EstateGuru introduces timeline to track loan status
EstateGuru has introduced a new timeline feature to provide information about individual loans in a clearer format.
The timeline, which has replaced the loan update section, appears under each loan taken out by its customers, and tracks its progress from fully invested to fully repaid.
“Whereas the loan update section was manually updated, the new timeline is largely automated, which leaves us with more time to focus on recovering user funds,” said the European peer-to-peer lending platform in a blog post. “We have made this change to accommodate the increase in our lending volumes, which has meant manual updating would take too long and require too much manpower.”
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Each loan can have one of eight different statuses (fully invested, closed, funded, repaid, closed, late, in default, partially recovered, fully recovered).
The timeline will automatically update when a late loan reaches predefined thresholds (15 days, 30 days, 45 days, and so on up to a maximum of 180 days) and provide additional information about what EstateGuru is doing in these cases to expedite repayment.
A loan is considered fully recovered when it has been fully repaid. The timeline will reflect as much when the funds have been returned to the customer’s account.
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EstateGuru has recovered over €25m (£22m), with investors earning an average return of 8.8 per cent from fully recovered loans.
“The primary purpose of the timeline is to keep you informed and outline our processes in the case of late loans and defaults, while we focus on recovery,” the firm said. “The timeline is still a work in progress, and we will be updating and improving it as we go forward. All of your feedback is appreciated in this regard.”
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