Mintos has marked loans from Ukrainian lending company SOS Credit with ‘score withdrawn’ as the borrowers and the company suffer from the impacts of the ongoing Russian invasion of Ukraine.
The European lending marketplace said that for investors who have investments in the company, the prolongation of 30 days will be shown for these loans, and the interest rate will be changed to zero per cent to reflect the status with the borrowers.
The management team of SOS Credit said that it stopped issuing new loans to its clients on 24 February.
They said accrual of interest and fees on existing loans has been stopped for the moment and the firm has paused all collection activities, with the clients’ service department only providing informative services. This status will remain in place as long as martial law is in force.
SOS Credit said that most of its staff has re-located to safer locations in Ukraine and Europe, some have joined Ukraine’s national guard and the team’s offices have suffered from bomb shelling, but hopefully, it is recoverable.
The lending company said that it will resume its operations as soon as martial law is lifted.
Mintos said that the extensions will be updated or their status will be changed according to future developments in this matter and that it will inform lenders timely about all news regarding borrowers’ loans from this Ukrainian lending company.
“We believe that 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 on Mintos’ website.
“As soon as martial law is lifted, we will resume our operations.
“We are turning to you, honourable investors to be understanding and patient in this situation which is totally out of control for us as a business. We encourage you to help the people of Ukraine, to give them time to get through these hard times and recover afterward.
“For those who would like to go even further and help proactively, we propose to donate your investments, and we as a lender will write off borrowers’ loans and accrued interest.
“In any case, we are firm in spirit, we trust that we will get through those dark times and will come back much stronger.”