Creditstar
Dear Mintos,
is there any current information on how Creditstar handles loan extensions and paybacks?
My experience so far is that every single 30 day loan gets extended 3 times by 60 days by creditstar and not the borrower itself.
also it seems that creditstar splits the payments over every single loan
i dont think every borrower extends the loan at the same time a few days before buyback and then also pays the exact partial amount (in addition to extension interest)
this basically means that spanish 30 day loans (and i guess polish loans aswell) are basically 270 day loans in every case no matter if the borrower actually paid anything or not
30 days + 3x 60 days + 60 days buyback
while pretty much every pending payment stays pending for at least 9-10 days
after all i dont think its in creditstars interest to have those higher interest loans up for that long of a timeframe instead of maybe buying them back earlier
is this a liquidity problem or what are your thoughts on that?
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Hello Carsten, only loans where the borrower has agreed with the lending company about the extension get extended on Mintos marketplace. We do monitor the extensions.
Updates might be done in batches due to 3rd party system integration on Creditstar's side. So it can happen that loans are updated at the same time all together.
Pending payment days for each loan are different, as well, investors are receiving pending payment interest from day 11.0
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