PeerBerry will spend a further €1m (£830,000) to repay some of the war-hit short-term loans this month, the company has announced.
This will bring the total amount of repaid loans affected by the war in April to 2.79 million euros, significantly more than the 1.3 million euros initially planned.
Since the start of the war in Ukraine, the European loan market has said that its trading partners have repaid a total of 11.49 million euros in loans.
Read more: How European P2P lenders are protecting investors from war in Ukraine
He said all accrued interest rates on war-affected loans will be paid at the very end of repayment. Interest rates on short-term loans will be calculated for the original term of the loan plus 60 days past due; and for long-term loans, they will be calculated for the term to the earliest scheduled payment after suspension on March 15, plus 30 days.
The announcement comes after the group used 1.2 million euros of its profit/reserves to make partial repayments of Ukrainian and Russian short-term loans in early April.
In March, the group created a webpage dedicated to war-affected loans and said its lending companies Aventus Group and Gofingo Group expected to repay all investments in Ukrainian and Russian loans within 24 months.
In this week’s update, PeerBerry said war-affected loans would be gradually paid off monthly, not quarterly as previously planned.
Read more: PeerBerry works on war-affected loans webpage after 8.5 million euro repayment
Read more: EstateGuru warns of refund volatility amid Ukraine crisis