I will use the loan to increase my float of buying and selling paypal dollars locally

Charles Njau

Kiambu, Kenya

4% repaid

Entrepreneur

Name

Charles Njau

Member since

January 2014

On-time repayments

61 installments  •  0%

About Me

Hi, I am a 25yr old Computer Science graduate from the University of Nairobi. I live along Kiambu Rd in Nairobi, Kenya. I buy and sell online currencies within the country. Kenya is a thriving hub of growing and emerging technologies. More Kenyans continue to access the Internet and as a result more people are now freelancing online and there is a continuos need for e-currencies within the economy. I basically buy and sell PayPal since none of the Kenyan banks are able to do so. I will use the earnings to increase my float hence be able to repay the loan ASAP.

My Business

I buy Paypal dollars at ksh.80 and sell them at ksh 90. hence making ksh10 on every dollar bought or sold. My customers prefer me since I allow mobile money payments and with no delays. The business is profitable since there is no verified PayPal exchanger within the country and I move more than $600 a day, hence I am guaranteed a profit of ksh6000 ($70) daily. The only risk in the business is a customer claiming a refund from PayPal and my only costs incurred are electricity and internet bills. The business should be able to repay the loan in 1month

Loan Proposal

I will use the money to purchase Paypal dollars locally at a lower price. It will benefit me (of course because of the commissions I will be making) and the local communities within Nairobi which is largely composed of freelancers who want a quicker and instant means of converting Paypal dollars into tangible cash. Lenders should not worry for even a minute, as my payments will be on time and they will get their money back asap.


Thank you all in advance.

Feedback

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Loan Info

Project Type

Classic Loan

Disbursed amount

$149.80

Date disbursed

Feb 5, 2014

Repayment status

Late

Projected term

14 months

Cost to entrepreneur

Lender interest: $149.80 at 24.13% annual rate over 14 months = $42.40

Service fee: $6.20

Lenders

investor

Candiac, Canada

T

ToddK

Indianapolis, IN, USA, United States

M

MiguelC

Chicago, United States

C

cngilkd

gaithersburg, United States

Marktwain

Telford, United Kingdom

joaoferraz

RINCHOA, Portugal

Sarasota

Sarasota, Fl, United States

N

NickLuder

London, United Kingdom

C

cranejoad

cazenovia, United States

G

GreenMoney

Lahr, Germany

Matching Fund

Sterling, United States

R

rgbrgb

United States

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