You would be required to repurchase the invoice(s) in the event that your customer does not make a full payment on the invoice(s). Your repurchase obligations will only arise after the maturity date.
FAQ Category: Borrowers
We welcome referrals. A referral fee of between $1,000 and $2,000 will be paid to you should the company you referred be successful in raising funds through our platform. Minterest reserves the right to amend or alter this incentive at any point in time.
A personal guarantee is required for all Loan Requests except for Convertible Loans. Personal guarantee is also required to guarantee the repurchase of invoices pursuant to an invoice financing.
You will have no further obligations once the last of your loan payments have been made.
We will work with you to find a satisfactory solution to repay the amount outstanding, failing which a debt collection agency may be appointed to recover the outstanding amount. Notwithstanding the above, the lenders will have direct recourse to your company, any collateral that was provided and the personal guarantee(s) that was(were) provided as part …
When a late repayment occurs, you are encouraged to settled the outstanding payment as soon as you can. We will work with you to identify and resolve the reasons for a late repayment. You will be charged a late payment fee amounting to 2% of the loan principal outstanding or $2,000, whichever is higher.
We do not expect many borrowers to be making a prepayment on their loans. As such, we have not provided for prepayment of loans in our Platform Terms. However, we can consider the prepayment provisions on a case-by-case basis.
Repayments of a loan are generally made online by transferring the relevant amount to Minterest’s bank account managed by the escrow agent. Payments by cheque are also accepted although not encouraged. It is advisable that you inform us once a payment has been made so we can ensure that the payment is received and records …
Loan Requests that are at least 75% subscribed at the end of the period of offer will continue to be funded i.e.
Once a Funding Request is successfully accepted by Minterest, it will be posted on the platform.