I've gathered some site statistics:
25 repaid loans
42 active loans with no late payments
16 loans with late payments
Of this 16 late loans, 9 are from 3 users.
So we have 19% late loans and 12% late users.
Nice to hear that the total number is lower than my experience
We don't like those numbers either, although they are much lower than the initial default rate of similar sites (proper had a 40% default rate at the beginning).
Even some very suspicious listings got funded, from users with no reputation, little verified info, unbelievable rates and multiple active loans, some with the same title!
I know that (I'm one of the guy that has financed one of the loan with no verified info - but on that I know well that is a risk). For the multiple active loan is not uncommon for a startup to ask for 2-3 small loans instead of a big one (I'm thinking on the not repaid loan of casfow for example) because is faster to start to obtain some money on 3 loans of 20BTC (asap I reach 14BTC I can start the loan) than on 1 of 60 (where I need 42BTC to start it).
Incredible rates is again not so strange (or almost is not here in Italy): I receive a flyer of a mall yesterday that promise a rate of 0% for installment payments over 10 months. Reading the small prints on a 100€ buy you'll pay near 50€ of extra costs for loan opening and so on, is it a 50% rate of interest, so make a loan here at 30% is 20% saving.
As much as we don't want to interfere on loans and let the users build their reputation and investors invest where they want we are going to a much more strict listing policy, protect the investors is our top priority right now.
We are also implementing some nice features that will greatly help investors (group loans is one). We aim to achieve 98% repayment rate, I cant disclose all the measures now, but they will be available soon.
We are confident that the site is a great platform for loans but they are loans after all, so precautions must be taken by the investors.
Nice to hear that from you.
