Wisefund E-mail: Update on late payments

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If your account sees a delay in project you participate in, please log in to your Wisefund account and go to specific project to read updates.

September 22, 2020

E-mail from Wisefund

First of all, we’d like to apologize for the fact there have been delays in multiple project repayments. While some of users express understanding and look forward for us dealing with late payers, others expect Wisefund to pay from own funds on delayed projects. As Wisefund is a marketplace connecting borrowers and lenders, we don’t have in our possession funds available to cover defaults and late payments, and until payment is received from borrower it cannot be credited to user accounts.

Though we know we presented these projects as lending options there are circumstances which have caused delays in multiple projects and we’re dealing with them with best possible approach, bearing the cost behind pursuing debt and future legal consequences. We are sorry for the inconveniences and undue financial burden this might have caused you though risks in investing in unsecured business always pertained. It is also unfortunate our buyback guarantee fund limit was used for early exit requests when there were no defaults. We wish this fund would’ve been used for covering defaulted projects (currently, two) and paying out all lenders on that. Unfortunately, as previously explained, the fund is not available beyond its limit though please bear in mind all requests of early exit were fulfilled within less than a month and until we disabled the option, no request was cancelled without acceptance of requester.

Wisefund still believes in business funding, both unsecured with higher risk and collateral secured business ventures, and is looking forward to be in the business for years to come. There might be certain difficulties we’re experiencing today, but we do look forward to tomorrow. Delays are part of life and lending business where no lender ever has experienced business without delays.

We would also like to outline that a major part of our portfolio is still paying in time according to schedule and currently there are no mistrust in paying customers and projects. Those of you invested in paying projects will also notice that projects pay interest accrued through the recovery period (if such was applied) thus meaning your investment has been generating interest throughout all of the days.

We have put in place a lot of background work and examination of borrowers and look forward to reduce delayed project rate and pursue successfully defaulted projects.

If your account sees a delay in project you participate in, please log in to your Wisefund account and go to specific project to read updates. Further on Wisefund will email you once there is update available with short notice: “Late payment update”

We are doing all we can to ensure that the money the borrowers owe to its lenders is recovered at soonest possible time. We strongly believe this minor setback will be over in a short while. Please do bear with us.

Thanks for your understanding.

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