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Post by Ace on May 13, 2022 18:00:34 GMT
The highest rate loan on Qardus (D****l p******e) has repaid early.
There is a strange negative balance on the repaid loan. I'm guessing this amounts to some final profit that has been incorrectly repaid as capital.
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littleoldlady
Member of DD Central
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Post by littleoldlady on May 14, 2022 12:38:07 GMT
Dear Investor,
Please note that the Director of Dara 77 Ltd has recently sold her personal property and wishes to use the extra cash proceeds to make a voluntary early prepayment for the full outstanding balance of the financing facility.
In line with our early settlement policy at Qardus, an early prepayment fee of 3% was charged to the principal balance outstanding as at April 28, 2022. Based on Sharia requirements, this amount shall be distributed to such charitable foundations as may be selected by the Shari'ah Supervisory Board of Qardus in its sole discretion.
As the investment term for this offer has been successfully concluded, the SPV has served its purpose and will be wound up. All remaining profit payment and principal have been returned to investors’ digital cash wallets on the Qardus platform.
Investors can choose to either withdraw their funds to their nominated bank account or keep the funds in their wallet for further investment. Please get in touch with the Qardus Team if you have any questions about the withdrawal process.
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Post by Ace on May 14, 2022 12:42:58 GMT
Balances for this loan are still showing as negative.
Qardus seem to be confused about the words prepayment and repayment!
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on May 14, 2022 12:43:15 GMT
The highest rate loan on Qardus (D****l p******e) has repaid early. There is a strange negative balance on the repaid loan. I'm guessing this amounts to some final profit that has been incorrectly repaid as capital. I think the -ve balance maybe the early repayment fee of 3%, although whilst it's close to 3% on my part it's not exactly. Anyway, we don't get it as it goes to charity otherwise it would breach Sharia.
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on May 14, 2022 12:45:24 GMT
To be fair to Q AFAIK this is the first early repayment they have had, and it seems to have exposed a bug.
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Post by Ace on May 14, 2022 12:52:16 GMT
The highest rate loan on Qardus (D****l p******e) has repaid early. There is a strange negative balance on the repaid loan. I'm guessing this amounts to some final profit that has been incorrectly repaid as capital. I think the -ve balance maybe the early repayment fee of 3%, although whilst it's close to 3% on my part it's not exactly. Anyway, we don't get it as it goes to charity otherwise it would breach Sharia. My negative balances are about 2% of the previously outstanding balances. I think they are more likely to be interest payments up to the date of repayment that have been mistakenly repaid as capital rather than "profit". I queried it with Q yesterday, but no response yet.
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Post by Ace on May 20, 2022 14:44:41 GMT
The profit payments have now been correctly split out in the Payouts tab, but are currently still incorrect in the cash statement.
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
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Post by dave4 on May 24, 2022 21:42:47 GMT
Copied /pasted From linkedin.
The investment term for this offer has been successfully concluded
As the investment term for this facility has been successfully concluded we wanted to present some highlights of this offer to investors:
The problem: Dara 77 Ltd, a dental practice, was seeking funds for working capital, to purchase dentistry equipment, and refinance an expensive mycashloan of c.£30,500 at c.50% APR.
The solution: In order to refinance the expensive loan at the earliest possible time and meet their working capital requirements, the company needed a timely injection of business finance. Dara 77 Ltd hence sought to raise a total of up to £60,000 of Sharia-compliant finance on the Qardus platform.
The outcome: The company had a two-year unsecured amortizing finance facility with Qardus, giving it the capital required to support their next phase and pay-off the expensive loan. The funds were drawn down on January 28, 2021.
Final settlement: Dara 77 Ltd made a voluntary early prepayment for the full outstanding balance of the financing facility on May 12, 2022. The Director used the extra cash proceeds from the sale of her home to pay off all her debts.
Payments to investors: Over the term of the facility, investors received their scheduled profit and principal payments each month.
Returns to investors: Investors made a return of 16.2% per year over the term of the facility. An investment in this offer made a return on investment (ROI) of 20.88% and XIRR of 25.31% upon successful conclusion of the investment term. The XIRR function calculates the Internal Rate of Return (IRR) by assigning specific dates to each individual cash flow.
“Excellent service from start to finish, comprehensive and friendly staff that make the full process feel easy. I was seeking growth finance and contacted Qardus and within 5 business days, I had an offer and funds in the bank. Highly recommend, thank you again Qardus” Director, Dental Practice
“This business is a prime example of a UK SME which has strong social impact credentials and that our investors are keen to support. This was also the first female owned business on our platform that got funded in 6 hours! In addition to providing working capital headroom, the funding will also be used by the business to refinance an expensive loan at c.50% APR. With this financing facility, we look forward to watching this business grow” Hassan Daher, CEO & Founder, Qardus Limited
Please remember that when investing in the offers available on the Qardus platform your capital is at risk and returns are not guaranteed. Past performance is not indicative of future results.
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