31 August, 2020
Recently, there have been many cases when lending companies had to pay interest on pending payments despite transferring money on time. This happens due to bank transfers sometimes taking up to 3 days, usually because of a lending company being located outside the European Union.
To address this, from now on, pending payment interest will be calculated from day 11, instead of day 8 as it has been up until now.
Please note: only the interest period will change. The settlement payments will still be due on day 8 (after the 7 day settlement period) when we expect most of the payments to be transferred to investors.
March 17, 2020
From now on, investors will earn interest on pending payments that are behind the schedule. In other words, investors will be compensated for any delays in settling pending payments.
The interest on pending payments will be 1.2x the interest of the loan in question. Investors can expect to receive the interest weekly, once it’s been paid by the respective lending company.
The interest will be calculated on both the principal investment and interest, and the calculation will begin after the settlement period (7 days) has ended.
Investors should note that there is usually a rotation of loans in the pending payments system – some payments might be released while others change to “pending” status. As a result, it may look as though the pending payment amount has not changed.
Follow pending payments
We’ve also added a new column to the datasheet on our Statistics page that shows the average days pending – that means, the calculated average time that pending payments are not transferred from borrower to investors by the respective lending company.
Finally, we’d like to thank you for your feedback! We aim to build a marketplace you’ll love to use, and your input is always appreciated in helping us to move in the right direction.
