We are coming back to you after another week of events during the COVID-19 pandemic to keep you up with Swaper's activities and tell a bit more about the changes since our last update on the Swaper blog.
Throughout the past week, some important changes were implemented, led by the governments of the countries we are operating at, emphasizing the protection of investors and the safeguarding of their funds, which has also always motivated our response to these changes.
- Laws lowering interest rates have come into force in Poland, affecting short-term loans. Wandoo Finance has been able to adapt successfully to these new regulations and continues to work, as usual, thus it is important to mention, that the costs were carefully reviewed in order to remain profitable in the current conditions. Here we can mention that we still don’t have any changes in terms of our cooperation with Wandoo Finance in general and they are fulfilling their obligations in a timely manner as before.
- In Spain, a law has been passed to protect the most economically vulnerable citizens. These new regulations allow to apply for credit holidays for 3 months, which means that the borrower can pause the repayment of the credit for three months. Wandoo Finance has also been able to adapt to these legislative changes and has added various possibilities to support the borrower, including refinancing or extending the short-term loan to help in these tough times. Of course, communication with each client is being encouraged in a personalized manner and acceptable payment terms are being agreed upon to address each client's particular financial situation.
However, as the procedure is more complicated than the solutions offered by Wandoo Finance, we expect this affecting less than 1% of all clients. At the same time, we are managing to agree with the customers about regular partial payments. In addition, only those borrowers who applied for their credit before April 2, will be able to take advantage of these loan holidays.
Here we would like to mention, that before the law was implemented, Wandoo Finance already offered the possibility of splitting the repayment of the loan in two parts, in order to ease the borrower's financial pressure in these sensitive times for everyone. Regarding this, Wandoo also has started to remind borrowers about the upcoming payment date much earlier, to be able to offer some solution on time and not to get the borrower in the unprepared situation. All of the measures taken have resulted stable at the moment.
On the other hand, these credit holidays do not impact the investor in any way as the loan originator still has the obligation of Buyback. It is precisely this change that we are adapting to and we are confident that the market is rewarding in the long term.
- Still constantly monitoring the situation together with the loan originators and acting accordingly to protect the investors;
- Still timely done investor withdrawals. We are proud to have fulfilled all outstanding payments. This is, without a doubt, the result of good teamwork adjusted to the circumstances that rule the world today
- As Easter is approaching, we want to inform you that Swaper will have limited working hours on Friday, April 10th. During this time our marketplace will be completely accessible for all your investment activities as usual. However, please keep in mind that your payments and transactions will be processed slower than usual as the banks will be closed due to this public holiday.
If you have any questions, do not hesitate to get in touch with our Support Team.
Have a wonderful and sunny spring holidays!
Your Swaper Team