Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Mintos (P2P Lending Platform)

Options
145791013

Comments

  • Registered Users Posts: 30 cdlmarie


    I remember using zopa a few years back as a trial and was pretty happy with it and im intrigued.
    I wonder how profitable it actually is. If i understand correctly if you lend 50 € on a 100€ loan and the interest is 10% interest you ll get half since you lent half? So it s better to have several loans at the same time?


  • Registered Users Posts: 114 ✭✭mashed13


    cdlmarie wrote: »
    I remember using zopa a few years back as a trial and was pretty happy with it and im intrigued.
    I wonder how profitable it actually is. If i understand correctly if you lend 50 € on a 100€ loan and the interest is 10% interest you ll get half since you lent half? So it s better to have several loans at the same time?

    If the interest is 10% and you invest 50e in a 100e loan you will get 10% of interest back on your part which will be 50e. The amount of money is divided not the interest.

    Spread the risk by investing smaller amounts like 10-20e in each of the loans and diversify the portfolio to avoid big losses in case any of the loans or providers go bust.


  • Registered Users Posts: 93 ✭✭jaredGalen


    I have started investing with Mintos and Twino.
    First impressions are that I feel much more confident in Mintos.

    I dislike how Twino offer and operate the buyback gaurantee.
    From what I understand, a 1 month investment with this gaurantee can get drawn out to several months by changing from Delayed to Extended and being Extended up to 6 times(?). So your money could be tied up for much longer then expected.

    I'm going to try Twino for about 6 months and see how I get on, but I am currently only going for loans with the Payback gaurantee and 1-3 month loans.

    Just throwing my 2c in.


  • Closed Accounts Posts: 697 ✭✭✭wordofwarning


    jaredGalen wrote: »
    I have started investing with Mintos and Twino.
    First impressions are that I feel much more confident in Mintos.

    I dislike how Twino offer and operate the buyback gaurantee.
    From what I understand, a 1 month investment with this gaurantee can get drawn out to several months by changing from Delayed to Extended and being Extended up to 6 times(?). So your money could be tied up for much longer then expected.

    I'm going to try Twino for about 6 months and see how I get on, but I am currently only going for loans with the Payback gaurantee and 1-3 month loans.

    Just throwing my 2c in.

    IMO don't bother with Twino. If you invest on Mintos, you will get your month long investment back in 90 days max. If you invest in Twino, that month long investment can be locked up for 6/7 months. It is annoying how long it can be delayed for


  • Registered Users Posts: 30 cdlmarie


    mashed13 wrote: »
    If the interest is 10% and you invest 50e in a 100e loan you will get 10% of interest back on your part which will be 50e. The amount of money is divided not the interest.

    Spread the risk by investing smaller amounts like 10-20e in each of the loans and diversify the portfolio to avoid big losses in case any of the loans or providers go bust.

    oh thanks a lot!
    I'm still looking into it but it does seems to be working fine.
    I was thinking of investing in 1 month long, I read that it's better to have 12 one month long loans than one loan for 12 months... I'm not good at math but I trust people here !


  • Advertisement
  • Registered Users Posts: 1,022 ✭✭✭Peter File


    A lot depends on the grade of the loan and if there is an LTV or some form of guarantee. I personally have stopped investing in "Invoice Financing" - the source of my only defaults. I reckon that by staying away from unsecured loans that my annual return is actually about the same - defaults really cut into your profit.

    Thanks, I held on until it was 30 days in arrears before putting it up for sale and today I offered a 2% discount and it sold within an hour. I'm sticking to buyback guaranteed loans in future.


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


    Thread has gone a little quiet. I have been looking at diversifying into P2P lending and mintos appears to get good reviews.

    How are people finding mintos these days?


  • Registered Users Posts: 5,510 ✭✭✭Wheety


    Thread has gone a little quiet. I have been looking at diversifying into P2P lending and mintos appears to get good reviews.

    How are people finding mintos these days?

    It's ticking over well for me. I am withdrawing my money from LinkedFinance and will move it over to Mintos as I get it. I don't have autoinvest set up but I probably should. I log in maybe once a week and reinvest any money I have in my account.

    I have switched to Buyback Guarantee loans only. Lower rate but no defaults on these so far. Have had 1 default and it ended up being paid in the end after debt collectors got involved. I also only loan for less than 12 months as the money comes back quicker.


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


    I was looking at buyback only and loans at 12 months or less. So good to know others are doing the same. I'm going to start off small with a few hundred and max 10 per loan.

    Are there any pitfalls or advice to watch out for starting off?

    I have done a fair amount of research, so would like to get started with some real $$ now.


  • Registered Users Posts: 5,510 ✭✭✭Wheety


    I was looking at buyback only and loans at 12 months or less. So good to know others are doing the same. I'm going to start off small with a few hundred and max 10 per loan.

    Are there any pitfalls or advice to watch out for starting off?

    I have done a fair amount of research, so would like to get started with some real $$ now.

    i haven't discovered any pitfalls yet. You get an email everyday with a summary of your account. mine pops up on my phone so if a loan is bought back early at least you know the money is in your account so you can log in and reinvest. That's if you're more proactive than me :( (Or set up autoinvest)


  • Advertisement
  • Closed Accounts Posts: 738 ✭✭✭at9qu5vp0wcix7


    I personally having been posting here because I haven't really had many issues. Auto-Invest still doesn't work 90% of the time, but this is only an issue when loans are scarce. I have began investing exclusively in buy-back guarantee loans, as I was stung with Invoice Finance and Business loans early on.


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


    Are you making good money OTSSTO? Is there any particular loan type, amount or length etc. that has worked well for you?


  • Closed Accounts Posts: 738 ✭✭✭at9qu5vp0wcix7


    Are you making good money OTSSTO? Is there any particular loan type, amount or length etc. that has worked well for you?

    13.8% CAGR.

    I like single payment loans (30-90 days) with buyback guarantees, and <24 month car loans with good LTV's. There's money to be made elsewhere, especially if you're adept in the secondary market or with changing currencies, but that's personally what I do with limited time resources.


  • Registered Users Posts: 683 ✭✭✭brianomc


    I'm also moving my money over from Linked Finance. As I'm only going for loans with a buyback guarantee I'm not as fussy as I was with LF so I set up auto invest and just let it do it's thing.

    But one thing puzzling me is late loans. I had a loan due for a repayment on 5th September. It's now the 7th and it doesn't show up in the 1-15 days late section, the same thing seems to happen all the time with other loans I have. Am I missing something obvious as to why it doesn't show up as late?


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


    Look in the FAQ I believe it explains why.

    Edit: Look at "Why loan status is "Current" but according to payment schedule it is late?" In FAQ


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


    I have another question relating to late payments. Do people find that once a payment is late, you're more than likely not to receive any further payments?

    Also, are any of you playing the secondary market? I'll not be going near it for now but just interested to know.


  • Registered Users Posts: 114 ✭✭mashed13


    I would be interested to find out the reasons and benefits behind the investments in secondary markets, it seems like there's plenty of new loans coming up daily on the primary


  • Closed Accounts Posts: 738 ✭✭✭at9qu5vp0wcix7


    mashed13 wrote: »
    I would be interested to find out the reasons and benefits behind the investments in secondary markets, it seems like there's plenty of new loans coming up daily on the primary

    Traditionally, interest rates on Mintos have fallen over time. The secondary market offered you the chance to buy in to loans with higher interest rates. You could pick loans with a good repayment history and a good LTV for example.

    The seller gets an immediate return on their investment.

    Otherwise, it is used to offload lost causes!


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


    I note that loans from at least two of the originators (Creamfinance and Creditstar) list the number of previous loans of the borrower. It would be great if they also listed additional details of previous loans. Although I would presume that if a borrower has for example 11 previous loans, they would be a much lower risk investment.

    I have started to play with the auto invest feature now as it is far too time consuming to investigate a borrower when I am only investing small amounts (10+ EUR).

    OTSSTO, you mentioned that interest rates have fallen over time. Were they much higher two years ago? I note from reading multiple reviews the average return is 11-12%. Are many of you getting over the 13% mark?


  • Registered Users Posts: 57 ✭✭nsi423


    I put €100 into mintos in July last year and let it off on 10 x €10 investments.
    About half of the investments returned early with the buyback guarantee when the loans defaulted, which I was too lazy to reinvest. The rest of it - €46.14 - is still invested.
    The dashboard is showing 13.6% 'net annual return' - made up of €9.83 if interest and €0.03 in late payment fees.
    I guess if I was autoinvesting the buybacks, it would be up around €13 return... at this rate, I will be retiring early! :)


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


    The auto invest tool seems hit and miss. It seems to stop working randomly. When you stop and re-activate it, it starts working as expected. Is anyone else finding the same issue?


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


    Does anyone know the priority order for investors using the auto invest feature?


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


    It looks like you have to use the auto invest feature to get some of the *better* loans. A certain type of loan I am after, is rarely if ever listed on the Primary Market. I see the loans are included in my daily summary but they are not listed on the Primary Market. It appears the auto investors are picking up these better loans, so they never make it as listed on the market. A quick test using my criteria on an auto invest portfolio and I had five of the loans within a few minutes.

    Is there any way to see the loans that do not make it to the primary market, as they are fully invested before reaching the market?

    I would like to tweak my auto invest portfolios to pick up better loans if they are available. But I cannot do this without knowing the breakdown of the loans I do not get to see on the market.


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


    I find autoinvest just doesn't seem to work at all for me.
    I have it set to my criteria, repayments come in, but no bids are automatically placed on any new loans.... and it's not that my criteria are so specific there are no loans!


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


    Finding that over 40% of my mozipo group loans are now late. A few have started to trickle into my 31-60 days late. Anyone have any experience with mozipo? I understand that some of these might come "good" but I am not hopeful.

    Anyone else seeing the same with mozipo loans?


  • Registered Users Posts: 258 ✭✭krazyklown


    I find autoinvest just doesn't seem to work at all for me.
    I have it set to my criteria, repayments come in, but no bids are automatically placed on any new loans.... and it's not that my criteria are so specific there are no loans!

    I used to experience the same thing where there would be loads of credit but no loans being purchased. I dont know if its just coincidence or not but I found that it would invest any time i logged in. So now whenever its a day or two without investing i just log in and that seems to do the trick.


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


    Mintos support say they have no reports of issues with their auto invest. A quick search and it would appear it is a common complaint. They have chat support available on the website, so would suggest you let them know you're having an issue with auto invest.

    I flagged a problem with the website a few weeks ago and it was fixed within a few days.


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


    I had the same issue with autoinvest until I realised I had set a "pot limit" and had reached that so it was my own fault, may be worth checking especially if you deposited some extra cash recently.


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


    Now 50% of my mozipo loans are late. I had already removed mozipo from my auto invest.

    Mogo is next with about 10% late.

    Anyone else share there experience with their 'late' loans?
    Finding that over 40% of my mozipo group loans are now late. A few have started to trickle into my 31-60 days late. Anyone have any experience with mozipo? I understand that some of these might come "good" but I am not hopeful.

    Anyone else seeing the same with mozipo loans?


  • Advertisement
  • Registered Users Posts: 683 ✭✭✭brianomc


    I had 1 Mozipo in the 31-60 day zone which was bought back about 2 weeks into that zone. I now have 2 more sitting there. A few more in 16-30 which could go either way I guess.


Advertisement