In the Myelen p2p microfinance concept the lender signs a contract with the MFI and the MFI takes the default risk of the individual borrowers. The lender carries the market risk that the MFI does not repay the loan. Furthermore at Myelen the MFI covers the currency risk â€“ but for most lenders there is still a currency risk because the loan currency at Myelen is Czech Koruna (CZK).
My 5,000 CZK loan was repaid early by the Mexican MFI since it stopped accepting foreign currency loans to change its legal status. I was repaid 5,115 CZK the total amount plus the accrued interest. The initial 187.50 EUR invested brought back 196 EUR on my account after 7 month – not a bad results.
I did invest in this loan mainly to test the service, since Myelen was previously unknown to me. The experience was good – everything went smoothly. I was notified of the early repayment via email and the money arrived automatically in my bank account.
Note that there were no fees at all for me involved – neither banking fees nor any fees my Myelen.
Currently there are several Mexican loan offers listed on the platform. Offered interest rates range from 4 to 7.5 percent (depending on amount).