Not unexpectedly, news comes now that Honest Bank is closing down its business. Not that I thought they were going to have problems, but more that I always believed that companies will emerge that do not make it go together or do not manage.
Filed for bankruptcy instead.
The short story is that the company was given a new management in September and this has discovered that everything has not been properly managed and that it is not possible to continue the business at all without having filed for bankruptcy instead.
Take over in a company
Must be interesting to take over in a company and the first thing you do is to discover that it has been neglected to such an extent that you have to strike again.
In a relatively new industry that counts SMS loans / Micro loans, it is not surprising in any way that strange things emerge. Would bet that it is almost always the case when new industries emerge where people think they can make a lot of money. Some do not manage the companies and others find that it is certainly not as easy to withdraw money as they intended.
Now it should be said that I have no idea if Honest Bank has done things illegally or if things have just gone bad for them.
What I can only draw conclusions from is what I read in messages that they themselves left out and then it feels like everything has not been quite right to simply. Money has been spent in ways they would not have made at all.
Borrow from them lately
We have had Honest Bank here on the site for a while but of course we have removed them now. Not because it had played any role really since no one has been able to borrow from them lately.