I've just helped crowdfund this loan on MYC4!

Mududu Francis
Services, Uganda

Mududu Francis runs a drug shop where he sells drugs and other kind of medicine. He is seeking for a loan to purchase a motorcycle for transport and also boost his stock.

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Status

Status

Defaulted as of 21/12/2010.

Investments

100% of €918 funded by 37 investors.

Repayments

95% repaid. 100% should have been repaid by now according to loan contract. Repayment is not on track.

Key Figures

Loan amount for crowdfunding	€918
Investor interest rate	14.00% p.a.
Current investor interest rate	9.42% p.a.
Loan currency	Ugandan Shilling
Annual percentage rate (APR)	34.48% Annual percentage rate (APR) The Annual Percentage Rate (APR) is an expression of the effective interest rate that a business pays on a loan annually. The APR counts for loan closing fees and insurance (one-time) as well as interest payments (monthly). APR as a measure of cost takes into account all costs of a loan and then expresses these costs as a single annual rate. It is quite often confused with interest rate, or mistaken to be the same, but the two are quite different. APR’s usefulness is that it offers a level playing ground for comparing loan pricing by different players. It basically helps us compare apples to apples when it comes to pricing. We are showing the APR on each business separately in order to create as much transparency about the actual costs for the business as possible.
Total cost for business	≈ €169
Payback period	12 months (no grace period)
Collateral & security

Other Loans

Costs for Business

Interest to investors	≈	€44
Interest to provider	≈	€56
Interest to MYC4	≈	€9
Interest costs for business	≈	€109
Fee to provider	≈	€41
Fee to MYC4	≈	€18
Insurance	≈	€0
Total fee and insurance	≈	€60

Total costs for business	≈	€169	Total costs for business This represents in absolute amounts the total cost (interest fees, closing fees, and insurance) that a borrower who repays timely as per the repayment schedule will have incurred at the completion of the loan. The amounts listed here are in approximate values as the borrower will repay the loan in local currency.

Partner

Provider	Gatsby Microfinance Limited
Administrator	Gatsby Microfinance Ltd.
Product	Not Named (102)

Mududu Francis Services, Uganda

Mududu Francis
Services, Uganda