Spain
The P2P platform from Spain
- Founded in 2015
- Live since 2017
- Active in Spain
- Six risk scores 6 (highest credit rating) to 1 (lowest acceptable)
- Unsecured personal loans
- Term: 2-12 months
Dealing with late payments
- Payment defaults are managed in-house for up to 90 days
- After 90 days, the payment defaults are assigned to an external service provider
Case Study Payin7
1. The purchase
Rafael and Anna López are expecting their first child. They have already prepared everything and only need a crib.
2. The financing
The two find a suitable baby crib via a webshop. The store also offers financing for 12 months. Anna and Rafael want to take up this offer and take out an installment plan via PayIn7.
3. The repayment
PayIn7 pays for the item and the two pay back the amount in monthly installments. The payments are completed when there is no outstanding amount left.
Portfolio in Spanien
22%
interest rates for newly issued loans (static across all risk classes)
644€
average loan amount
0,32
years average remaining term
10%
average failure rate
-3%
annualized yield
Regulation of Payin7 and consumer credit in Spain
Regulation in accordance with the Consumer Credit Law 16/2011.24.6