billfuller
New Member
Posts: 2 
Member Type: Lender
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Post by billfuller on Apr 5, 2017 9:59:59 GMT
I have a lender account but I'm yet to finance any loan yet. My biggest worry is this insurance. How does socin manage to cover every loan with their social insurance? What will prevent anyone out there from posting a request then disappearing with the money? Even though I will recover my money after two years, what happens if so many people are not paying the loans? So far I have decided to take a wait and see approach because I see this platform going the way of Quakle.com
But maybe am wrong, what do other lenders think?
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Post by anitawest on Apr 5, 2017 10:23:59 GMT
I've also heard my doubts but so far they were only kept to myself. Those top lenders should tell us what they think of the cover being offered
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Post by albertyoung on Apr 5, 2017 11:24:51 GMT
I have a lender account but I'm yet to finance any loan yet. My biggest worry is this insurance. How does socin manage to cover every loan with their social insurance? What will prevent anyone out there from posting a request then disappearing with the money? Even though I will recover my money after two years, what happens if so many people are not paying the loans? So far I have decided to take a wait and see approach because I see this platform going the way of Quakle.com But maybe am wrong, what do other lenders think?  As a top lender with 3 loans, i have some information that most new lenders don't. Socin has a list of 'trustee' borrowers although they don't share information how borrowers end up on this list publicly. When you start sending proposals, they contact you with a list of borrowers that you should consider first before lending to anyone else. Actually, they stipulate that since they cover your loans fully, 50% of your investment should only go to people in the trustee list. In case you decide to pick your own borrowers, you will not be compensated if borrowers do not repay. Remember, this is only for loans that have insurance. They do not interfere if you decide to lend money to loans with no insurance. |
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mworiasteph6
New Member
religion is opium for the masses
Posts: 3
Member Type: Borrower
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Post by mworiasteph6 on Apr 6, 2017 12:51:50 GMT
How does one get into this trustee list?
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enuel
New Member
At the shop
Posts: 46
Member Type: Borrower
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Post by enuel on Apr 6, 2017 17:15:06 GMT
I would greatly appreciate it if someone can school me on how first time borrowers like myself with no insurance cover on our loan requests could provide some assurance to possible lenders regarding repayment. Thank you.
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luiprocure
New Member
Posts: 3
Member Type: Borrower
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Post by luiprocure on Apr 6, 2017 21:25:23 GMT
I would greatly appreciate it if someone can school me on how first time borrowers like myself with no insurance cover on our loan requests could provide some assurance to possible lenders regarding repayment. Thank you. This article about Social insurance talks about getting insurance from inviting people socin.org/what-you-should-know-about-social-insurance/I don't think this is fully implemented because i can't see an option to invite others anywhere but if implemented I think it can help. |
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Post by allenkelley on Apr 6, 2017 21:36:53 GMT
I would greatly appreciate it if someone can school me on how first time borrowers like myself with no insurance cover on our loan requests could provide some assurance to possible lenders regarding repayment. Thank you. This article about Social insurance talks about getting insurance from inviting people socin.org/what-you-should-know-about-social-insurance/I don't think this is fully implemented because i can't see an option to invite others anywhere but if implemented I think it can help. Relying on Social insurance to ensure your loans are funded is at best, a waste of time. Note that they do not give you insurance for the actual inviting but a share of the fees charged when the person you have invited takes a loan. On top of the agonizing wait for loans to be funded, social insurance is added exactly as it is- No, multiplying! If someone is charged $10, only $4 will be added to your insurance. How long will it take to have a decent cover? enuel, should probably consider introducing a few of his local friends to the site if they agree to contribute a few dollars to him. For example, 10 friends, contributing $5 each to him, that's $50 which will translate to a total insurance of $1200 once he pays Socin. |
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Post by andrewjames on Apr 6, 2017 21:47:27 GMT
I would greatly appreciate it if someone can school me on how first time borrowers like myself with no insurance cover on our loan requests could provide some assurance to possible lenders regarding repayment. Thank you. You should consider starting a new thread because what you have asked is definitely different from what bill is asking. I'll give you my idea when you do |
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enuel
New Member
At the shop
Posts: 46
Member Type: Borrower
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Post by enuel on Apr 6, 2017 23:00:15 GMT
This article about Social insurance talks about getting insurance from inviting people socin.org/what-you-should-know-about-social-insurance/I don't think this is fully implemented because i can't see an option to invite others anywhere but if implemented I think it can help. Relying on Social insurance to ensure your loans are funded is at best, a waste of time. Note that they do not give you insurance for the actual inviting but a share of the fees charged when the person you have invited takes a loan. On top of the agonizing wait for loans to be funded, social insurance is added exactly as it is- No, multiplying! If someone is charged $10, only $4 will be added to your insurance. How long will it take to have a decent cover? enuel , should probably consider introducing a few of his local friends to the site if they agree to contribute a few dollars to him. For example, 10 friends, contributing $5 each to him, that's $50 which will translate to a total insurance of $1200 once he pays Socin. Kindly assist me on how the insurance on a loan is calculated. I want to be clear on it. And can the borrower pay up this cost if he or she can, without having to resort to inviting friends? |
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Post by allenkelley on Apr 7, 2017 18:31:45 GMT
Relying on Social insurance to ensure your loans are funded is at best, a waste of time. Note that they do not give you insurance for the actual inviting but a share of the fees charged when the person you have invited takes a loan. On top of the agonizing wait for loans to be funded, social insurance is added exactly as it is- No, multiplying! If someone is charged $10, only $4 will be added to your insurance. How long will it take to have a decent cover? enuel , should probably consider introducing a few of his local friends to the site if they agree to contribute a few dollars to him. For example, 10 friends, contributing $5 each to him, that's $50 which will translate to a total insurance of $1200 once he pays Socin. Kindly assist me on how the insurance on a loan is calculated. I want to be clear on it. And can the borrower pay up this cost if he or she can, without having to resort to inviting friends? I thought that probably you don't have enough cash to pay for insurance. bt if you do its actually very easy calculate. the amount you pay is multiplied by 24. to purchase, you need to have paypal or debit/credit card socin.org/my-account/finances/ |
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Post by rimantas on Apr 7, 2017 20:05:06 GMT
How does one get into this trustee list? only a member of the support team can say for sure but i think it has to do with the membership period, loans repaid etc |
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enuel
New Member
At the shop
Posts: 46
Member Type: Borrower
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Post by enuel on Apr 10, 2017 8:22:51 GMT
someone should please help me with an answer to this question:
If i manage to pay up the insurance cover for my loan and no lender funds my loan request at the expiration of the request, what happens to the insurance i paid?
Thank you
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Post by christine on Nov 3, 2017 6:48:11 GMT
Hello
I have been trying to contact the adninistrator . I think the administrator email address should be added so as to help in case of a problem
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