Mintos (P2P Lending Platform)

lcwill

Leon Melted Tap-dancer wrote: »

Every single late loan I have is from Latvia, be it Mortgage or Personal Loans. Anybody else noticing similar trends?

Most of my late loans seem to be car loans from Lithuania. All guaranteed though so once they hit 60 days they are bought back.

letitroll

Anybody care to share whats considered best return auto-invest filter settings for Mintos before I set it up

Plenty of best in class filters for American equivalents Lending Club etc.

newacc2015

letitroll wrote: »

Anybody care to share whats considered best return auto-invest filter settings for Mintos before I set it up

Plenty of best in class filters for American equivalents Lending Club etc.

Pick loans that are 'current' ie not late. I choose ones with buy back, interest in excess of 12.5% ( which ends up being car loans, personal loans and mortgages). I choose the buy back option. I choose a max of €10-15 per investment and max 24 months as Ill probably pull my money out around then

Banknote loans are pretty good choice IMO, as they are secured against the borrowers property

at9qu5vp0wcix7

newacc2015 wrote: »

Pick loans that are 'current' ie not late. I choose ones with buy back, interest in excess of 12.5% ( which ends up being car loans, personal loans and mortgages). I choose the buy back option. I choose a max of €10-15 per investment and max 24 months as Ill probably pull my money out around then

Banknote loans are pretty good choice IMO, as they are secured against the borrowers property

Very few loans fitting that criteria right now - loans with those parameters usually are a lot longer than 72 months. Still a sound strategy however.

at9qu5vp0wcix7

A 250k Mortgage just popped up (LTV=50%). 15% interest rate, 6 month long, interest only and then a 253k balloon payment. Crazy loan, not sure if it would be really smart or idiotic to put a good chunk into it.
https://www.mintos.com/en/19224-02

Wheety

Why are the mortgage rates so high? Was it like that in Ireland in the 80s? I did hear of huge interest rates in the 80s.

scheister

Just looking at my account. Company due to pay €500 on May 1st. Only paid 35 cent of it so far

at9qu5vp0wcix7

scheister wrote: »

Just looking at my account. Company due to pay €500 on May 1st. Only paid 35 cent of it so far

Sometimes with the Invoice Financing the interest comes well before everything else. That's a lot to have on a single loan :eek:

scheister

Leon Melted Tap-dancer wrote: »

Sometimes with the Invoice Financing the interest comes well before everything else. That's a lot to have on a single loan :eek:

500 is payment to all investors not just me. Atm my max investment is €20 per loan

at9qu5vp0wcix7

scheister wrote: »

500 is payment to all investors not just me. Atm my max investment is €20 per loan

That makes more sense. Well if it's anything to you - I had a similar experience on an invoice loan recently. I got interest, 10 days later I got my principal, delayed interest and a delayed payment fee - all at 14%.

lawlolawl

So, i threw a few hundred into Mintos, Twino and Bondora as a tester earlier on today (will probably put in a good bit more if things work out) and i know i'll only be earning pennies but i'm just curious as to how taxation of any income i earn on loans will be handled?

I'm a PAYE worker so do i just submit it as another income through the revenues online thing when the time comes?

I'm new to this investment lark, as might be obvious

Chiarrai92

They were discussing p2p taxation on the linked finance thread only 1-2 days ago.
i believe its the exact same taxwise for mintos.
I assume for me il print off the monthly statements and send em off to the account at the end of the year! Hel know what to do i hope

scheister

Chiarrai92 wrote: »

They were discussing p2p taxation on the linked finance thread only 1-2 days ago.
i believe its the exact same taxwise for mintos.
I assume for me il print off the monthly statements and send em off to the account at the end of the year! Hel know what to do i hope

Would not even have to be monthly annual will do. Filing a form 11 or 12 is whats needed depending if its a small amount or your not

traprunner

scheister wrote: »

Would not even have to be monthly annual will do. Filing a form 11 or 12 is whats needed depending if its a small amount or your not

If re-investing continuously and the money remained within Mintos, would this still be the case?

scheister

traprunner wrote: »

If re-investing continuously and the money remained within Mintos, would this still be the case?

the tax will be due based on when the interest is paid.
So if you decided to withdraw or reinvest the interest will not matter from a tax point of view

ChartAccount

scheister wrote: »

the tax will be due based on when the interest is paid.
So if you decided to withdraw or reinvest the interest will not matter from a tax point of view

Hey Scheister..I sent you a pm any chance we can talk about helping me out with notes thanks

lawlolawl

It would appear that the tax on any interest earned is charged at the marginal rate (41% for me).

So i'm going to be taxed 41% on money invested that was already taxed at 41%

The Irish government really doesn't like the idea of people saving money for their future, does it?

scheister

lawlolawl wrote: »

It would appear that the tax on any interest earned is charged at the marginal rate (41% for me).

So i'm going to be taxed 41% on money invested that was already taxed at 41%

The Irish government really doesn't like the idea of people saving money for their future, does it?

Money will be taxed twice its the increase that is taxed.
Start of year 1 you lodge €100
You make €10 interest in year 1 leaving you with an opening balance of €110 for year two.
you will owe income tax on €10 in year one or a max of €4.95
In year 2 you start with €110 and make €11 interest and have a closing balance of €121.
You will owe tax on €11 or €5.45 for year two.

The same rules would apply if you stuck the money in the bank or if you set up a company. You are only taxed on the increase not the principal. where the interest is profit dividents bank interest or in the case loan interest

Wheety

How are people getting on with Mintos? I've only got a few hundred in it at the moment but I'm liking it. Will start upping my 'investment' in it.

I pick my loans manually. Didn't like the auto bidding when I tried it. Thought the daily email would be annoying at first but it's handy for a quick glance on my phone to see how much is in my account. Sometimes loans are paid off early so it's handy to know each morning.

There are a few loans in the 31-60 days overdue bracket and I think some have been paid back without much/no interest but at least they're been bought back at all.

I'm finding it harder to make loans on LF so I think I'll start moving money from that to Mintos. Can withdraw from LF 4 times a year without penalty. Will continue trying to make loans on LF but not going to go too low or lend to business I don't feel good about. In August, I'll move whatever I have in my account to Mintos. I'll also continue adding my own money to Mintos.

scheister

Wheety wrote: »

How are people getting on with Mintos? I've only got a few hundred in it at the moment but I'm liking it. Will start upping my 'investment' in it.

I pick my loans manually. Didn't like the auto bidding when I tried it. Thought the daily email would be annoying at first but it's handy for a quick glance on my phone to see how much is in my account. Sometimes loans are paid off early so it's handy to know each morning.

There are a few loans in the 31-60 days overdue bracket and I think some have been paid back without much/no interest but at least they're been bought back at all.

I'm finding it harder to make loans on LF so I think I'll start moving money from that to Mintos. Can withdraw from LF 4 times a year without penalty. Will continue trying to make loans on LF but not going to go too low or lend to business I don't feel good about. In August, I'll move whatever I have in my account to Mintos. I'll also continue adding my own money to Mintos.

Enjoying mintos atm. Im liking the auto bid function. Saves me having to look manually for loans if its a similar type you go for each time. LF is getting very hard to get higher rates on all right. Seems to be the more they push the fixed rate loans the more are bidding on the normal loans push the interest rate down. Have a loan finishing tonight have 13% atm but imagine that will fall the closer to nine we get.

Think I may have my 1st defaulter on mintos coming soon as well. Have company who have been late with every interest only payment so far (couple of hundred euro) and they have a final balloon payment due of 80k in August

Chiarrai92

Im enjoying mintos aswell its nice to log in1-2 times a day and check up on the progress.

So far iv mainly had my money in personal loans with buyback guarantees but the amount of them late is frustrating to me, so the last 2 weeks been moving any money repaid into guaranteed 24 month car loans

Iv tried a small handful of personally selected buisness loans and have got on great with all of them but im cautious about investing too heavily without the guarantee! So just curious how have people been getting on with them?

Yurple

I have just signed up to Mintos and transferred 50 euro as a test via sepa transfer on the bank of Ireland app. I did this on Thursday but the money is not in my account on Mintos. I'm getting a little worried.

How many days does it usually take for you guys?

scheister

Yurple wrote: »

I have just signed up to Mintos and transferred 50 euro as a test via sepa transfer on the bank of Ireland app. I did this on Thursday but the money is not in my account on Mintos. I'm getting a little worried.

How many days does it usually take for you guys?

normally takes 2-3 working days for a transfer depending on wat time on thursday you did it. Friday would have been the first day, Id imagine monday tuesday at the latest the money will be in your account

Yurple

scheister wrote: »

normally takes 2-3 working days for a transfer depending on wat time on thursday you did it. Friday would have been the first day, Id imagine monday tuesday at the latest the money will be in your account

Thank you! Thought it would be instant or 24 hours. I am less worried now.

Grecco

Can someone explain the discounts on the secondary market, are they a premium on the original loan amount or can it be seen as a way of buying the loan at a discount to the original amount?
Or is it the opposite where someone will sell on their investment in the loan but look to make a few quid out of it?

Wheety

Grecco wrote: »

Can someone explain the discounts on the secondary market, are they a premium on the original loan amount or can it be seen as a way of buying the loan at a discount to the original amount?
Or is it the opposite where someone will sell on their investment in the loan but look to make a few quid out of it?

A bit of both really. Loans are sold at a discount or with a premium.

After not going near the secondary market for ages, I bought two loans on there at -1% discount last week. Was only cents as my investments aren't huge .

I'm guessing people are trying to cash in on their loan. Maybe when the payments are mostly principal and not much interest, people will sell so they can invest again? I haven't seen many with more than 1% discount. Loads for a 20% premium :eek:

Wheety

Does anyone know why the payment amounts go up as the loan is being paid off? The principal increases and the interest reduces as expected but the total payment goes up.

lcwill

Wheety wrote: »

Does anyone know why the payment amounts go up as the loan is being paid off? The principal increases and the interest reduces as expected but the total payment goes up.

No idea but it's an interesting question...I have been wondering the same thing, and also worrying about how it might affect borrowers ability to repay.

Wheety

lcwill wrote: »

No idea but it's an interesting question...I have been wondering the same thing, and also worrying about how it might affect borrowers ability to repay.

Yeah, that's my worry. Some of my loans are going over the time and I'm wondering if they can keep up the ever increasing payments.

Grecco

A lot of these loans are "Payday" type loans, risky but can be very profitable. But is getting a 12% return worth the risk? The originators of the loans would be charging a lot higher interest rate than that