In October last year, Mintos introduced the schedule extension functionality on the marketplace. This functionality was introduced due to the practice of the payment schedule extension that many lending companies offer to their borrowers. This functionality offers investors more transparency, with a better overview of the borrowers’ repayments schedule to the loan originating company.
Starting from today, March 13, 2020, the maximum possible number of extensions per loan on Mintos is being changed to six, from the previous three possible extensions.
The new maximum extension will be available for all loans who offer the functionality of extensions to their borrowers. The existing loans issued with three maximum extensions will be automatically prolonged to six maximum extensions. Investors on Mintos will continue to earn the same interest throughout the remaining loan term.
If an investor has a loan that has reached three extensions and, in light of the update to six extensions, has at this point gone over the previously agreed three, the loan originator will buy the loan back. In such a case, investors are kindly invited to contact the Investor Services team.
If you have any questions, feel free to reach out at [email protected].