After their initial announcement of GoCredit will live Mintos on August 13, 2021, the team is pleased to confirm that Mintos has “finalized” the Primary trust structure with the lending company.
As previously indicated, the initial guarantee consisted of a direct loan assignment as well as collateral on loans listed on Mintos, “established in favor of the Mintos investors”.
As stated in the update:
âWith the current improvement, there is also a third-party trust provider that secures cash flow, and Mintos is the primary recipient of repayments from particular loan agreements. “
So, for example, in the event of GoCredit defaulting, any repayment from the borrower would go “directly to Mintos investors, and only after that would the remaining amounts go to the loan company itself”, explained the ad.
Federico diazGoCredit CEO said their company prioritizes transparency and aims to establish the same relationship with Mintos investors.
Diaz added that they have many agencies that monitor their processes and have established a trust that is overseen by a third party, “so investors can rest assured that cash flow will go to them first.”
As stated in the announcement:
âWith this Facility Security upgrade, the Cooperation Facility sub-score has been improved to 8, resulting in an overall improvement in the Mintos Risk Score to 7 for GoCredit. As a result, investors can now invest in GoCredit loans not only through the Diversified Strategy, but also through the Conservative Strategy. If you want to invest in these loans with a personalized automated strategy, be sure to adjust your strategy settings.
As mentioned in the announcement, GoCredit was established in 2011 and employs 200 professionals. The company has issued over 26,000 payday loans and over 9,000 direct debit loans.
As explained in the update, direct debit loans are personal loans that are âautomatically deducted once borrowers receive a salary or a pension in their bank accountsâ. Payday loans are “deducted by the employer (i.e. the government agency) before borrowers receive their net income, effectively eliminating the risk of the borrower’s willingness to pay,” notes the announcement.
The Mintos risk score for loans issued by GoCredit is 7 (updated from 6), with sub-scores of 6 for loan portfolio performance, 6 for loan service efficiency, 7 for the redemption force and 8 (updated from 6) for the cooperation structure. “