
The other big loophole is identity theft, which is hitting the big boys like Tala and Branch bigtime. Just that they don't disclose this and only a few players have managed to come up with a solution to this.
Guyz are registering mpesa accounts with fake IDs, then borrow from these guyz with no intention of paying back. They are actually patient enough to build their credit limits, then take off.
Though I like the concept around Ubapesa 
 I think investing in this at the moment is risky most guys signing up for new loan app are looking to borrow to pay for the other apps, the early birds kina TALA and branch have reaped big just like betting firms SportPesa did and now we have too many betting firms.
Also people don't know but most of loan apps are ther not to give loans but to harvest DATA they ask you to sigh in with all your detail even colour copies of your documents then you find your accounts cleaned.
Please enlighten us on how they harvest, You don't give them any bank details.....
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Rank: Veteran Joined: 12/11/2006 Posts: 930
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Juojo wrote:Mike Ock wrote:There is a big loophole that people are using with these apps: they are using one app to pay the other. They create a chain of loans and as long as there are new loan apps coming out, they can keep borrowing from Peter to pay Paul. This means that technically if these apps keep proliferating ad infinitum, every new app will find business until a regulatory body clamps down. So maybe the opportunity for now is in creating yet another loan app
The other big loophole is identity theft, which is hitting the big boys like Tala and Branch bigtime. Just that they don't disclose this and only a few players have managed to come up with a solution to this.
Guyz are registering mpesa accounts with fake IDs, then borrow from these guyz with no intention of paying back. They are actually patient enough to build their credit limits, then take off.
Though I like the concept around Ubapesa
Could the reason some guys borrow and repay after one day be Just to build their credit score in preparation to default a huge amount “Invest in yourself. Your career is the engine of your wealth.”
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Rank: Member Joined: 7/7/2009 Posts: 41
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ngapat wrote:Juojo wrote:Mike Ock wrote:There is a big loophole that people are using with these apps: they are using one app to pay the other. They create a chain of loans and as long as there are new loan apps coming out, they can keep borrowing from Peter to pay Paul. This means that technically if these apps keep proliferating ad infinitum, every new app will find business until a regulatory body clamps down. So maybe the opportunity for now is in creating yet another loan app
The other big loophole is identity theft, which is hitting the big boys like Tala and Branch bigtime. Just that they don't disclose this and only a few players have managed to come up with a solution to this.
Guyz are registering mpesa accounts with fake IDs, then borrow from these guyz with no intention of paying back. They are actually patient enough to build their credit limits, then take off.
Though I like the concept around Ubapesa
Could the reason some guys borrow and repay after one day be Just to build their credit score in preparation to default a huge amount
Yes. They do that since the first disbursements are quite low and not worth defaulting. But these guyz are able to grow their limits very fast due to the huge volume of mobile money transactions they do per day, and this is a key data point in most Machine Learning algorithms
Happiness is not the absence of problems, It's the ability to deal with them
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Rank: Veteran Joined: 12/11/2006 Posts: 930
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First bad debt for me. I lent a 10 day loan of 3500 ksh to a borrower who was supposed to repay today. The borrower only repaid ksh 650 today. Waiting to see how this saga unfolds “Invest in yourself. Your career is the engine of your wealth.”
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Rank: Member Joined: 1/30/2011 Posts: 207
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ngapat wrote:First bad debt for me. I lent a 10 day loan of 3500 ksh to a borrower who was supposed to repay today. The borrower only repaid ksh 650 today. Waiting to see how this saga unfolds
Pole Ngapat...
Have you been successful in loaning out funds lately...?
I had to cancel my offers after the lending process "stagnated" for about 3 days and couldn't wait any longer...
I just ran hoping that in future more will be discouraged and stay away to facilitate my comeback...
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Rank: Member Joined: 11/7/2017 Posts: 186 Location: Nairobi
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Rank: Elder Joined: 4/30/2008 Posts: 6,029
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Stiffler wrote:https://www.the-star.co.ke/news/2018/05/23/loan-hawking-to-attract-sh20m-fine-in-treasurys-new-financial-bill_c1762904
What will be its effect on Ubapesa, mshwari, tala, etc...Following closely
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Rank: Member Joined: 1/30/2011 Posts: 207
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mawinder wrote:Stiffler wrote:https://www.the-star.co.ke/news/2018/05/23/loan-hawking-to-attract-sh20m-fine-in-treasurys-new-financial-bill_c1762904
What will be its effect on Ubapesa, mshwari, tala, etc...Following closely
mshwari doesn't charge interest but "a facilitation fee" ...
I guess their a$$ is well covered legally ...
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Rank: Elder Joined: 4/30/2008 Posts: 6,029
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Wororo wrote:mawinder wrote:Stiffler wrote:https://www.the-star.co.ke/news/2018/05/23/loan-hawking-to-attract-sh20m-fine-in-treasurys-new-financial-bill_c1762904
What will be its effect on Ubapesa, mshwari, tala, etc...Following closely
mshwari doesn't charge interest but "a facilitation fee" ...
I guess their a$$ is well covered legally ...
Ubapesa will also stop charging interest and charge "other fees"
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Rank: Member Joined: 11/7/2017 Posts: 186 Location: Nairobi
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mawinder wrote:Wororo wrote:mawinder wrote:Stiffler wrote:https://www.the-star.co.ke/news/2018/05/23/loan-hawking-to-attract-sh20m-fine-in-treasurys-new-financial-bill_c1762904
What will be its effect on Ubapesa, mshwari, tala, etc...Following closely
mshwari doesn't charge interest but "a facilitation fee" ...
I guess their a$$ is well covered legally ...
Ubapesa will also stop charging interest and charge "other fees"
Call it interest or Facilitation Fee, it's the same thing, using different words
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