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Mintos (P2P Lending Platform)

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  • Registered Users Posts: 117 ✭✭Squozen


    I'm a bit wary of MOGO at present, they seem to have a lot of defaults.


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


    What number is 'a lot'? Looking at my own stats and that on the mintos website, Mogo have a small percentage of defaults.
    Squozen wrote: »
    I'm a bit wary of MOGO at present, they seem to have a lot of defaults.


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


    Another cashback offer now available until mid Feb 2018. This time with Lendo. 1.5% cashback on loans 9 months or longer.

    The Mogo cashback offer is also still available until about mid Feb 2018. The mogo offer requires long investment periods though, starting at 4 years or more.


  • Registered Users Posts: 117 ✭✭Squozen


    What number is 'a lot'? Looking at my own stats and that on the mintos website, Mogo have a small percentage of defaults.

    Well, I have 38 loans with Mogo and 10 of them are late. That seemed a lot to me. Maybe I was just unlucky!


  • Registered Users Posts: 117 ✭✭Squozen


    Another cashback offer now available until mid Feb 2018. This time with Lendo. 1.5% cashback on loans 9 months or longer.

    I jumped on this for my GEL auto-invest - anything to get some kind of profit from the Lari weakening.


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


    At what stage are they late?
    Squozen wrote: »
    Well, I have 38 loans with Mogo and 10 of them are late. That seemed a lot to me. Maybe I was just unlucky!


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


    Just something I came accross (lost the link) where some dude had analyzed results from some of the Mintos marketplace loan originators. Mogo is rated as one of the better Loan Originators on the Mintos marketplace whereas Lendo is rated as one of the worst.....

    I wonder why both are introducing 'sweetners'? is it just competition from other Originators ? or could this be a sign that they are desperately in need of fresh capital to keep paying out for the older underperforming loans.

    I have taken up a few of the gauranteed Lendo loans, very attractive 13.5% + 1.5% so 15% over 12 Months is excellent....but I am a little suspicious as to whats behind all of this.


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


    Here it is.

    I have noticed that the rate on loans has dropped for those included in the cashback offers. Perhaps it's cost neutral for them and gets new investors on board. Also locks in your funds for longer.
    Just something I came accross (lost the link) where some dude had analyzed results from some of the Mintos marketplace loan originators.
    ...


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


    Here it is.

    I have noticed that the rate on loans has dropped for those included in the cashback offers. Perhaps it's cost neutral for them and gets new investors on board. Also locks in your funds for longer.

    That's the link, nice one Moose. :cool:

    Regarding the special offers, well a BBG loan @13.5% for 12 Months in Euro denomination is about as good as it currently gets on Mintos ....so Lendo have not dropped the rate.

    (I think 14% is actually the best I have ever seen on Mintos for BBG loans for a 12 Months duration).

    It must be something else :confused:

    Like I said earlier, maybe its competition (both from other Originators on Mintos and competition to Mintos from other P2P portals) , maybe its the fact that Lendo (in particular) might be vulnerable and investors need a sweetner to invest.... or else (please God, I'm wrong) one of these larger originators might be in trouble with liquidity.


  • Closed Accounts Posts: 738 ✭✭✭at9qu5vp0wcix7


    Very weird - in the last day or two I've had money removed from my account, with the comment 'Reversed late payment fee income'


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


    Anything to do with the Eurocent IT glitch they had recently? I wonder if as well as erroneously buying back the loans, did they also dish out late payment fees in error?

    "On December 29, 2017, Eurocent loans that have been delinquent for more than 60 days were incorrectly bought back due to an IT error."


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


    Just following up on this as I had some time to go through my loans tonight.
    I have just over 300 mogo loans and have about 30 between the 16-30 and 31-60 days late brackets.

    I have about 20 in the 1-15 days late bracket.
    Squozen wrote: »
    Well, I have 38 loans with Mogo and 10 of them are late. That seemed a lot to me. Maybe I was just unlucky!


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


    Just noticing this morning, i have 4 loans on mintos with Getbucks. All 4 are currently in the 31-60 day column. All have a guarantee so i dont mind. anyone else noticing that with them or am i just unlucky


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


    Just over 200 banknote loans here, 15 (1-15 days), 5 (16-30 days) and 2 (31-60 days).

    Edit:
    85% of my Creamfinance loans are 16-60 days late.
    75% of my Capital Services loans are 16-60 days late.
    100% of my ID Finance loans are 16-60 days late.

    All buyback, so I am not particularly worried. I also keep an eye on the overall performance of a loan originator via the stats page on mintos.com I can only assume those stats are up-to-date.
    scheister wrote: »
    Just noticing this morning, i have 4 loans on mintos with Getbucks. All 4 are currently in the 31-60 day column. All have a guarantee so i dont mind. anyone else noticing that with them or am i just unlucky


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


    Anybody ever come accross a debit on their statement called


    "Correction of late payment fee amortisation"

    ?

    Noticed it and when I click into it, it refers to a number of Capitalia loans.

    It kinda looks like a claw back of late payment fees.

    Except the amount is actually larger than my late payments fees for the period in question.


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


    If anyone is interested, p2pindependentforum.com did an interview with the CEO of Mintos.

    Link to thread here. Link to interview here.

    Nothing interesting. Most of it already covered in the Mintos blog posts.


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


    Guys, I was just checking to see if I received my cash back from Lendo loans that I bought, can somebody tell me where I should see the cash back listed ?

    In Overview or Statement?


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


    Guys, I was just checking to see if I received my cash back from Lendo loans that I bought, can somebody tell me where I should see the cash back listed ?

    In Overview or Statement?

    think it is listed as a deposit


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


    Yup, it's listed under account statement -> deposits as 'cashback bonus'


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


    Yup, it's listed under account statement -> deposits as 'cashback bonus'

    Thanks Moose, knew it was somewhere in Statements but didn't think to click into 'Deposits'.

    Lendo Bonus is great for >9 Months loans. I often take 12 Months loans anyway, so its money for nothing for me :D

    I do have some reservations about Lendo themselves as a Loan originator and their reasoning for offering a cash back ..(as I have stated here already) but for now ... happy days :p


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  • Registered Users Posts: 683 ✭✭✭brianomc


    Guys, I was just checking to see if I received my cash back from Lendo loans that I bought, can somebody tell me where I should see the cash back listed ?

    In Overview or Statement?

    It's now showing in Overview as Campaign Rewards in with the Interest, Late Payment Fees, etc. It must have only been done in the last few hours.


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


    Mintos has added two new loan originators recently. Varks.am in Armenia and RaiCredit.com in Columbia. Loan rates are ~13%.

    While it is great to see Mintos expand and diversity into other markets, is anyone concerned they are expanding too rapidly?
    I do not see any other p2p lender expanding as rapidly as Mintos. From my own research it looks like investors are pulling their funds out of other main stream p2p sites like Bondora and Twino.

    I would like to continue adding funds to mintos. The returns are great, ease of invest, website etc are excellent. However I cannot shake the niggling feeling of 'too good to be true'?

    Would welcome any thoughts?


  • Registered Users Posts: 1,108 ✭✭✭TheSheriff


    Mintos has added two new loan originators recently. Varks.am in Armenia and RaiCredit.com in Columbia. Loan rates are ~13%.

    While it is great to see Mintos expand and diversity into other markets, is anyone concerned they are expanding too rapidly?
    I do not see any other p2p lender expanding as rapidly as Mintos. From my own research it looks like investors are pulling their funds out of other main stream p2p sites like Bondora and Twino.

    I would like to continue adding funds to mintos. The returns are great, ease of invest, website etc are excellent. However I cannot shake the niggling feeling of 'too good to be true'?

    Would welcome any thoughts?

    I recently got a bit "spooked" for want of a better word that I was too heavily invested in Mintos. I had >70% of my p2p investments in the site and I reduced it down to ~50%.

    However, the money I release, I placed into Twino, and I just cannot get the same return from Twino. So now I am thinking of reverting back !


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


    I had a similar moment recently and I am in the process of reducing my investment in Mintos also. I have recently started investing with dofinance and viainvest. They don't offer the same return but close enough for me. Would welcome any other suggestions.


  • Registered Users Posts: 683 ✭✭✭brianomc


    Same for me.
    I’m pulling out of Linked Finance so it was basically all Mintos for P2P. I’m trying Twino and Swaper, but finding my money is just sitting there not invested for days at a time. It still early days with both so I will give it a while more.


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


    Hi guys, I totally aggree, Mintos seems to be aggressively chasing growth ..... and I just hope thats not coming at the expense of quality of Originators/borrowers ?


    Mintos is an excellent investment portal and offers good returns.....but my personal feeling is that maybe I am too exposed to it at present (if, God forbid, there was ever a problem).


    I have P2P investments with Mintos, Twino & Dofinance ..... approx 80% though is with Mintos....soo I am now looking to spread that around more evenly.


  • Registered Users Posts: 8,881 ✭✭✭bohsman


    Spreading parts to Finbee, Robocash and grupeer to diversify more than any lack of faith in Mintos.


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


    bohsman wrote: »
    Spreading parts to Finbee, Robocash and grupeer to diversify more than any lack of faith in Mintos.

    Robocash looks interesting. might give it a shot just spread the money around


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


    Finbee and Robocash look good. Will take a look at those. Thanks bohsman.


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


    Does grupeer only have 731 investors? That is a very small number of investors. Is that number correct?
    bohsman wrote: »
    Spreading parts to Finbee, Robocash and grupeer to diversify more than any lack of faith in Mintos.


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