Thitifini wrote:mawinder wrote:Thitifini wrote: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
I started off with 10k then topped up with 100k. Uptake was good, snapped in 2 days. Didn't "reinvestment", to test waters on repayment rate.
So far defaulted loans are 12k in total with the rest repaid and withdrawn.
That default rate was rather high for my appetite.
In 60 days you get back the defaulted amount automatically.I find that the default rate is ok..Also you need to have say a 12 months investment reinvesting and see what you get at the end
First I wait for 60 days to see if the defaulted amounts will be repaid.
Most p-to-p companies in UK and China collapsed after the defaults became too much to sustain. Ikitoboa 6 months I might return...13% return in 2 weeks was not that bad...
2k was refunded by the company. Some more repaid after default. Outstanding 5.5k.
My thinking; the amount of $$ from interest that this company is making is mammoth.
If they can use a small amount to refund defaulted cash, they can keep customers and fraudsters happy for some months.
By then the directors will be billionaires and planning to run for mpig somewhere.
Then they will declare the company bankrupt.
Pyramid scheme.
60% Learning, 30% synthesizing, 10% Debating