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Mintos (P2P Lending Platform)

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Due to popular demand, a Mintos discussion thread.

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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.

Squozen

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

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?

soirish

How does Mintos compare to Zopa, Funding Circles etc?

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.

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.

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.

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.

Squozen

Mylah Repulsive Bicycle wrote: »

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.

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.

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

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.

Squozen

ShoulderChip wrote: »

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.

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?

ShoulderChip wrote: »

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.

ct5amr2ig1nfhp

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

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 ?

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.

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?

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.

Squozen

dingdong1234567 wrote: »

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.

sonyvision

dingdong1234567 wrote: »

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.

soirish

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

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)

Shauny2010

ShoulderChip 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

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.

ct5amr2ig1nfhp

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

Yurple

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

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.

ct5amr2ig1nfhp

Support said they would process the cashback once a week.

lcwill

Shauny2010 wrote: »

ShoulderChip 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.