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P2P Lending

ct5amr2ig1nfhp

A few of you have been in the p2p scene a few years now. Have you any thoughts on your p2p platforms of choice?

Mintos appears to be leading the way at the moment, in terms of volume of loans available and value of loans funded/available. Are Twino and Bondora still getting a look in?

I felt I was too heavily invested in Mintos so I have tried a few newer platforms recently. Lenndy, RoboCash, DoFinance, Grupeer and ViaInvest. Only small money to begin. The only platform where my funds have yet to be invested is Lenndy. I try to stick to platforms that have a buyback type guarantee.

Does anyone else have any recommendations or thoughts on how p2p will evolve this year?

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P2PBanking.com

Clara Sparse Windbreak wrote: »

Is anyone willing or able to give us a review of pro-investor status benefits. Is it worth it? Don't' be shy

Opinion on my German forum is, that there (currently) are no really attractive benefits from the status

Supercell

I see loans that match you criteria is back finally on Mintos - 0! , hope I don't need to go messing with auto-invest criteria again.

vargoo

Supercell wrote: »

I see loans that match you criteria is back finally on Mintos - 0! , hope I don't need to go messing with auto-invest criteria again.

It's back awhile.

Have you only 1 auto? You just use the highest rated originators?

Set up a second auto invest with the B team originators and set portfolio size small so you don't end up with all your funds in it.

delta_bravo

Hey just wondering if anyone has done their form 12 yet for the year and what category they used to declare the income from the loans? Thanks

sonyvision

delta_bravo wrote: »

Hey just wondering if anyone has done their form 12 yet for the year and what category they used to declare the income from the loans? Thanks

Havn't dont mine yet as i only got my p60. However last year I put it in as any other income and wrote interest from Peer to Peer lending in the option box

ct5amr2ig1nfhp

Untaxed Income arising in the State -> Other Investments

bohsman

Update on Finbee as I'm one of the only ones around here using them I think. They have also announced January was a record month for them with 980k loans issued.

Average interest: 20%
Status Count
On time 240
Late 17
Arrears 10
Default 6

ct5amr2ig1nfhp

Are you investing in mostly C and D rated loans? How is the platform overall? Any feedback on the debt collection process? 20% appears very high of course. Have you calculated your return yourself? How long are you with Finbee. Anything else you would add? Thanks!

bohsman wrote: »

Update on Finbee as I'm one of the only ones around here using them I think. They have also announced January was a record month for them with 980k loans issued.

Average interest: 20%
Status Count
On time 240
Late 17
Arrears 10
Default 6

bohsman

I made my first deposit in August 2016 but only really started increasing around July 2018 so it's a bit early into the majority of my loans. I have autoinvest set up to put a tenner on every available loan. I have 50% Mintos, 50% Finbee with Mintos only buyback short term loans so willing to take some more risk here. After a deposit it usually takes me a week or so to get fully invested as there would usually only be 15-20 loans available at any one time but no cashdrag on reinvested funds.

They appear to be good with debt collection, the day the loan is late it will be updated with info along the lines of customer contacted, payment will be made by x date in the next 2-3 weeks, with weekly or so updates for attempting to contact before an update that the loan agreement has been cancelled and court proceedings have begun to bailiffs sent for collection updates.

Stats on their late/default and recovered defaults here - https://www.finbee.lt/en/about-us/statistics/

Date Status
2019-01-18 Borrower was informed by email and message about late payment.
2019-01-18 Successful attempt to contact the client. Waiting for payment 2019-01-21.

2017-06-13 Failed attempt to contact the client.
2017-07-21 Notification due to contract termination sent.
2017-09-01 Client put to court.
2018-03-23 The court was unable to deliver court order documents, therefore lawsuit is being prepared.
2018-04-20 Court has been contacted regarding debt recovery. After executive document will be issued, debt recovery will be transferred to bailiff.
2018-07-17 Court has issued an executive document.
2018-07-30 Court has issued an executive document.
2018-08-22 Court has issued an executive document.
2018-10-08 Sent to bailiffs for collection.

I haven't looked too closely into the exact numbers to see if the 20% is correct but everything seems to add up, they do deduct 15% from your interest for Lithuanian income tax -

According to Income Tax Law of the Republic of Lithuania, FinBee is responsible for the collection and payment of income tax for non-residents. The income tax rate is 15 percent and it is deducted from earned interest. The platform automatically deducts it every time when loan installment is received.
If you are non-resident of Lithuania and you are living in a country which has valid Double Taxation Avoidance Treaty with Lithuania, you can apply for the reduced personal income tax rate. Please contact us by e-mail for further instructions how to apply the reduced personal income tax rate.

littlevillage

Looks like Twino is struggling with high levels of defaults.

http://explorep2p.com/twino-update/

It will be interesting to see if they can turn things around or if this wil be the first big Latvian/European p2p casualty ?

On monthly Lending volume, Twino is one of the bigger p2p lenders soo if they can get into trouble, is it also an ominous sign for other players, especially the smaller outfits?

https://www.p2p-banking.com/tag/loan-volume/

vargoo

littlevillage wrote: »

Looks like Twino is struggling with high levels of defaults.

http://explorep2p.com/twino-update/

It will be interesting to see if they can turn things around or if this wil be the first big Latvian/European p2p casualty ?

On monthly Lending volume, Twino is one of the bigger p2p lenders soo if they can get into trouble, is it also an ominous sign for other players, especially the smaller outfits?

https://www.p2p-banking.com/tag/loan-volume/

Yea, they're the ones that stopped releasing financials that I mentioned before.

Wouldn't touch them because of that. And tough sh1t for all those that get burned without doing some basic checks really.

Twino pays for an originator that defaults? Is that right?

The overall group made money here though.

ct5amr2ig1nfhp

I reached out to TWINO for comment and I haven't had any reply. They have replied to other emails but not my query relating to the auditors report or blog post.

In the meantime I have withdrawn all of my funds from TWINO. For anyone that is interested in the process, go to my investments and to the right of each invest is a SELL button. You can sell any portion of your investment. When you sell, you'll receive your principal investment plus any interest to the day you sold the investment. All of my investments sold in less than a min, I am guessing due to demand. Very simple process and the withdrawal process took two days.

littlevillage wrote: »

Looks like Twino is struggling with high levels of defaults.

http://explorep2p.com/twino-update/

It will be interesting to see if they can turn things around or if this wil be the first big Latvian/European p2p casualty ?

On monthly Lending volume, Twino is one of the bigger p2p lenders soo if they can get into trouble, is it also an ominous sign for other players, especially the smaller outfits?

https://www.p2p-banking.com/tag/loan-volume/

Cute Hoor

It doesn't look like I can sell the 'defaulted' loans, is this correct.
Do they ever become sellable

ct5amr2ig1nfhp

Ah, i should have mentioned all of my loans were with buyback "T" loans.

littlevillage

Cute Hoor wrote: »

It doesn't look like I can sell the 'defaulted' loans, is this correct.
Do they ever become sellable

Yeah, I can't sell 'Defaulted' or 'Delayed' loans ...also having trouble selling loans that have very small amounts outstanding....a few €'s etc.

ct5amr2ig1nfhp

That's odd. I was able to sell about 20+ delayed loans.

littlevillage wrote: »

Yeah, I can't sell 'Defaulted' or 'Delayed' loans ...also having trouble selling loans that have very small amounts outstanding....a few €'s etc.

Cute Hoor

littlevillage wrote: »

Yeah, I can't sell 'Defaulted' or 'Delayed' loans ...also having trouble selling loans that have very small amounts outstanding....a few €'s etc.

I had no problem selling the delayed ones either, only problem was with the 2 'Defaulted' ones.

littlevillage

Cute Hoor wrote: »

I had no problem selling the delayed ones either, only problem was with the 2 'Defaulted' ones.

Correction. I can sell Delayed ....but not Defaulted ...same as you guys

ct5amr2ig1nfhp

I've taken my eye off my P2P a little lately.

Is there any P2P website that has a comprehensive list or review of P2P financial results? Should we try and pull one together here on boards?

Peter File

Clara Sparse Windbreak wrote: »

I reached out to TWINO for comment and I haven't had any reply. They have replied to other emails but not my query relating to the auditors report or blog post.

In the meantime I have withdrawn all of my funds from TWINO. For anyone that is interested in the process, go to my investments and to the right of each invest is a SELL button. You can sell any portion of your investment. When you sell, you'll receive your principal investment plus any interest to the day you sold the investment. All of my investments sold in less than a min, I am guessing due to demand. Very simple process and the withdrawal process took two days.

Thank you for sharing this information.
I had found it difficult to reinvest my funds on twino since early December and went for a 5 year 8% rate to get some use for my funds. Once I saw your post and checked your link I started to sell up. I managed to get rid of the 8% loans within a few hours. Only the loans with a balance of under €10 are not shifting.

vargoo

Clara Sparse Windbreak wrote: »

I've taken my eye off my P2P a little lately.

Is there any P2P website that has a comprehensive list or review of P2P financial results? Should we try and pull one together here on boards?

No, you can pay to find out this info here on Irish companies, I never actually did so I don't know what info you actually get when you pay but I don't see the same in the countries (Latvia) where majority of P2Ps are.

And when I saw that twino hadn't released any in years I was "ok", it's not just that my google skills are sh1t.

Something has to go pop at some stage, unless you have at least 5 figures in it overall, then a pop is going to wipe out everything you've made.

P2PBanking.com

There is no ready list, but financial results of several companies are discussed and linked in the German forum
https://www.p2p-kredite.com/diskussion/
If you use Google Chrome browser it can automatically translate

ct5amr2ig1nfhp

Quick Mintos question. I have a few Lime Zaim loans that are now late. I have tried selling the batch of loans a number of times. I sell the loans and confirm they are for sale. When I check on the status of the loans a few minutes later, they are no longer for sale. Would any of you have any ideas what is going on?

Mintos support is slow enough these days, so I'm relying on boards support

vargoo

Anybody see a way to download account statement on fast invest? You can filter and all that no problem but download??

scheister

What are people thoughts on gridfinance closing the brick accounts

ryanch09

scheister wrote: »

What are people thoughts on gridfinance closing the brick accounts

A shame because I had just signed up for it around a week ago and was planning to put some funds in this week. It would have been my first P2P investment so I guess I'll just have to check out some of the other platforms!

ct5amr2ig1nfhp

Swaper update. I appear to be fully invested on Swaper for over a month now. On checking the site this morning, there are hundreds of loans available for investment. Could be a good time to jump in if you were considering Swaper.

Edit: Just deposited my Twino funds I had withdrawn into Swaper. Will see how it goes.

vargoo

Clara Sparse Windbreak wrote: »

Swaper update. I appear to be fully invested on Swaper for over a month now. On checking the site this morning, there are hundreds of loans available for investment. Could be a good time to jump in if you were considering Swaper.

Edit: Just deposited my Twino funds I had withdrawn into Swaper. Will see how it goes.

https://company.lursoft.lv/en/wandoo-finance/40103970112

Parent company "latest" financials from 2016?? I can't make sense of it...

Where is 2017?

Wouldn't touch them myself.

ct5amr2ig1nfhp

Fair point. I'll reach out to Swaper for their financial statements.

Mintos reports available here (2015-2017): link (Ernest & Young Baltic)

ViaInvest reports available here (2014-2018): link (Deloitte, BDO)

EstateGuru reports available (2017 only) here: link (Ernest & Young Baltic)

TWINO reports available here (2016-2018): link (BDO)

FastInvest reports available here (2017): link (The reports appear to be 3 page summaries)

Envestio only started trading publicly in 2018. The 2018 annual report is expected after 31Jul2019. They broke even in 2018 (with a small profit). 2019 is expected to improve on 2018.

Swaper have no reports currently available but there is ongoing work to prepare them. A summary of results for 2016-2018 will be made available shortly.

* note some of the latest reports are unaudited.

I have reached out to others and I will update the list as I find or get more information. If anyone would like to help add to the list, I'd welcome the help.

vargoo wrote: »

https://company.lursoft.lv/en/wandoo-finance/40103970112

Parent company "latest" financials from 2016?? I can't make sense of it...

Where is 2017?

Wouldn't touch them myself.

tesla38

Hi,
thank you ProjectMoose for all information provided.
Quick question;estateguru looks risky,do you agree?
did you try October?
i want to like it but return is not great and loans looks more risky than they want to present it.
thanks