Rank: Member Joined: 11/7/2017 Posts: 186 Location: Nairobi
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Lolest! wrote:Speculz wrote:Where do they compute that credit score from? From some source who works with one of those popular mobile loan companies, they analyse data on a borrower's phone: SMSs etc. Certain keywords or SMS received from other lenders increase risk. They don't like gamblers. Doesn't this infringe on Privacy...?! Going through one's messages
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Rank: Member Joined: 9/2/2010 Posts: 563 Location: Embakasi
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Stiffler wrote:Lolest! wrote:Speculz wrote:Where do they compute that credit score from? From some source who works with one of those popular mobile loan companies, they analyse data on a borrower's phone: SMSs etc. Certain keywords or SMS received from other lenders increase risk. They don't like gamblers. Doesn't this infringe on Privacy...?! Going through one's messages The app asks for these permissions at installation. If you grant it to them then you are implicitly providing your consent for them to access your messages. In a place where thought is abandoned, freedom can become a curse.
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Rank: Veteran Joined: 4/1/2009 Posts: 1,882
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Lolest! wrote:mlennyma wrote:ngapat wrote:A mobile app that allows peer to peer lending and borrowing. I was looking at it as an investment option to put in some cash for lending. Lending for 10 days gives 8% returns but you are given 55% the 8% and the rest goes to ubapesa. Ive put 1k to test and see how it works. Anyone tried it? they are paying withholding tax and insurance meaning the authorities and cbk knows. ..I have downloaded the application ready to test with about 5k GoK doesn't act like one entity! You can be paying everything then CBK claims they have no knowledge of the company Impressive idea though. This segment is huge. There are very many hungry Kenyans looking for small fixes you are right. this will most likely be shut down by cbk as the fact that they act as an in-between and guarantee money lent may be used to justify their being classified as bank. also providing and or arranging for financial facilities to the public is probably regulated too. these peer to peer loan sharking have been done and are very popular in china. however the government has shut down a good number coz of non-compliance and or the tightening of regulations
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Rank: Chief Joined: 5/9/2007 Posts: 13,095
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grolut wrote:Stiffler wrote:Lolest! wrote:Speculz wrote:Where do they compute that credit score from? From some source who works with one of those popular mobile loan companies, they analyse data on a borrower's phone: SMSs etc. Certain keywords or SMS received from other lenders increase risk. They don't like gamblers. Doesn't this infringe on Privacy...?! Going through one's messages The app asks for these permissions at installation. If you grant it to them then you are implicitly providing your consent for them to access your messages. Plus clicking on the terms and conditions which very very few people read
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Rank: Elder Joined: 3/2/2009 Posts: 26,325 Location: Masada
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washiku wrote:grolut wrote:Stiffler wrote:Lolest! wrote:Speculz wrote:Where do they compute that credit score from? From some source who works with one of those popular mobile loan companies, they analyse data on a borrower's phone: SMSs etc. Certain keywords or SMS received from other lenders increase risk. They don't like gamblers. Doesn't this infringe on Privacy...?! Going through one's messages The app asks for these permissions at installation. If you grant it to them then you are implicitly providing your consent for them to access your messages. Plus clicking on the terms and conditions which very very few people read Usually unable to read due to tiny prints! Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Member Joined: 5/14/2014 Posts: 288 Location: nairobi
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when someone offers me quick money, i quickly say no . I find satisfaction in owning great business,not trading them
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Rank: Member Joined: 1/15/2015 Posts: 681 Location: Kenya
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Unsecured Loans.......hapa defaults dio zitawaangusha  .
60% Learning, 30% synthesizing, 10% Debating
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Rank: Elder Joined: 4/30/2008 Posts: 6,029
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Thitifini wrote:Unsecured Loans.......hapa defaults dio zitawaangusha . So far on the platform..There is a lender who every 2 or 3 days, lends Shs 1m
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Rank: Member Joined: 12/11/2006 Posts: 874
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So far so good. I have increased my investment to 12000 and my interest ìs over 600bob in two weeks. One client borrowed sh 1000 for ten days only to repay after one day. Considering going big “Invest in yourself. Your career is the engine of your wealth.”
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Rank: Member Joined: 9/12/2009 Posts: 312
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ngapat wrote:So far so good. I have increased my investment to 12000 and my interest ìs over 600bob in two weeks. One client borrowed sh 1000 for ten days only to repay after one day. Considering going big  I would strongly advise you against going big... this is big time risk, the probability of losing is much higher than that of gaining. The idea is brilliant, but the achelli's heel here is defaulters. I'm sure there are some "wise"Kenyans, who don't give a f****k for credit score who are working overtime borrowing and with no intention of repaying. Believe me, there will always be people who know how to beat the system, I mean who would have guessed that you could drill a hole into a bank that is in the middle of town, and right opposite a police station!! P.S ata mimi na cheza na pesa kidogo kama hiyo yako...
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Rank: Elder Joined: 4/30/2008 Posts: 6,029
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Wondergirl wrote:ngapat wrote:So far so good. I have increased my investment to 12000 and my interest ìs over 600bob in two weeks. One client borrowed sh 1000 for ten days only to repay after one day. Considering going big I would strongly advise you against going big... this is big time risk, the probability of losing is much higher than that of gaining. The idea is brilliant, but the achelli's heel here is defaulters. I'm sure there are some "wise"Kenyans, who don't give a f****k for credit score who are working overtime borrowing and with no intention of repaying. Believe me, there will always be people who know how to beat the system, I mean who would have guessed that you could drill a hole into a bank that is in the middle of town, and right opposite a police station!! P.S ata mimi na cheza na pesa kidogo kama hiyo yako... Ubapesa claims to pay one in 60 days in case of default..Planning to go big..I noticed a fellow who constantly deposits shs 1m for 30 days and another shs 200k for 20 days
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Rank: Member Joined: 9/12/2009 Posts: 312
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mawinder wrote:Wondergirl wrote:ngapat wrote:So far so good. I have increased my investment to 12000 and my interest ìs over 600bob in two weeks. One client borrowed sh 1000 for ten days only to repay after one day. Considering going big I would strongly advise you against going big... this is big time risk, the probability of losing is much higher than that of gaining. The idea is brilliant, but the achelli's heel here is defaulters. I'm sure there are some "wise"Kenyans, who don't give a f****k for credit score who are working overtime borrowing and with no intention of repaying. Believe me, there will always be people who know how to beat the system, I mean who would have guessed that you could drill a hole into a bank that is in the middle of town, and right opposite a police station!! P.S ata mimi na cheza na pesa kidogo kama hiyo yako... Ubapesa claims to pay one in 60 days in case of default..Planning to go big..I noticed a fellow who constantly deposits shs 1m for 30 days and another shs 200k for 20 days Like I said I too have invested, albeit small time, hence I wish for it to grow... just be cautious, If its short term, I make small money but don't lose much. If its long term, I will re- invest my interest and watch m money grow...
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Rank: Member Joined: 1/22/2015 Posts: 682
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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
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Rank: Member Joined: 8/15/2015 Posts: 817
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Kenyan just DONOT learn.They donot.even when pyramid schemes went down with billions they donot learn.why is cbk allowing this apps to provide financial services with the required licenses?????
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Rank: Member Joined: 11/7/2017 Posts: 186 Location: Nairobi
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Cornelius Vanderbilt wrote:Kenyan just DONOT learn.They donot.even when pyramid schemes went down with billions they donot learn.why is cbk allowing this apps to provide financial services with the required licenses????? Well, this is Kenya
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Rank: Member Joined: 1/30/2011 Posts: 207
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It seems Ubapesa is swamped with more lenders than borrowers...
Just curious how the equilibrium will be achieved to benefit all parties in "equal measure" ...
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Rank: Elder Joined: 4/30/2008 Posts: 6,029
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Wororo wrote:It seems Ubapesa is swamped with more lenders than borrowers...
Just curious how the equilibrium will be achieved to benefit all parties in "equal measure" ... Have noticed that too especially on the 10 days loans.. And you can imagineit is mid month when employees should be broke...
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Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
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Hii Kenya ina maneno wajameni. This technology age will be the end of us. Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Member Joined: 7/7/2009 Posts: 41
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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  Happiness is not the absence of problems, It's the ability to deal with them
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Rank: Veteran Joined: 5/5/2011 Posts: 1,059
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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  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. To Each His Own
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