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Mintos (P2P Lending Platform)

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  • Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    Cashback reward credited earlier, happy days :)


  • Closed Accounts Posts: 657 ✭✭✭Shauny2010


    lcwill wrote: »
    I'm trying to get out of Bondora at the moment. All current loans sold immediately at 0% discount, anything delayed is not shifting at all even at 30% off. 0.5% discount sounds like a dream.

    I am thinking to keep Mintos and LinkedFinance as my only two P2P accounts.

    Sorry forgot to add that all loans are guarantee buy backs. I never invested in the unsecured loans as I thought it too risky.
    Having said that, I'm sure if all the buyback loans failed then the guarantee would be worthless too


  • Registered Users Posts: 1,308 ✭✭✭scheister


    nice to see you can now run multiply auto invest wallets at the same time. trying to build up my portfolio again so auto invest is great especailly when I only deal in buy back loans


  • Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    Another payment today related to the cashback reward. Guessing there will be one more early next week.

    It will be interesting to see if there will be any serious dumping of the longer term loans once the offer ends. Could be a good chance to pick up discounted loans.


  • Registered Users Posts: 1,308 ✭✭✭scheister


    Another payment today related to the cashback reward. Guessing there will be one more early next week.

    It will be interesting to see if there will be any serious dumping of the longer term loans once the offer ends. Could be a good chance to pick up discounted loans.

    wonder if their is any change they will extend it or keep some form of it going


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  • Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    Doesn't look like they extended the cashback offer. Banner on the main page is gone as well.

    I hope I can pick up some discounted Secondary Market loans over the next few weeks. I nearly have my return back to 12.5%


  • Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    Final cashback from the promo deposited today. Nice while it lasted :)

    Does anyone see themselves increasing their position in Mintos this year?


  • Registered Users Posts: 563 ✭✭✭sonyvision


    Final cashback from the promo deposited today. Nice while it lasted :)

    Does anyone see themselves increasing their position in Mintos this year?

    At the moment no, I will start withdrawing funds over the net fews months for personal reasons.

    On another note given the year is over, whats the tax liability I assume it is dirt at 39% payment on interest earned


  • Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    Tax liability...eh sure :pac:

    In all serious though, you are liable for income tax on any interest earned.


  • Closed Accounts Posts: 657 ✭✭✭Shauny2010


    Tax liability...eh sure :pac:

    In all serious though, you are liable for income tax on any interest earned.
    Is it income tax or dirt tax at 33%?

    Also would I be right in saying that while you may have for example €1000 profit from a €10k loan but made a €500 loss from say a loan that went bad, you still are accessed for the profit of €1000 as you cannot write off the bad loan against the profit???


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  • Registered Users Posts: 563 ✭✭✭sonyvision


    Shauny2010 wrote: »
    Is it income tax or dirt tax at 33%?

    Also would I be right in saying that while you may have for example €1000 profit from a €10k loan but made a €500 loss from say a loan that went bad, you still are accessed for the profit of €1000 as you cannot write off the bad loan against the profit???


    I would be more inclined to think it is Dirt rather then Income tax. If it was CGT it be even better as you can use a 1.2k allowance each year and write off losses against future earnings.

    Search revenue website but I can't find anything solid. The Irish company Linked Finance don't offer much steer either from what I remember.


  • Closed Accounts Posts: 657 ✭✭✭Shauny2010


    I hope its not Dirt tax, that's 39%. No wonder theirs so much tax evasion going on with rates like that. Fooking hell 39% on the interest on your savings!


  • Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    You are liable for income tax, not DIRT.

    A quick call to revenue will confirm your tax liability.


  • Closed Accounts Posts: 870 ✭✭✭Kuva


    You are liable for income tax, not DIRT.

    A quick call to revenue will confirm your tax liability.

    OT but look at these for loopholes,
    https://www.theguardian.com/money/2016/aug/11/inheritance-tax-why-the-new-duke-of-westminster-will-not-pay-billions

    Only chumps pay tax.


  • Registered Users Posts: 1,308 ✭✭✭scheister


    Kuva wrote: »

    its income tax you are liable for so we should all be filing Form 12's if you are a paye worker.

    Someone asked the question about bad loans. At the moment their is nothing in Irish law to allow you to do anything with bad loans. Their is a consultation going on at the moment with regards peer to peer finance so hopefully something with regards this will come out of it


  • Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    Are there many of you buying p2p loans without buyback guarantee (for what it's worth)?


  • Closed Accounts Posts: 1,794 ✭✭✭Squall Leonhart


    I only invest with buyback, hence my withdrawal from LinkedFinance.
    Speaking of which, I've a withdrawal of funds request in with LF for over a month now, they're extraordinarily slow to process this.


  • Registered Users Posts: 2,959 ✭✭✭littlevillage


    Are there many of you buying p2p loans without buyback guarantee (for what it's worth)?

    Accidently invested in a couple of non gaurantee loans when I was messing with my Auto Invest. They are actually performing OK. Of approx 20 non Gaurantee loans, 1 is in bother.


  • Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    Had a quick look just now at the Primary market. The highest guaranteed loan rate is 14% (luteCredit). Of the non guaranteed loans, there are only ten loans with a rate greater than 14% (all Capitalia). One 15%, the other nine are either 14.6% or 14.1% .

    I am amazed to see so many investors in the non guaranteed loans at those rates, when compared to the guaranteed* loans at 14%.

    * I understand that buyback might not mean much if an originator goes bust, ala Eurocent.

    Edit: Looking at my own loans, I have over 100 loans that were bought back when the buyback kicked in.


  • Registered Users Posts: 2,959 ✭✭✭littlevillage


    Had a quick look just now at the Primary market. The highest guaranteed loan rate is 14% (luteCredit). Of the non guaranteed loans, there are only ten loans with a rate greater than 14% (all Capitalia). One 15%, the other nine are either 14.6% or 14.1% .

    I am amazed to see so many investors in the non guaranteed loans at those rates, when compared to the guaranteed* loans at 14%.

    * I understand that buyback might not mean much if an originator goes bust, ala Eurocent. However I've had

    Edit: Looking at my own loans, I have over 100 loans that were bought back when the buyback kicked in.

    13% & 14% pa gauranteed return loans are fairly hard to argue with 😀 getting an extra 1% for much more risk seems nonsensical.


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  • Registered Users Posts: 1,361 ✭✭✭dougee19


    I transferred 1k into my mintos yesterday and it was refunded into my bank account just now.

    Have I missed something happening? Please don't tell me mintos is banned in Ireland or something :(


  • Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    Did you transfer it using the new bank account details for Mintos? They changed banks from the 1st Jan.


  • Registered Users Posts: 1,361 ✭✭✭dougee19


    Did you transfer it using the new bank account details for Mintos? They changed banks from the 1st Jan.

    Thank you! I did not know of this, must have missed that email.
    Was worried there was a new limit on my account or something happened with Ireland in general.


  • Registered Users Posts: 3,875 ✭✭✭ShoulderChip


    Had a quick look just now at the Primary market. The highest guaranteed loan rate is 14% (luteCredit). Of the non guaranteed loans, there are only ten loans with a rate greater than 14% (all Capitalia). One 15%,  the other nine are either 14.6% or 14.1% .

    I am amazed to see so many investors in the non guaranteed loans at those rates, when compared to the guaranteed* loans at 14%.

    * I understand that buyback might not mean much if an originator goes bust, ala Eurocent.

    Edit: Looking at my own loans, I have over 100 loans that were bought back when the buyback kicked in.
    How do you check the buyback kicked in?


  • Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    Download your finished investments to excel and look for the keywords. Sort, remove duplicates and bobs your uncle.


  • Registered Users Posts: 1,667 ✭✭✭Frynge


    Anyone else noticing transfers are taking a lot longer with the new bank details. I used to have the money in my account within 2 hours and now taking two days


  • Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    Two hours to transfer from your bank to Mintos? That is very quick.
    It always took one day for me and my transfer on monday took one day (with the new details).


  • Registered Users Posts: 117 ✭✭Squozen


    I have had same-day transfers in the past if I transferred early enough in the morning but my last transfer took a day. Can't remember the time I moved the money. I could imagine that things are a bit slower now if they're double-checking transfers to make sure they can line them up with users.


  • Registered Users Posts: 391 ✭✭Yurple


    Has anybody seen that campaign they are currently running? I personally like shorter buyback loans as they turn over quickly and with auto invest the funds just get reinvested quickly... 48 - 59 or 60 months + is a very long time...? What do you guys think?


    Mogo Cashback Campaign
    Invest in Mogo loans and get a cashback immediately:

    4% for loans with a maturity of 48 to 59 months;
    5% for loans with a maturity of 60 months or more.
    Campaign period: 16.01.2018.-16.02.2018.

    Enroll now to qualify for the cashback!


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  • Registered Users Posts: 2,959 ✭✭✭littlevillage


    Yurple wrote: »
    Has anybody seen that campaign they are currently running? I personally like shorter buyback loans as they turn over quickly and with auto invest the funds just get reinvested quickly... 48 - 59 or 60 months + is a very long time...? What do you guys think?


    Mogo Cashback Campaign
    Invest in Mogo loans and get a cashback immediately:

    4% for loans with a maturity of 48 to 59 months;
    5% for loans with a maturity of 60 months or more.
    Campaign period: 16.01.2018.-16.02.2018.

    Enroll now to qualify for the cashback!


    Yeah, they had a similar scheme going before Christmas. This one is limited to MOGO. I cannot decide if its worth it?? :confused:

    The extra 4% is nice, but you are locking in for a very long time on these buyback loans at only 13%..... when there are 12 Month buyback loans available at 13.7% from other originators in the Mintos marketplace, thoughts ?


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