shimself
Member of DD Central
Posts: 2,560
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Post by shimself on Jul 10, 2014 9:30:43 GMT
Living in France it's always good to be able to save in Euros, as of course most of my outgoiings are in €uros. As bondora (isepankur) isn't working very well at the moment I thought I'd try the (near clone) Omaraha. Sign on process pretty straightforward, I'm waiting to be "identified"
But looking at the loans waiting to be filled, ooh I'm not so sure. About half the borrowers have multiple loans on the platform, often taken out within a few days of the first loan, my immediate fear is that these borrowers are up to no good.
They have a "warranty fund" but even so. Does anyone know more?
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debeast
(o)(o)
Posts: 238
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Post by debeast on Jul 10, 2014 13:47:43 GMT
How spooky is that i was just talking to JamesFrance about the very subject. I'm not using it and won't be for the reasons you mentioned. I'll let james sum up his thoughts /beastie
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317
Likes: 893
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Post by JamesFrance on Jul 10, 2014 14:14:10 GMT
I joined at the end of last year and initially my autobidding gave a few loans every day. Then nothing even though I reduced my offer rate to 24% which equates to their total interest rate of 30%.
I didn't want to go any lower so turned off my autobid and have no idea what the current situation is with that. The default rate seems rather high and my loans were before the warranty fund amount was increased, so I am waiting to see if any defaults are recovered before considering any new loans.
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spyrogyra
Member of DD Central
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Post by spyrogyra on Jul 12, 2014 16:15:44 GMT
The fund pays mere 30%. The auto bid manages to re-invest my money for now. I noticed that the default rate of the less risky ones (22-26%) is very low. I don't have a big holding but I'll put more after the creation of the secondary market.
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Post by D. Antav on Jan 12, 2017 17:46:59 GMT
Firstly, thanks for this great forum. Its too usefull.
I`m interesting in this P2P platform because currently I have investings there.
Do you have more information about this?
Thanks in advance
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Post by buttchopf23 on Jan 12, 2017 22:16:23 GMT
Hi Just started my trial, you can read more info on my blog: www.p2phero.com/category/omaraha/ (note: there are some referral links) In short: it's complicated btw my blog is in german, but with google translate
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Post by D. Antav on Apr 4, 2017 18:50:36 GMT
I have investments in this platform and my average is 20,5 % after 6 months with defaults less than 5% (lower). Of course, they are confuse and really they won´t grow up (as Mintos or other)...but I, m happy with my goals in this platform. I dont know why P2pindependentforum didn´t create a section for this Platform (¿?).In my opinion, it very good.
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omaraha
Apr 5, 2017 6:35:21 GMT
via mobile
Post by buttchopf23 on Apr 5, 2017 6:35:21 GMT
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317
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Post by JamesFrance on Apr 5, 2017 7:09:04 GMT
I decided not to continue with Omaraha because they never created a secondary market. I had many defaults from before the auto buyback started and after no sign of recoveries I eventually sold them to the warranty fund for peanuts as they predated the better repayments of the current system. Those had made it difficult to assess the profit level.
I steadily withdrew available cash until there was only €100 left of my deposited amount. I was surprised to see that I still had €500 of current loans so since then I have let it reinvest in shorter loans.
I may decide to start building up the investment again as it does look profitable now, but I would still like to see an exit possibility.
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kulerucket
Member of DD Central
Posts: 336
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Post by kulerucket on Apr 6, 2017 23:41:46 GMT
They seem to be in a race with Mintos to the lowest rate short term buyback loans. Currently 9% so I'm starting to reduce.
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p40l0m4r
Member of DD Central
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Post by p40l0m4r on Apr 7, 2017 7:11:34 GMT
I think Omaraha is not at all the platform where invest into buyback loans. I think also it isn't made for it.
Mintos has of course low interests rate for bb now, but it apparently has more solidity to repay delays than omaraha (in terms of volumes of income). If Mintos's rates are still enough to repay risk... I'm not sure.
EDIT: I'm also worried about the trend of instant picking of all short terms buyback loans with >12% at the moment they're offered in the platforms (Mintos,Twino). It seems to be excess of demand of those loans, and this doesn't help the rise of interest rates.
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kulerucket
Member of DD Central
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Post by kulerucket on Apr 7, 2017 7:47:37 GMT
I have come unsercured ones in Omaraha but the jury is still out on their performance. They are also quite long-term though so it's a slow exit. I'm not that bothered about aiming for the shortest loans on Twino because at the moment an exit is still very easy regardless of the term. Even the longest terms are quite short when compared to other platforms.
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Post by D. Antav on Apr 11, 2017 11:47:50 GMT
Even the longest terms are quite short when compared to other platforms. Avantages- Currently, its the key of this platform (also, they give me an interests higher than other options).
- A good record of timely payment (Specially estonian)
DoubtsBy other hand, its an older P2P lending Platform and is rare that nobody omaraha staff around here (nor does it seem to be popular among investors in the forum, why?) or they were in altfi awards ( non-transparency and opaque for money laundering or dark reasons?). FactsAs an investor, the average rates of return are comparable to the best Bondora times (20% - 30%). It is true that there is not a secondary market, but my goal in this platform is to have money - which I do not need - and reinvest with the autoinvest. The default rate & fees are lower than return high interest.
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Post by gmaxkenny on Apr 11, 2017 12:42:39 GMT
DoubtsBy other hand, its an older P2P lending Platform and is rare that nobody omaraha staff around here (nor does it seem to be popular among investors in the forum, why?) or they were in altfi awards ( non-transparency and opaque for money laundering or dark reasons?). Where did you see anything about money laundering or other dark reasons? I have not read of anything like this before about Omaraha.
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kulerucket
Member of DD Central
Posts: 336
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Post by kulerucket on Apr 11, 2017 17:01:50 GMT
My worry about long duration loans (3-5y) is that they could well catch the next financial meltdown where many cannot pay back their ridiculously high interest loans and platforms start folding as a result because they cannot honour buyback/provision fund promises and every starts leaving. When the first or second of my platforms go under it will be a signal to me to start ripping my money out of the rest of them as fast as possible. With long duration loans and no secondary market you will have to just ride it out and hope for the best.
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