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During the period from 2006 through October 2008 (referred to as 'Prosper 1.0'), Prosper issued 28,936 loans, all of which have since matured. 18,480 of the loans fully paid off and 10,456 loans defaulted, a default rate of 36.1%. $46,671,123 of the $178,560,222 loaned out during this period was written off by investors, a loss rate of 26.1%. [106]
Kreditech used a self-learning algorithm which analyzes big data.It calculated an individual's credit score in seconds using up to 20,000 data points. [4] Kreditech uses location-based information (GPS), social networking information (likes, friends, locations and posts), hardware data (operating system, browser, etc.), online shopping behavior and general online behavior in order to determine ...
The Federal Republic of Germany – Finance Agency (German: Bundesrepublik Deutschland – Finanzagentur GmbH) is the central service provider for the Federal Republic of Germany's borrowing and debt management. Thus it is wholly owned by the Federal Republic of Germany, represented by the Federal Ministry of Finance.
Wonga.com, also known as Wonga, was a British payday loan firm that was founded in 2006. The company focused on offering short-term, high-cost loans to customers via online applications, [2] and began processing its first loans in 2007. [3]
To qualify for BAföG, one must generally be a citizen or permanent resident of Germany and/or have lived in Germany for five consecutive years. There are some exceptions. [2] Generally, BAföG repayments are capped to a maximum of 10,000 € regardless of the total loan sum that was granted.
In September 2008, as investors were scrambling to get their funds out of Lehman Brothers, KfW accidentally wired €320 million ($426 million) to Lehman; Germany's largest circulation newspaper, Bild, called KfW "Germany's Dumbest Bank" at the time. [16] The bank subsequently fired two board members over the transfer. [17] [18]
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A loan shark is a person who offers loans at extremely high or illegal interest rates, has strict terms of collection, and generally operates outside the law, often using the threat of violence or other illegal, aggressive, and extortionate actions when seeking to enforce the satisfaction of the debt. [1]