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Post by hugoncosta on Oct 2, 2019 13:50:05 GMT
Just wanted to warn you, every loan from now on will have this new option.
It basically means the maturity date can be extended up to 31 days, up to 3 times during the whole period (imagine a 50 month loan, they can have an extension up on month 2, 15 and 30).
From what I understood, it doesn't really mean much on the long term loans, instead of the loan being late it'll be extended and you'll get the money at the later date, just as before, but now it's clear why it's late. The only bad scenario I'm seeing is if the extension is on the last month and you really wanted that cash back. Nonetheless, extended loans will be on the secondary market.
More info:
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fric
Member of DD Central
Posts: 199 
Likes: 79
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Post by fric on Oct 7, 2019 6:20:42 GMT
2 major differences:
1) There should be a lot less buybacks;
2) There will be less issued loans overall if you look at the statistics, since before this it was kinda inflated...
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Post by rimvydukas on Oct 8, 2019 16:01:33 GMT
And another thing - LOs will be able to keep locked lower interest rate for much longer time frame. I suspect that there may be no real borrowers behind this extension scheme:/
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fric
Member of DD Central
Posts: 199
Likes: 79
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Post by fric on Oct 10, 2019 5:52:23 GMT
And another thing - LOs will be able to keep locked lower interest rate for much longer time frame. I suspect that there may be no real borrowers behind this extension scheme:/ I think that's called fraud...
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Post by rimvydukas on Oct 14, 2019 3:27:57 GMT
And another thing - LOs will be able to keep locked lower interest rate for much longer time frame. I suspect that there may be no real borrowers behind this extension scheme:/ I think that's called fraud... Maybe, but this new feature gives LOs perfect conditions to do this:( Hope that Mintos will be able to stop such behavior.
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