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Post by webbski9 on Sept 12, 2015 15:28:14 GMT
OK Twino,you now have your own page so you can engage with your investors.
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JamesFrance
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Post by JamesFrance on Sept 13, 2015 10:23:48 GMT
I see that twino hasn't logged into the forum since joining last month. It is difficlt to know who the person is as the emails to support are answered just as Twino, but they may not understand English too well as when I had a problem with logging in at Twino using the Lastpass password manager they didn't seem to understand, as the replies didn't relate to the question, but there was a change made so that the autofill worked, although they said it was the same. Hopefully now there is a forum someone there will take part, as it could well bring them more investors.
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Post by webbski9 on Sept 13, 2015 13:23:33 GMT
James. I have sent them an email explaining whats happened here. Hopefully they will grasp the need to entertain their investors and prospective clients that this forum promotes.
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shimself
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Post by shimself on Sept 24, 2015 13:04:43 GMT
Hello Twino
Can you tell us a bit more about the parent company finabay?
In particular how much capital do you have, can you afford to fund your guarantees?
Are you profitable?
Do you have some accounts we can see?
You say default rate under 10%, can we know more, is this safe business? How are you defining default rate please (especially important because you are quite new)?
What rates do your borrowers pay? Is this sustainable (you will know about the problems Wonga had in UK)?
Why is your credit scoring safer than Bondora? Is it?
Thanks
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Post by twino on Sept 28, 2015 6:55:17 GMT
Hello Twino Can you tell us a bit more about the parent company finabay? In particular how much capital do you have, can you afford to fund your guarantees? Are you profitable? Do you have some accounts we can see? You say default rate under 10%, can we know more, is this safe business? How are you defining default rate please (especially important because you are quite new)? What rates do your borrowers pay? Is this sustainable (you will know about the problems Wonga had in UK)? Why is your credit scoring safer than Bondora? Is it? Thanks Hello shimself! Our parent company Finabay has been operating since 2009 and it offers its financial solutions to clients in Poland, Czech Republic, Russia, Poland, Georgia and Denmark. Due to the stable history of the company, we have made a business decision to offer our investors the possibility to invest in loans with a Buyback guarantee, because our experience shows that this model works very well and it helps differentiate us from many other companies. You can get to know more about our services and interest rates by registering in our platform and exploring the possibilities it offers; however, the investors themselves are the best proof of the quality of our services — during the first four months of running the platform, more than half a million Euros have been invested by investors from over 25 countries worldwide. If you have any questions, don’t hesitate to contact us! The fastest and most convenient way is to send us a mail to info@twino.eu, call skype or by phone. Thank you!
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shimself
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Post by shimself on Sept 28, 2015 11:24:29 GMT
Thanks for replying, but really I would like you to answer the various specific questions It's not enough to say 500K€ have been invested quickly, for exampl Bondora too got a lot of customers quickly - most of whom are probably regretting their investments. Now I know you are going to say that unlike Bondora we won't get bad debts from your loans because you guarantee them - the point of my question is Can I rely on your guarantee, if you make too many bad loans can you afford to deliver on the guarantee? Minto are at least applying for FCA regulation in London, which will give some guarantee. Finabay has just one shareholder, and minute trading background and capital according to company.lursoft.lv/en/lieliecava/40103254681 (as much as I understand it which isn't a lot). Can you persuade me you are a more substantial company please?
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Post by bloomvectro on Sept 29, 2015 10:52:57 GMT
Thanks for replying, but really I would like you to answer the various specific questions It's not enough to say 500K€ have been invested quickly, for exampl Bondora too got a lot of customers quickly - most of whom are probably regretting their investments. Now I know you are going to say that unlike Bondora we won't get bad debts from your loans because you guarantee them - the point of my question is Can I rely on your guarantee, if you make too many bad loans can you afford to deliver on the guarantee? Minto are at least applying for FCA regulation in London, which will give some guarantee. Finabay has just one shareholder, and minute trading background and capital according to company.lursoft.lv/en/lieliecava/40103254681 (as much as I understand it which isn't a lot). Can you persuade me you are a more substantial company please? Don't really think that it's problem for them, as they are investing that money in the short term loans where they are earning 100+ %
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shimself
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Post by shimself on Sept 29, 2015 11:43:15 GMT
Don't really think that it's problem for them, as they are investing that money in the short term loans where they are earning 100+ % If they are doing all that well then why do they need our piddling 500K€?
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Post by gmaxkenny on Sept 29, 2015 17:36:35 GMT
Don't really think that it's problem for them, as they are investing that money in the short term loans where they are earning 100+ % If they are doing all that well then why do they need our piddling 500K€? Finabay lend out €500K at high interest rates and sells the loans to us at a much reduced rate through Twino. Then use that €500K to lend out more at high interest and sell those to us through Twino. Repeat 10 times and Finabay now has €5 million in loans of our money and only risking €500K of their own if even that. The huge spread between the interest they charge borrowers and pay us easily backs the guarantee. They already cover defaults themselves anyway. Like all good ideas its brilliantly simple and a nice little earner as Arthur Daley would say.
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shimself
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Post by shimself on Sept 29, 2015 18:41:49 GMT
If they are doing all that well then why do they need our piddling 500K€? Finabay lend out €500K at high interest rates and sells the loans to us at a much reduced rate through Twino. Then use that €500K to lend out more at high interest and sell those to us through Twino. Repeat 10 times and Finabay now has €5 million in loans of our money and only risking €500K of their own if even that. The huge spread between the interest they charge borrowers and pay us easily backs the guarantee. They already cover defaults themselves anyway. Like all good ideas its brilliantly simple and a nice little earner as Arthur Daley would say. I understand that we are funding their payday loans. My point is that that's pretty much what we were doing with Bondora, and that many of those loans were bad. If the same happened with Finabay/Twino, ie they were to get a load of bad loans, are they able to cover the loss and make good their guarantees? And seeing as they have been in this business for 7ish years you'd have hoped that 500K of extra liquidity was small beer to them, but it appears not to be. They haven't been coining it up to date, the business hasn't been all that profitable. It's conceivable that they have a good business, that they've spent the last 7 years learning how be a good lender, and now they've finally got the funding to go places, let's hope so.
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JamesFrance
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Post by JamesFrance on Sept 30, 2015 8:21:25 GMT
The difference as I see it is that Bondora were experimenting using investor's money rather than risking their own, so have issued a high proportion of bad loans without it being a problem for them (apart from high costs involved in collection of unpaid debts, which they have now announced will be done by third parties at our expense even for previously issued loans).
Finabay have apparently been lending at their own risk for as long as Bondora, so have probably been much more careful about who they are lending to.
Furthermore the Bondora loans mostly run for 5 years and can default at any time during that period, so it will be a long time before anyone knows whether there will be any return on investment at all, even though they claim a high return for their investors which will be drawing in new lenders as old ones leave.
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shimself
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Post by shimself on Sept 30, 2015 11:42:31 GMT
The difference as I see it is that Bondora were experimenting using investor's money rather than risking their own, so have issued a high proportion of bad loans without it being a problem for them (apart from high costs involved in collection of unpaid debts, which they have now announced will be done by third parties at our expense even for previously issued loans). Finabay have apparently been lending at their own risk for as long as Bondora, so have probably been much more careful about who they are lending to. Furthermore the Bondora loans mostly run for 5 years and can default at any time during that period, so it will be a long time before anyone knows whether there will be any return on investment at all, even though they claim a high return for their investors which will be drawing in new lenders as old ones leave. I agree finabay have been practising for some years without using our money. It's hard to say but I think that they have increased their loan book by a very large factor in the last few months using Twino money, so there would certainly be concerns about their ability to manage this (eg taking on and training new staff), and presumably finding more good borrowers. The guarantee is of course very appealing, but given the silence it seems to me that it's made of straw, if too many loans go bad I doubt they have the money to cover it.
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Post by twino on Sept 30, 2015 15:00:27 GMT
Thanks for replying, but really I would like you to answer the various specific questions It's not enough to say 500K€ have been invested quickly, for exampl Bondora too got a lot of customers quickly - most of whom are probably regretting their investments. Now I know you are going to say that unlike Bondora we won't get bad debts from your loans because you guarantee them - the point of my question is Can I rely on your guarantee, if you make too many bad loans can you afford to deliver on the guarantee? Minto are at least applying for FCA regulation in London, which will give some guarantee. Finabay has just one shareholder, and minute trading background and capital according to company.lursoft.lv/en/lieliecava/40103254681 (as much as I understand it which isn't a lot). Can you persuade me you are a more substantial company please? About your questions. The first, Finabay has very complicated scoring system built in house. This system is improvved 7 years constantly, so we may predict our bad rates, as well to controll them with the scoring system, thats how we may guarantee the BuyBack. The second, TWINO also has started the process for the FCA certificate, so investors feel more secure. You may see Finabay finacial data, the growth and planneed development at www.finabay.comWe do all to make sure investors can use their investments easy and safe!
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shimself
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Post by shimself on Sept 30, 2015 20:46:34 GMT
About your questions. The first, Finabay has very complicated scoring system built in house. This system is improvved 7 years constantly, so we may predict our bad rates, as well to controll them with the scoring system, thats how we may guarantee the BuyBack. The second, TWINO also has started the process for the FCA certificate, so investors feel more secure. You may see Finabay finacial data, the growth and planneed development at www.finabay.comWe do all to make sure investors can use their investments easy and safe! Great about the FCA thanks. Can you point me to the financial info on the site, I've looked earlier and again today and sorry can't find it.
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Post by twino on Oct 1, 2015 7:45:11 GMT
About your questions. The first, Finabay has very complicated scoring system built in house. This system is improvved 7 years constantly, so we may predict our bad rates, as well to controll them with the scoring system, thats how we may guarantee the BuyBack. The second, TWINO also has started the process for the FCA certificate, so investors feel more secure. You may see Finabay finacial data, the growth and planneed development at www.finabay.comWe do all to make sure investors can use their investments easy and safe! Great about the FCA thanks. Can you point me to the financial info on the site, I've looked earlier and again today and sorry can't find it. All news you can find here, in some article you will find our financial data too: www.finabay.com/en/news/
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