Non-bank loan provider Ibancar specialized in car-secured loans is launching new loans on Bondster.
Ibancar is a fin-tech company which provides loans up to 6,000 euro with maturity from one to three years. The scoring process requires the applicant to provide a confirmation of income for the last three months which has to be at least three times higher than the amount of loan repayment. Loan applications are fully processed online and the loan is granted within 48 hours following the application. The average amount of a car loan is about 3,300 euro with the average LTV (loan-to-value ratio) at 45%. Share of loans in default is about 9%.
Below are some other key highlights on Ibancar:
- Over €6m originated
- Less than 2 % credit losses
- An annual return on the book in excess of 60 %
- Targeting profitability in Q4-21
- Company run by a senior team with banking, investment, and risk management experience
- Ibancar is preparing to expand into other countries
For more info you can also find out the latest available Ibancar management report with H1-21 results HERE.
Ibancar on Bondster
Ibancar is working with Bondster since 2020 with a very good loan performance:
- 100 % payments properly paid
- 0 % default loans
Having survived the COVID crisis without any significant losses or impact on performance Ibancar is now launching new loans on Bondster. Interest rates on the new batch of loans will be 8-10%.