Sign in
Download Opera News App

Economy&Finance

 

Credit card loan

 

How a crypto loan ecosystem sent Bitcoins worth $1.2,000,000 to its registered users.

LendingOwl, LLC a crypto lending startup has mistakenly sent some of its users crypto and is working on reversing it.

According to CEO Emma Madoff, the company made some mistakes when it was trying to pay its affiliates. Apparently, they mistakenly sent payments in BTC instead of U.S. dollars to some of their users.

Though LendingOwl tried to reverse it, we found out that some users have already withdrawn the coins before the company could backpedal. 

According to the companies Manager, the company has loss reserves as part of its accounting policies and this is a fraction of existing loss reserves.

The Telegram only lending platform LendingOwl, LLC was created with the sole aim of giving out quick and easily accessible loan packages to its users in Africa and the diaspora. Recall that last week, the chief executive officer and Co-founder of Paxful, Ray Youssef said:

"We believe in LendingOwl's initiative to give out cheap loans to anyone no matter their country or race."

Recall that we reviewed some Nigerian youths who have benefited from this platform as they claim to have received the loan within mere minutes of applying. One peculiar review was when a Lagos-based barber in Ikeja said he took out a loan as a last resort to expand his business as the traditional banks refused to give him the loan.  

According to the CEO of LendingOwl, LLC, Emma Madoff, anyone can secure a loan automatically as far as they have just 30% of the loan amount as collateral on their account portfolio.

Many Ghanaians are already using this Telegram-only lending network to collect loans for their businesses. The reason many people are joining this platform is because all users need to take out loans is just 30% of the loan amount as collateral. For example, 30% of $1000= $300.

What's your take on this news? You can contribute by commenting through the comment section below.

Content created and supplied by: Ghana_News24 (via Opera News )

BTC Bitcoins Emma Madoff LendingOwl U.S.

COMMENTS

Load app to read more comments