Anyone investing Lendico?

[Elfreako]

Has anyone tried investing with Lendico? https://www.lendico.co.za/

It's an interesting idea but I struggle to believe that this will work in South Africa (Too much debt, too much risk). Also I'm not sure if I see any merit in investing when you could quite easily purchase equities instead.

Any thoughts?

 

[snowwolf]

Seems a little risky to me...
Rather go with equities or something as simple as Satrix.

 

[PsyWulf]

I have a few small loans on Lendico,sofar payments been on time on each,but it's up to you to pick the loans to invest in,luck of the draw if they pay or not everytime. Definitely beats bank interest

 

[^^vampire^^]

Used to use Rainfin but the default rate is extremely high and they aren't worried about chasing their "customers". I wouldn't believe Lendico would be any better.

 

[kokzn]

About 3 months ago I decided to test it.
I put in R500 in total, into two loans, R250 each. 60 months to pay.
So far, the payments have been on time, getting roughly R11 per month.
Definitely beats bank interest.
A couple of weeks ago, the ran a promotion, and gave me an extra R250 to invest. So my total portfolio is not R750.

 

[AlmightyBender]

About 3 months ago I decided to test it.
I put in R500 in total, into two loans, R250 each. 60 months to pay.
So far, the payments have been on time, getting roughly R11 per month.
Definitely beats bank interest.
A couple of weeks ago, the ran a promotion, and gave me an extra R250 to invest. So my total portfolio is not R750.

Right there is your immediate warning sign of inevitable implosion. I mean do you think Allen Grey would ever say "Hey guys thanks for investing with us here is an extra R1000 as a promotion". Real investment just simply does not work like this.

 

[kokzn]

Right there is your immediate warning sign of inevitable implosion. I mean do you think Allen Grey would ever say "Hey guys thanks for investing with us here is an extra R1000 as a promotion". Real investment just simply does not work like this.

True, hardly happens, maybe they are just trying to entice their current clients to invest more. Easy Equities also gave us R50 recently on Halloween.
I'm not saying they are legit, I'm not going invest more than the R500 I already did, I'm also a bit skeptical. But so far, I'm happy with odd R11 I receive per month. If they go burst in the future, before I recoup all my money back, I'll chin-up and move on.

 

[bmchunu]

True, hardly happens, maybe they are just trying to entice their current clients to invest more. Easy Equities also gave us R50 recently on Halloween.
I'm not saying they are legit, I'm not going invest more than the R500 I already did, I'm also a bit skeptical. But so far, I'm happy with odd R11 I receive per month. If they go burst in the future, before I recoup all my money back, I'll chin-up and move on.

How's things going .. still getting your R11 per month?

 

[kokzn]

How's things going .. still getting your R11 per month?

Hi bmchunu

Here is last 2 correspondence emails i got from Lendico.

Lendico has assigned the final repayment to your bank account
Date: 20 April 2015
Dear Mr. XXXX,
We are pleased to inform you that according to our previous email we have made the repayment to your bank account on 10.04.2015.

In case you have not received our repayment or you have any questions please contact us at service@lendico.co.za

Please be informed that as a next step we will deactivate your investor's account.

We would like to thank you for cooperation.

Yours sincerely

Lendico SA (Proprietary) Limited

2015/03/27

Dear Mr. XXXXX,

NOTICE TO INVESTORS

1.

Lendico SA (Proprietary) Limited (Lendico SA) is aware of the frustration that has been experienced by certain of its investors of late. We are also committed to acting in the best possible interests of our investors at all times.

2.

We are accordingly pleased to notify you of our intention to perform early under the Investor Terms and Conditions, by repaying to you, in one lump sum, the aggregate balance of your contributions as at 31 March 2015, plus applicable interest, totalling to the sum of R871.57, by way of electronic funds transfer into your reference bank account which is currently on record with Lendico SA (Repayment). The Repayment, once made by Lendico SA, will terminate the relationship between you and Lendico SA, being in full settlement of any obligations that either party may have toward the other.

3.

Should you have any questions or concerns regarding our intention as expressed in this notice, please address them to us in writing, by no later than 30 March 2015, at service@lendico.co.za.

4.

Where we receive no communication of questions or concerns from you by 30 March 2015, Lendico SA shall make the Repayment to you by no later than 15 April 2015, with no further action required on your part.

5.

Lendico SA thanks you sincerely for your patience to date.


Lendico SA (Pty) Ltd
Central Office Park No. 4
257 Jean Avenue
Centurion
Gauteng 0046
E-Mail
service@lendico.co.za
Web
www.lendico.co.za
Yours sincerely

Lendico SA (Proprietary) Limited

I don't know what happened. They stopped making payments in December/January, I didn't even notice. I guess people with serious investments started complaining. Then in March/April they paid out all outstanding loans out in cash with the initial contract interest rate.

I put in R500 (plus R250 for free), got a couple of R11 for a few months (August to December), and R871.57

 

[Saba'a]

Registered an account to invest my kids spare cash but no projects available to invest. Looks like they closing down?
Yep an article says no loans in South Africa and offices closed.
So why keep website active and email without any reply message?

 

[PsyWulf]

Per 1 post above yours lendico closed down basically. Rainfin does similar but I didnt like their UI

 

[pacificpearl]

Looks like the "stokvel" Lendico is still going strong...

 

[PsyWulf]

Looks like the "stokvel" Lendico is still going strong...

Investing in new loans is no longer available

 

[Thor]

Right there is your immediate warning sign of inevitable implosion. I mean do you think Allen Grey would ever say "Hey guys thanks for investing with us here is an extra R1000 as a promotion". Real investment just simply does not work like this.

Yea cause they are to fcking greedy to do that.

EasyEquities gives vouchers all the time.

 

[Flame]

Sorry to call up a old threat.... but where can i go like lendico for a loan for a project for me? I need R34 000, and with that R34 000 i will make R16 000 min a month, and will repay it in 6 months.

Anyone who can point me in right direction, or person please.

thanks

 

[bchip]

Sorry to call up a old threat.... but where can i go like lendico for a loan for a project for me? I need R34 000, and with that R34 000 i will make R16 000 min a month, and will repay it in 6 months.

Anyone who can point me in right direction, or person please.

thanks

Why not try a bank?

If its such a sure deal and you've got a business plans and agreements in place
then I'm sure they'll lend you the money.

 

[za_bullet]

Looks like the "stokvel" Lendico is still going strong...

....I think it's dead now!

zb.