We are seeing slow, but steady progress in our everyday lives and we hope that you do as well. Each week there are more limitations softened by the governments allowing consumer industry to recover. That allows loan originators results to stabilize and keep sustainable business growth.
To maintain long term business growth, during March and April, Wandoo Finance Group made several adjustments - reduced costs, such as personnel and external IT and database costs, tightened credit policy, paused part of marketing and promotional activities. Current situation made to overlook both Spain and Poland pricing politics where both countries issued first loans without commission. That led to add commission on loans to new clients (first loans).
Looking back to FPD5 results in April, it shows a slight increase by 1,24% in Spain, compared to March. Yet compared to last year, this figure is better than eight months out of the whole year. Such results would not be possible without before mentioned adjustments, as well constant update of risk scoring models. In Poland, these results are not yet representable due to new repayment date politics. They will be published in upcoming posts.
If we look closer to Swaper figures, in 2019 our platform offered to invest in more than 70 million euros worth of short term loans. Together with loan originators, we closely follow the flow and habits of borrowers and that allows us to adjust the lending models and debt collection processes. Even though Wandoo Finance Group reduced the number of issued loans, we've been able to put more than 20 million euros on the platform for investments this year. In the first four months, investors have already earned more than 358 thousand euros in interest, which is twice as much as in the same period last year. Although the borrower has the opportunity to extend the loan repayment, the investors receive the interest for the whole credit ownership period. Worth to mention that, compared to last year, the number of extensions has increased by 17% due to mutual agreements between borrowers and loan originators as both parties seek mutually acceptance repayment options during COVID-19 pandemic.
We are also glad to inform you that we are moving back to our standard notification routine, meaning that we'll be keeping you updated with the most important news and updates as they come. And if you have any questions, our Support Team is there for you to assist. Stay well!
Your Swaper Team