What does the platform do when someone defaults?
There is a money back guarantee.
About 6 loans got defaulted, 60 days later, I’ve been repaid by Ubapesa. Well, don’t think I’m lending anytime soon.
First time i lent and it got defaulted. Got my refund and swore never to engage again in such foolish folies…!
Thanks for reporting back. The founders may need to pivot, or use CRBs much aggressively.
Are you from wazua? The choice of words is almost identical with another comment there.
From other reviews on wazua, ubapesa is making changes to it’s pricing structure and who knows they may land on the magic formula eventually.
Is it even possible to run a mobile loans company without referring people to CRBs? There’s basically no other way to ensure payment for such zero collateral loans.
Yeah. Same Idiot. Looking to Consolidate my usernames in future across all forums…
It seems people on Ubapesa are just there to run away with people’s money.
I’ve gotten my first default. I won’t be lending anymore.
I stopped lending after some of my loans got defaulted. Well, received the message below from Ubapesa this morning.
Effective midnight 20/11/18. Due to circumstances, we shall suspend the lenders facility until further notice. For more details contact us on 0709693000.
I also got the same message.
I stopped Lending as soon as my First Defaulted Loan got reimbursed. Decided to get off the train before it ran off a Cliff …
wow,i think they just pivoted…probably after getting a huge capital injection coz now they are the only lender on their platform…hence why they disabled that feature,they have also amended their terms of service and FAQs
That plus the fact that most lenders were already leaving the platform due to defaulters.
The money I had in the account has also disappeared.
Why are you guys acting surprised that there are defaulters in this app? Did you expect that only the rich will borrow your funds? I have never used the app but if you do charge exorbitant rates don’t expect quick profits… especially in this economy.
These apps are not worth it imo. They just result in more Kenyans being listed negatively in the CRB. FYI, it won’t stop because people need money, regardless of the consequences.