To improve its offer to investors, Ecofinace has decided to change the grace period for its loans placed on Mintos. The grace period of 15 days is changed to 3 days. This means, if the end borrower hasn’t begun to repay the loan after 3 days, the investor will see delayed interest to accumulate on their Mintos account on the fourth day.
As of 23.12.2019., EcoFinance has started to place more instalment loans on the Mintos marketplace. The average loan amount is EUR 420, with an initial loan term ranging from 3 to 6 months.
Since EcoFinance started a partnership with Mintos in November 2017, the company has funded loans on the Mintos marketplace worth EUR 13.3 million in total.
Established in 2015, EcoFinance has become the Top 10 consumer lender for the underbanked clients in Russia (by the volume of micro-loans issued in the 1st half of 2019 according to RaExpert.ru). The company has approximately 60 000 active clients in Russia. As of October this year, the company has funded more than EUR 110 million worth of loans.
With its exceptional in-house expertise in IT, EcoFinance is a true fin-tech company that creates award-winning innovation technologies and solutions to bring its customer service to the top level. In the near future, EcoFinance plans to expand the product line with small and micro business loans for its corporate clients in Russia.
EcoFinance holds a Microfinance company license provided by the Central Bank of Russia. It is also a part of Dyninno Group of companies, an international holding that services clients in travel, entertainment and finance industries across 50 markets globally.
Taking into consideration the legal requirements and investors’ interests, investors will be able to obtain exposure to MFC “Ecofinance” LLC loans by investing in loans issued by SIA Mintos Finance II, Mintos Group company, to SIA Mintos Finance.
The repayment of each loan issued by SIA Mintos Finance II to SIA Mintos Finance will be pegged to the repayment of a respective loan issued by SIA Mintos Finance to MFC “Ecofinance” LLC which, in turn, will be pegged to the repayment of the respective loan issued by MFC “Ecofinance” LLC to the borrower. SIA Mintos Finance loans will be directly secured by a pledge on claims arising from MFC “Ecofinance” LLC loans issued to borrowers.
If you have invested in EcoFinance loans with Auto Invest, make sure to adjust your preferences as the new instalment loans have longer terms.