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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

Cashback reward credited earlier, happy days

Shauny2010

lcwill wrote: »

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.

Sorry forgot to add that all loans are guarantee buy backs. I never invested in the unsecured loans as I thought it too risky.
Having said that, I'm sure if all the buyback loans failed then the guarantee would be worthless too

scheister

nice to see you can now run multiply auto invest wallets at the same time. trying to build up my portfolio again so auto invest is great especailly when I only deal in buy back loans

ct5amr2ig1nfhp

Another payment today related to the cashback reward. Guessing there will be one more early next week.

It will be interesting to see if there will be any serious dumping of the longer term loans once the offer ends. Could be a good chance to pick up discounted loans.

scheister

Mylah Repulsive Bicycle wrote: »

Another payment today related to the cashback reward. Guessing there will be one more early next week.

It will be interesting to see if there will be any serious dumping of the longer term loans once the offer ends. Could be a good chance to pick up discounted loans.

wonder if their is any change they will extend it or keep some form of it going

ct5amr2ig1nfhp

Doesn't look like they extended the cashback offer. Banner on the main page is gone as well.

I hope I can pick up some discounted Secondary Market loans over the next few weeks. I nearly have my return back to 12.5%

ct5amr2ig1nfhp

Final cashback from the promo deposited today. Nice while it lasted

Does anyone see themselves increasing their position in Mintos this year?

sonyvision

Mylah Repulsive Bicycle wrote: »

Final cashback from the promo deposited today. Nice while it lasted

Does anyone see themselves increasing their position in Mintos this year?

At the moment no, I will start withdrawing funds over the net fews months for personal reasons.

On another note given the year is over, whats the tax liability I assume it is dirt at 39% payment on interest earned

ct5amr2ig1nfhp

Tax liability...eh sure :pac:

In all serious though, you are liable for income tax on any interest earned.

Shauny2010

Mylah Repulsive Bicycle wrote: »

Tax liability...eh sure :pac:

In all serious though, you are liable for income tax on any interest earned.

Is it income tax or dirt tax at 33%?

Also would I be right in saying that while you may have for example €1000 profit from a €10k loan but made a €500 loss from say a loan that went bad, you still are accessed for the profit of €1000 as you cannot write off the bad loan against the profit???

sonyvision

Shauny2010 wrote: »

Is it income tax or dirt tax at 33%?

Also would I be right in saying that while you may have for example €1000 profit from a €10k loan but made a €500 loss from say a loan that went bad, you still are accessed for the profit of €1000 as you cannot write off the bad loan against the profit???

I would be more inclined to think it is Dirt rather then Income tax. If it was CGT it be even better as you can use a 1.2k allowance each year and write off losses against future earnings.

Search revenue website but I can't find anything solid. The Irish company Linked Finance don't offer much steer either from what I remember.

Shauny2010

I hope its not Dirt tax, that's 39%. No wonder theirs so much tax evasion going on with rates like that. Fooking hell 39% on the interest on your savings!

ct5amr2ig1nfhp

You are liable for income tax, not DIRT.

A quick call to revenue will confirm your tax liability.

Kuva

Mylah Repulsive Bicycle wrote: »

You are liable for income tax, not DIRT.

A quick call to revenue will confirm your tax liability.

OT but look at these for loopholes,
https://www.theguardian.com/money/2016/aug/11/inheritance-tax-why-the-new-duke-of-westminster-will-not-pay-billions

Only chumps pay tax.

scheister

Kuva wrote: »

OT but look at these for loopholes,
https://www.theguardian.com/money/2016/aug/11/inheritance-tax-why-the-new-duke-of-westminster-will-not-pay-billions

Only chumps pay tax.

its income tax you are liable for so we should all be filing Form 12's if you are a paye worker.

Someone asked the question about bad loans. At the moment their is nothing in Irish law to allow you to do anything with bad loans. Their is a consultation going on at the moment with regards peer to peer finance so hopefully something with regards this will come out of it

ct5amr2ig1nfhp

Are there many of you buying p2p loans without buyback guarantee (for what it's worth)?

Squall Leonhart

I only invest with buyback, hence my withdrawal from LinkedFinance.
Speaking of which, I've a withdrawal of funds request in with LF for over a month now, they're extraordinarily slow to process this.

littlevillage

Mylah Repulsive Bicycle wrote: »

Are there many of you buying p2p loans without buyback guarantee (for what it's worth)?

Accidently invested in a couple of non gaurantee loans when I was messing with my Auto Invest. They are actually performing OK. Of approx 20 non Gaurantee loans, 1 is in bother.

ct5amr2ig1nfhp

Had a quick look just now at the Primary market. The highest guaranteed loan rate is 14% (luteCredit). Of the non guaranteed loans, there are only ten loans with a rate greater than 14% (all Capitalia). One 15%, the other nine are either 14.6% or 14.1% .

I am amazed to see so many investors in the non guaranteed loans at those rates, when compared to the guaranteed* loans at 14%.

* I understand that buyback might not mean much if an originator goes bust, ala Eurocent.

Edit: Looking at my own loans, I have over 100 loans that were bought back when the buyback kicked in.

littlevillage

Mylah Repulsive Bicycle wrote: »

Had a quick look just now at the Primary market. The highest guaranteed loan rate is 14% (luteCredit). Of the non guaranteed loans, there are only ten loans with a rate greater than 14% (all Capitalia). One 15%, the other nine are either 14.6% or 14.1% .

I am amazed to see so many investors in the non guaranteed loans at those rates, when compared to the guaranteed* loans at 14%.

* I understand that buyback might not mean much if an originator goes bust, ala Eurocent. However I've had

Edit: Looking at my own loans, I have over 100 loans that were bought back when the buyback kicked in.

13% & 14% pa gauranteed return loans are fairly hard to argue with ðŸ˜€ getting an extra 1% for much more risk seems nonsensical.

dougee19

I transferred 1k into my mintos yesterday and it was refunded into my bank account just now.

Have I missed something happening? Please don't tell me mintos is banned in Ireland or something

ct5amr2ig1nfhp

Did you transfer it using the new bank account details for Mintos? They changed banks from the 1st Jan.

dougee19

Mylah Repulsive Bicycle wrote: »

Did you transfer it using the new bank account details for Mintos? They changed banks from the 1st Jan.

Thank you! I did not know of this, must have missed that email.
Was worried there was a new limit on my account or something happened with Ireland in general.

ShoulderChip

Mylah Repulsive Bicycle wrote: »

Had a quick look just now at the Primary market. The highest guaranteed loan rate is 14% (luteCredit). Of the non guaranteed loans, there are only ten loans with a rate greater than 14% (all Capitalia). One 15%, the other nine are either 14.6% or 14.1% .

I am amazed to see so many investors in the non guaranteed loans at those rates, when compared to the guaranteed* loans at 14%.

* I understand that buyback might not mean much if an originator goes bust, ala Eurocent.

Edit: Looking at my own loans, I have over 100 loans that were bought back when the buyback kicked in.

How do you check the buyback kicked in?

ct5amr2ig1nfhp

Download your finished investments to excel and look for the keywords. Sort, remove duplicates and bobs your uncle.

Frynge

Anyone else noticing transfers are taking a lot longer with the new bank details. I used to have the money in my account within 2 hours and now taking two days

ct5amr2ig1nfhp

Two hours to transfer from your bank to Mintos? That is very quick.
It always took one day for me and my transfer on monday took one day (with the new details).

Squozen

I have had same-day transfers in the past if I transferred early enough in the morning but my last transfer took a day. Can't remember the time I moved the money. I could imagine that things are a bit slower now if they're double-checking transfers to make sure they can line them up with users.

Yurple

Has anybody seen that campaign they are currently running? I personally like shorter buyback loans as they turn over quickly and with auto invest the funds just get reinvested quickly... 48 - 59 or 60 months + is a very long time...? What do you guys think?

Mogo Cashback Campaign
Invest in Mogo loans and get a cashback immediately:

4% for loans with a maturity of 48 to 59 months;
5% for loans with a maturity of 60 months or more.
Campaign period: 16.01.2018.-16.02.2018.

Enroll now to qualify for the cashback!

littlevillage

Yurple wrote: »

Has anybody seen that campaign they are currently running? I personally like shorter buyback loans as they turn over quickly and with auto invest the funds just get reinvested quickly... 48 - 59 or 60 months + is a very long time...? What do you guys think?

Mogo Cashback Campaign
Invest in Mogo loans and get a cashback immediately:

4% for loans with a maturity of 48 to 59 months;
5% for loans with a maturity of 60 months or more.
Campaign period: 16.01.2018.-16.02.2018.

Enroll now to qualify for the cashback!

Yeah, they had a similar scheme going before Christmas. This one is limited to MOGO. I cannot decide if its worth it??

The extra 4% is nice, but you are locking in for a very long time on these buyback loans at only 13%..... when there are 12 Month buyback loans available at 13.7% from other originators in the Mintos marketplace, thoughts ?