Post by shafty on Sept 10, 2016 14:36:39 GMT
I am really disappointed by the lack of meaningful financial information regarding Lendo and Creamfinance which I also find worrisome considering they are conducting business in a non-EU country which is well known for it's high levels of corruption. Here are a few things I find worrisome and why I won't be investing in any Lendo or Creamfinance loans yet:
1) Creamfinance's financial information is a 1 page PDF with no notes claiming to be audited even though no auditor is mentioned, I am sure they can afford a well known auditor of international repute, this alone would make me willing to buy their loans for 300 basis points less than they are currently being offered. Does anyone have a link to more in-depth financial information and who their auditor is?
2) Lendo, absolutely no information whatsoever, If I don't like Creamfinance's lack of communication, I wouldn't touch Lendo yet with a 10 foot pole!
3) Creamfinance claims it's NPL stands at 4%, do they really expect us to believe that? Do they really expect us to believe that the NPL figure for PERSONAL LOANS in GEORGIA is LOWER than the NPL figure of US AUTO LOANS!?!?! There is no mention of how they arrive at this figure, do they only consider loans 2 years overdue as non-performing in order to achieve the 4% figure? I would've been nice if they had proper financial reports with footnotes where figures like these are explained.
4) Creamfinance claims to also operate in a number of EU countries, why aren't they placing some of their EU loans on the marketplace?
Ever since Banknote stopped placing loans on Mintos I am tempted to start buying Georgian personal loans to diversify my portfolio but that mr Hyde in my head keeps telling me how easy it would be for someone in Georgia to setup a semi-legitimate lending operation, provide non-existent or fake financial information and after gaining our trust, place massive volumes of loans on the marketplace and one day run-off with our money.
I am NOT claiming that Lendo or Creamfinance are running a ponzi as they both evidently have operational business websites that actually do offer loans but that it would be much easier for someone in a non-EU country like Georgia to do it and therefore in-depth, audited financial information is IMPERATIVE.
Even though I don't want to sound like a preacher I would like to remind you all that sometimes return OF capital is more important than return ON capital!
Yours thoughts, information or anything else would be highly appreciated.
1) Creamfinance's financial information is a 1 page PDF with no notes claiming to be audited even though no auditor is mentioned, I am sure they can afford a well known auditor of international repute, this alone would make me willing to buy their loans for 300 basis points less than they are currently being offered. Does anyone have a link to more in-depth financial information and who their auditor is?
2) Lendo, absolutely no information whatsoever, If I don't like Creamfinance's lack of communication, I wouldn't touch Lendo yet with a 10 foot pole!
3) Creamfinance claims it's NPL stands at 4%, do they really expect us to believe that? Do they really expect us to believe that the NPL figure for PERSONAL LOANS in GEORGIA is LOWER than the NPL figure of US AUTO LOANS!?!?! There is no mention of how they arrive at this figure, do they only consider loans 2 years overdue as non-performing in order to achieve the 4% figure? I would've been nice if they had proper financial reports with footnotes where figures like these are explained.
4) Creamfinance claims to also operate in a number of EU countries, why aren't they placing some of their EU loans on the marketplace?
Ever since Banknote stopped placing loans on Mintos I am tempted to start buying Georgian personal loans to diversify my portfolio but that mr Hyde in my head keeps telling me how easy it would be for someone in Georgia to setup a semi-legitimate lending operation, provide non-existent or fake financial information and after gaining our trust, place massive volumes of loans on the marketplace and one day run-off with our money.
I am NOT claiming that Lendo or Creamfinance are running a ponzi as they both evidently have operational business websites that actually do offer loans but that it would be much easier for someone in a non-EU country like Georgia to do it and therefore in-depth, audited financial information is IMPERATIVE.
Even though I don't want to sound like a preacher I would like to remind you all that sometimes return OF capital is more important than return ON capital!
Yours thoughts, information or anything else would be highly appreciated.
