I will use the loan to increase my float of buying and selling paypal dollars locally
Charles
Kiambu, Kenya
4% repaid
Entrepreneur
Name
Charles
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.
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Loan Info
Project Type
Classic Loan
Disbursed amount
$150.00
Date disbursed
Feb 5, 2014
Repayment status
Late
Projected term
14 months
Lenders
Lahr, Germany
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