On Mintos, linked assets such as loans and car rentals can have the following statuses based on borrower/renter payments:
The borrower/renter is making payments on time.
- Grace period
This is a set number of days after the due date during which payment may be made by the borrower/renter without penalty.
- 1-15 days late, 16-30 days late, 31-60 days late
The linked asset is marked late when the borrower/renter fails to make a timely payment within the grace period. In this case, grace period days are also counted as late days.
- 60+ days late
Once a linked asset with a buyback obligation is 60 days late, the company has to buy it back at nominal value plus accrued interest. If you notice a linked asset with a buyback obligation with this status, please report this technical error to us.
This status, only reserved to pre-transition loans without a buyback obligation, means that the agreement has been terminated by the lending company, and the outstanding balance of the loan is due and payable. The lending company has initiated debt collection on the loan, and regular updates are shared in the Debt Collection section of the Loan Details.
- Bad debt
There is no longer a reasonable expectation of further payments on this linked asset, and the debt collection/recovery process has been finalized, with the remaining outstanding amount deemed irrecoverable.