I have lend money in over 170 loans on MyC4.com. My average interest rate is 13.8%. There are no defaults yet (not only in my portfolio, but overall). But lately there are several loans that are late (usually up to one month).
In the account balance late loans are recorded as repayments with zero value:
Latest borrower who went late is Sarah Akany, who runs a computer training and internet center in Uganda. I don't really worry, since she went late once before and caught up again.
The provider (CMC) posted the following notice to lenders on the blog:
We have contacted the client and she has promised to clear the late payment. We shall continue tracking the client and ensure payment.