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It has 280,000 lenders and 41,000 loans funded so far. 90% of the money is reloaned, and the repayment rate is 99.89%.
Iannuzzi had borrowed $60,000 from Agro and reloaned the money at a higher rate, paying off Agro and keeping the spread.
The bankers loaned the brokers the money which they reloaned at very high rates.
The money would be repaid to the foundation so it would be reloaned to new applicants.
The funds and the profits could then be subsequently reloaned to others.
Once paid back, they can be withdrawn or reloaned.
If the borrower neglects to offer security satisfactory to the directors within the time prescribed by the by-laws, his right to the loan shall be forfeited and he may be charged with one month's interest and one month's premium, if any, at the determined rate, and with such part of the expenses incurred as may be determined by the board of directors; and the money appropriated for such loan may subsequently be reloaned.
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