Mintos has marked loans from Ukrainian lending company SOS Credit with a “removed score” as borrowers and the company suffer from the effects of the ongoing Russian invasion of Ukraine.
The European Loan Market said that for investors who have investments in the business, the 30-day extension will be indicated for these loans, and the interest rate will be changed to zero percent to reflect status with borrowers. .
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The management team of SOS Credit indicated that it stopped granting new loans to its customers on February 24.
They said the accrual of interest and fees on existing loans has been halted for the time being and the company has suspended all collection activities, with customer service only providing informational services. This status will remain in effect as long as martial law is in effect.
SOS Credit said most of its staff have moved to safer places in Ukraine and Europe, some have joined the Ukrainian National Guard and team offices have suffered from bombings, but hopefully they are recoverable.
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The loan company said it would resume operations as soon as martial law is lifted.
Mintos said that the extensions will be updated or their status changed depending on future developments in this case and that it will notify lenders in a timely manner of all news regarding loans from borrowers of this Ukrainian lending company.
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“We believe that the joint forces of good will be able to stop this terror from Russia and peace will return to Ukraine,” SOS Credit’s management team said in a blog post on the Mintos website.
“As soon as martial law is lifted, we will resume our operations.
“We look to you, honorable investors, to be understanding and patient in this situation which is totally beyond our control as a company. We encourage you to help the people of Ukraine, to give them time to get through these times. difficult and recover afterwards.
“For those who would like to go even further and help proactively, we offer to donate your investments, and we, as the lender, will write off borrowers’ loans and accrued interest.
“In any case, we are firm in our minds, we are confident that we will get through these dark times and come back much stronger.”