Our partners have an obligation to buy back the loan no later than after 60 days after the loan is late (even if the end-borrower did not repay the loan to the lender). If the loan would be late, it would be closed and repaid on the 60th day of the delay latest.
It is important to note that there have never been defaulted loans on PeerBerry. All loans to our investors are always covered, including accrued interest.
Having some part of your loans late is normal in the entire p2p market, especially within short-term loans. The late loans generate the same interest as current ones, which means you will receive the principal amount + earned interest for the complete period of the initial term and overdue.
When a loan is late, the ‘Next payment’ date in your investments list changes with each additional day.
To sort out the loans that are late, go to the ‘My investments’ section in your PeerBerry profile, and press the arrows next to the ‘Estimated final payment date’ column. The late loans will appear at the top of the list.
A loan might be late for a maximum period of 60 days. On the 60th day, it would be automatically finished and paid.
