Loans are non-recourse and therefore there is no obligation to pay off the loan. If the Fundlater client misses an instalment, they have ten business days to make the payment. If on the tenth day the payment is not recieved the whole portfolio is sold down and the loan balance is recouped. The Fundlater receives the value of their portfolio minus the outstanding loan balance.
What obligation does an investor have to pay back their loan?
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