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Mintos (P2P Lending Platform)

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


    New loan originator added. EuroOne from Spain (link) added short-term loans.

    Lendo increased the return on their GEL loans. I am guessing that non-GEL investors are staying away due to the currency fluctuations.


  • Registered Users Posts: 117 ✭✭Squozen


    Yes, I think I'll be underwater on my GEL investments for another 12 months at this rate!


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


    Nice to see rates increase slightly e.g. Mogo 14% loans.

    Also another loan originator added - EcoFinance from Russia,short-term loans, max 11%.

    Are eurocent loans still being repaid?


  • Registered Users Posts: 713 ✭✭✭soirish


    How does Mintos compare to Zopa, Funding Circles etc?


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


    Is anyone investing in the secondary market to increase their return? Mintos removed secondary market fees, so I have been trying to boost my own return by buying non-performing loans with a discount.


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  • Registered Users Posts: 563 ✭✭✭sonyvision


    So mintos is now offering cashback on loans over 24m with the % rate rising the longer the loan.

    Wipping of fees, incentives for refering a friend, now this... is this to good to be true? Can't help but to feel nervous.


  • Registered Users Posts: 117 ✭✭Squozen


    sonyvision wrote: »
    So mintos is now offering cashback on loans over 24m with the % rate rising the longer the loan.

    Wipping of fees, incentives for refering a friend, now this... is this to good to be true? Can't help but to feel nervous.

    I’d say they’re trying to increase their lending pool to encourage more companies to get onboard.


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


    Hoping to bump the investor numbers before being sold perhaps?

    2015 and 2016 they had a loss. Do not see any financials for 2017 yet.


  • Registered Users Posts: 117 ✭✭Squozen


    Hoping to bump the investor numbers before being sold perhaps?

    2015 and 2016 they had a loss. Do not see any financials for 2017 yet.

    They did say in their blog that they were more focused on growth than profitability so I’d say you’re spot-on.


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


    Important to note - you must "enroll" in the campaign to active the cashback offer. Enrollment link is in the blog post.
    sonyvision wrote: »
    So mintos is now offering cashback on loans over 24m with the % rate rising the longer the loan.

    Wipping of fees, incentives for refering a friend, now this... is this to good to be true? Can't help but to feel nervous.


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


    Mintos have finally acknowledged that they are having performance issues with the website. It has been painfully slow in recent weeks. Mintos.com blog post


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


    Are the long term investments locked down? I would assume so but can't see any indication, if not could I sell all my loans incur no fees take all long term loans for this offer, wait a month and sell.


  • Registered Users Posts: 117 ✭✭Squozen


    Are the long term investments locked down? I would assume so but can't see any indication, if not could I sell all my loans incur no fees take all long term loans for this offer, wait a month and sell.

    I expect they’d pay the 5% back in instalments over the course of the loan to stop this from being done.


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


    It states in their terms and conditions:

    "9. The cashback is paid in one installment within 6 (six) working days from the investment date, if all terms and conditions set out in this document have been fulfilled."

    So I presume you can go ahead with your plan. However, I would guess you will find it very difficult to sell your long term loans with no discount while this promotion is running. Why would anyone take a long term loan on the secondary market without a discount, when you can get up to 5% cashback on the primary market for similar loans? :)
    Are the long term investments locked down? I would assume so but can't see any indication, if not could I sell all my loans incur no fees take all long term loans for this offer, wait a month and sell.


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


    First payment of the 2-5% cashback promotion hit my mintos account earlier this morning. Happy Days.


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


    I see there is some changes with MOGO in Latvian market. Basically a new holding company Mintos OU will now deal as a middleman between MOGO and Mintos/Lenders

    "Investors making investments according to the new structure will still gain exposure to Mogo-issued loans. Previously, investors had a direct claim against the final borrower; now, investors will have a claim against the loan originator – Mogo"

    in other words should MOGO fail ... the investors will not have a direct claim against the borrower and will be left to swing in the wind...completely at the discretion of the appointed liquidator etc.

    If I was to put on my cynical hat, I would think this was done to side-step some new regulations that have come into place in Latvia....and will be the model used by Mintos to get around regulations in other countries in the future. Any Thoughts ?


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


    The loans by new lender Bino.lv are going to work in the exact same way as MOGO latvia.

    I have put a question on the Site Forum to see what they will say about whether or not this increses risk for investors.


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


    I see Capital Service are buying back higher interest loans (14%). They have bought back only my 14% loans, leaving me with all of the 12% loans.

    Similar craic to what Hipocredit did recently. While allowed by the T&Cs, it still seems unfair. I see there are now only 12% Capital Service loans available. I wonder if this was prompted by the cash back offer?


  • Registered Users Posts: 828 ✭✭✭dingdong1234567


    Without being nosey, what levels of investment are people putting into Mintos? 3,4 even 5 figure sums? I myself have just over €1100 invested at 12% return. So quiet happy however, I would like to see what peoples general investment thoughts are in terms of outlay etc.

    Again, nobody has to disclose anything they do not want here folks. Thanks in advance.


  • Registered Users Posts: 117 ✭✭Squozen


    Without being nosey, what levels of investment are people putting into Mintos? 3,4 even 5 figure sums? I myself have just over €1100 invested at 12% return. So quiet happy however, I would like to see what peoples general investment thoughts are in terms of outlay etc.

    Again, nobody has to disclose anything they do not want here folks. Thanks in advance.

    I've invested a little over €20k since early September with similar returns to yourself.


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  • Registered Users Posts: 563 ✭✭✭sonyvision


    Without being nosey, what levels of investment are people putting into Mintos? 3,4 even 5 figure sums? I myself have just over €1100 invested at 12% return. So quiet happy however, I would like to see what peoples general investment thoughts are in terms of outlay etc.

    Again, nobody has to disclose anything they do not want here folks. Thanks in advance.


    I have about 3.5k getting 12% and another 500 in linked finance, putting alot into a share scheme option through the job.


  • Registered Users Posts: 713 ✭✭✭soirish


    How liquid is the secondary market? Thinking about selling some of my long-term loans.


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


    soirish wrote: »
    How liquid is the secondary market? Thinking about selling some of my long-term loans.
    Unless I am doing something wrong I am having trouble selling any of my loans (0 discount /premium)


  • Closed Accounts Posts: 657 ✭✭✭Shauny2010


    Unless I am doing something wrong I am having trouble selling any of my loans (0 discount /premium)

    You will not sell a loan on the secondary market unless its an old one with a great interest rate.
    I sold off all my loans that were 24 months+ but I had to give between 0.5% and 1% discount


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


    I would guess that most people are buying new loans while Mintos offer cashback. There will probably be a dump of loans onto the secondary market in Jan.


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


    Much needed performance improvement to the website today. Very snappy.


  • Registered Users Posts: 391 ✭✭Yurple


    Does anybody know what status or name the cashback money shows up as in the account statement page?


  • Registered Users Posts: 683 ✭✭✭brianomc


    Yurple wrote: »
    Does anybody know what status or name the cashback money shows up as in the account statement page?

    It shows up as "Deposits".

    Has anybody got a second or more payment of them yet? I got one last Tuesday and that's been it so far.


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


    Support said they would process the cashback once a week.


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  • Registered Users Posts: 259 ✭✭lcwill


    Shauny2010 wrote: »
    Unless I am doing something wrong I am having trouble selling any of my loans (0 discount /premium)

    You will not sell a loan on the secondary market unless its an old one with a great interest rate.
    I sold off all my loans that were 24 months+ but I had to give between 0.5% and 1% discount

    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.


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