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Ubapesa
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holycow
#61 Posted : Wednesday, June 13, 2018 6:14:14 PM
Rank: Veteran


Joined: 11/11/2006
Posts: 970
Location: Home
I've also had two defaults. I'm lending maximum of 500/=.
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ngapat
#62 Posted : Wednesday, June 13, 2018 6:20:29 PM
Rank: Member


Joined: 12/11/2006
Posts: 873
i find the default rate rather high. of my 12k investment, 5k has been defaulted. This is nearly 50% default rate. I'm not lending anymore until i recover what has been defaulted.
“Invest in yourself. Your career is the engine of your wealth.”
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Lolest!
#63 Posted : Thursday, June 14, 2018 8:11:41 AM
Rank: Elder


Joined: 3/18/2011
Posts: 12,069
Location: Kianjokoma
From the default reports, it seems the dishonesty of Kenyans will kill this biz.

You're lending to the same guys who switch off phones when some unexpected MPesa hits their accounts.
Laughing out loudly smile Applause d'oh! Sad Drool Liar Shame on you Pray
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mawinder
#64 Posted : Thursday, June 14, 2018 9:26:12 AM
Rank: Elder


Joined: 4/30/2008
Posts: 6,029
Lolest! wrote:
From the default reports, it seems the dishonesty of Kenyans will kill this biz.

You're lending to the same guys who switch off phones when some unexpected MPesa hits their accounts.

Out of Shs.50k default ni Shs 6k..Can't complain..
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Wororo
#65 Posted : Thursday, June 14, 2018 9:41:45 AM
Rank: Member


Joined: 1/30/2011
Posts: 207
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Stiffler
#66 Posted : Thursday, June 14, 2018 11:52:37 PM
Rank: Member


Joined: 11/7/2017
Posts: 186
Location: Nairobi
mawinder wrote:
Lolest! wrote:
From the default reports, it seems the dishonesty of Kenyans will kill this biz.

You're lending to the same guys who switch off phones when some unexpected MPesa hits their accounts.

Out of Shs.50k default ni Shs 6k..Can't complain..


Out of 5K, my default stands at 5k...!
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Cornelius Vanderbiltt
#67 Posted : Friday, June 15, 2018 9:39:00 AM
Rank: New-farer


Joined: 6/8/2018
Posts: 35
mawinder wrote:
Lolest! wrote:
From the default reports, it seems the dishonesty of Kenyans will kill this biz.

You're lending to the same guys who switch off phones when some unexpected MPesa hits their accounts.

Out of Shs.50k default ni Shs 6k..Can't complain..


this is the silliest reasoning have ever seen in a while.the report that being referenced is an agreegate of ALL the ubapesa accounts and the defaults a high then you come here and say your one account is doing well hence no need to worry? are you insane.this is real money we are dealing with here.and this is how ponzi schemes run away with billion because of small thinking mentality like this.
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obiero
#68 Posted : Friday, June 15, 2018 9:44:48 AM
Rank: Elder


Joined: 6/23/2009
Posts: 13,472
Location: nairobi
holycow wrote:
I've also had two defaults. I'm lending maximum of 500/=.

Know your customer. Never ever lend funds to an unknown entity

HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
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mawinder
#69 Posted : Friday, June 15, 2018 11:18:54 AM
Rank: Elder


Joined: 4/30/2008
Posts: 6,029
Cornelius Vanderbiltt wrote:
mawinder wrote:
Lolest! wrote:
From the default reports, it seems the dishonesty of Kenyans will kill this biz.

You're lending to the same guys who switch off phones when some unexpected MPesa hits their accounts.

Out of Shs.50k default ni Shs 6k..Can't complain..


this is the silliest reasoning have ever seen in a while.the report that being referenced is an agreegate of ALL the ubapesa accounts and the defaults a high then you come here and say your one account is doing well hence no need to worry? are you insane.this is real money we are dealing with here.and this is how ponzi schemes run away with billion because of small thinking mentality like this.

Have Ubapesa shared their default report here or has anyone shared it ? I await your wise answer
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yosie14
#70 Posted : Sunday, July 08, 2018 4:17:04 PM
Rank: Member


Joined: 12/17/2013
Posts: 118
Ubapesa claim they have a 60 day money back guarantee. Has anyone had his default covered by this after 60 days?
KCB,NMG,PAFR
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Stiffler
#71 Posted : Monday, July 09, 2018 7:19:34 AM
Rank: Member


Joined: 11/7/2017
Posts: 186
Location: Nairobi
My loan was defaulted more than a month ago. Waiting to see if the money back guarantee is really. Then i will withdraw all my funds never to engage in such foolish folies again..
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hardwood
#72 Posted : Monday, July 09, 2018 10:24:10 AM
Rank: Elder


Joined: 7/28/2015
Posts: 9,562
Location: Rodi Kopany, Homa Bay
Stiffler wrote:
My loan was defaulted more than a month ago. Waiting to see if the money back guarantee is really. Then i will withdraw all my funds never to engage in such foolish folies again..


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Angelica _ann
#73 Posted : Monday, July 09, 2018 10:39:20 AM
Rank: Elder


Joined: 12/7/2012
Posts: 11,901
hardwood wrote:
Stiffler wrote:
My loan was defaulted more than a month ago. Waiting to see if the money back guarantee is really. Then i will withdraw all my funds never to engage in such foolish folies again..


Laughing out loudly Laughing out loudly Laughing out loudly


True smile smile smile
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Thitifini
#74 Posted : Tuesday, July 10, 2018 1:24:17 AM
Rank: Member


Joined: 1/15/2015
Posts: 681
Location: Kenya
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
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ngapat
#75 Posted : Wednesday, July 18, 2018 11:34:03 AM
Rank: Member


Joined: 12/11/2006
Posts: 873
I had a default of 3000 which will be 60 days in default tomorrow. I expect them to pay me tomorrow. Waiting to see
“Invest in yourself. Your career is the engine of your wealth.”
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ngapat
#76 Posted : Thursday, July 19, 2018 10:41:48 AM
Rank: Member


Joined: 12/11/2006
Posts: 873
My 3000 lending fully refunded after being defaulted for 60 days
“Invest in yourself. Your career is the engine of your wealth.”
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Lolest!
#77 Posted : Thursday, July 19, 2018 8:42:33 PM
Rank: Elder


Joined: 3/18/2011
Posts: 12,069
Location: Kianjokoma
ngapat wrote:
My 3000 lending fully refunded after being defaulted for 60 days

Good stuff! But for how long will they manage to pay for thugs?

Reading through the SIM swap issue and lots of stolen lines are being used for mobile loan borrowing.
Laughing out loudly smile Applause d'oh! Sad Drool Liar Shame on you Pray
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Stiffler
#78 Posted : Thursday, August 02, 2018 6:44:51 AM
Rank: Member


Joined: 11/7/2017
Posts: 186
Location: Nairobi
My first Ubapesa loan got defaulted.
Exactly two months later have received my monies in full.
Have withdrawn everything with an oath never to engage in such foolish folies
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Angelica _ann
#79 Posted : Monday, August 06, 2018 12:19:35 PM
Rank: Elder


Joined: 12/7/2012
Posts: 11,901
Stiffler wrote:
My first Ubapesa loan got defaulted.
Exactly two months later have received my monies in full.
Have withdrawn everything with an oath never to engage in such foolish folies


Laughing out loudly Laughing out loudly Laughing out loudly
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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yosie14
#80 Posted : Monday, August 06, 2018 2:04:58 PM
Rank: Member


Joined: 12/17/2013
Posts: 118
Out of 20000 I lent out 9000 was defaulted. 2500 have since been refunded by Ubapesa.
KCB,NMG,PAFR
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