All loans on the Mintos platform are pre-funded by loan originators. Thus, loan originators will earn the interest for the whole loan up to the moment when loan is put on the platform and for the part that is not assigned to investors after the loan has been put on the platform.
The two loans you refer to differs at when they were put on the platform.
Loan 20998 was issued to the borrower on 07/08/2015 and put on the Mintos platform on 11/09/2015. Therefore, the loan originator receives all the interest up to 11/09/2015. That is also why the first interest payment in the Payment Schedule is very small - it is interest for the period from 11/09/2015 to 15/09/2015.
Loan 20434 was issued to the borrower on 03/08/2015 and put on the Mintos platform on 13/08/2015. Thus, the loan originator receives all the interest up to 13/08/2015. The first interest payment in the Payment Schedule is for the time period from 13/08/2015 to 15/09/2015.
We hope it helps and let us know if you have any further question about this.
Thank you, Mintos, it all makes sense now. So the first interest payment available to lenders on the platform will vary depending on when the loan was put on the platform relative to its issue date (and, obviously, when the lender buys their part as I know you pay interest pro-rata for fractions of a month). As demonstrated by loan 20998, this can have a big effect on the total interest for a short-duration loan. Therefore, to increase transparency, would it be possible to include the date the loan was put on the platform in the information available?
I notice, also, that for loans from Capitalia and Mogo that come on the platform months after their issue, there is no payment history available (only that monthly payments have been made). Would it be possible to get the full history from the originator and display it so that investors can better judge the borrower's likelihood of paying on time?
Rob, we have noted the request to add a Loan Listing date. Some investors have asked it before, but it is not a frequently requested addition.
For the time being we don't plan to add dates for the payments made before the loan is put on our platform. That would involve quite a bit of work on loan originator's side in tracing and transmitting the historic payments on automated basis and would also require certain rework of our system.