Sometimes, for various reasons, underlying borrowers can be 'late' in paying their monthly interest.
In this event, easyMoney may pay interest to investors on behalf of the underlying borrower for up to two months.
If two monthly payments are missed by the borrower, then easyMoney will categorise the loan as being in default.
This does not mean that investors will experience any loss, since the maximum which easyMoney lends, against any property's value, is 70%.
If the borrower does not make any further payments, we will repossess and sell the property to recover your investment, and any interest owed. We will also charge penalty interests to the borrower, so that we can compensate for the extra wait.
When the defaulted sums are received by easyMoney, investors will not only receive their normal interest rate, they will also receive a bonus payment of 0.25% per annum on the defaulted amount.
For any questions, please feel free to message on the easyMoney platform or call your friendly easyMoney team.