P2P Lending

sKeith · 15-07-2018 7:53pm

what i mean is, all the gains are unsubstantial until you withdraw the money and have real gains.

Wheety · 15-07-2018 7:55pm

sKeith wrote: »

but your gains are unrealized until they are remove fom the system, not disagreeing, just tyng to understand.

It's not the same as share prices. You receive the interest in your account on an ongoing basis. This is undeclared income.

You can't write it off against defaulted loans etc.

This is my understanding. Maybe someone who knows more can explain.

sKeith · 15-07-2018 7:55pm

they are not bank. we do not have any security in our investments, so the intererst should not be taxed until they are gained. no?

Wheety · 15-07-2018 8:09pm

Again, as far as I'm aware, you declare it as you earn.

Kuva · 15-07-2018 8:15pm

sKeith wrote: »

as far as i can gather, when withdrawing excess funds, they are added to your yearly income, and taxed as such. please correct if incorrect.

I looked - https://www.revenue.ie/en/tax-professionals/ebrief/2018/no-0892018.aspx

Income tax and USC but maybe not prsi? Eh, very clear from revenue.

Once under €5000, use my account form 12 on revenue.

I've never used P2P, reading some of the blogs their, it seems to get messy figuring out actual "gains". Some of the guys on the blogs say they've returns after defaults of say 11% then they get tore new ones in the comments with all sorts of numbers flying around.

Do the site's not provide all this information to the Investor?

Wheety · 15-07-2018 9:45pm

Linked Finance say this on their website.

26. Any tax due on money I earn through lending on Linked Finance?
For almost all Linked Finance lenders, lending will be an investment activity. As a lender, you get interest without a tax deduction. Interest earned from any of our loans qualifies as unearned income for taxation purposes ie. money earned from investments. You will need to show the interest you receive in each tax year on your self-assessment returns.

To calculate this figure you will be able to download this information from My Account and use it to help you complete your annual self-assessment tax return.

They seem to be saying you declare it in each tax year.

scheister · 16-07-2018 9:24am

Wheety wrote: »

Linked Finance say this on their website.

They seem to be saying you declare it in each tax year.

The money you are earning with P2P is not capital its income. People are comparing it to taxing profit on shares. This is taxes similar to dividends on shares.

P2P is not in best in Ireland has very little tax law around it but Department of Finance are looking into this. For the moment you are taxed on the interest on an earned basis. So file by October for year before. As for loans that go bad. it tough luck and take it on the chin

ct5amr2ig1nfhp · 16-07-2018 10:19pm

I had a significant chunk of my Mogo loans bought back by Mogo over the last couple of days. Anyone else see the same?
It was expected after the announcement by Mintos.

sonyvision · 17-07-2018 9:20am

Clara Sparse Windbreak wrote: »

I had a significant chunk of my Mogo loans bought back by Mogo over the last couple of days. Anyone else see the same?
It was expected after the announcement by Mintos.

Not yet, hopefully soon as 46% of all my loans are with Mogo.! I was enjoying the cashback campaigns for some time!.

What %has been bought back?

Kuva · 18-07-2018 2:14am

Clara Sparse Windbreak wrote: »

Two great blogs that I would recommend. financiallyfree.eu and p2phero.com.

http://explorep2p.com/

Is a good one.

brianomc · 20-07-2018 12:16pm

Clara Sparse Windbreak wrote: »

I had a significant chunk of my Mogo loans bought back by Mogo over the last couple of days. Anyone else see the same?
It was expected after the announcement by Mintos.

I had 2/3 bought back today. I don't mind as I was over-invested in Mogo to be honest. The problem now is that all loan originators have dropped their interest rates, it's hard to find anything above 10.5% with buyback guarantee.

ct5amr2ig1nfhp · 20-07-2018 10:48pm

Significant rate cuts across all loan originators on Mintos. A very large drop in available primary loans and I see the premium on secondary loans has increased. I had a large chunk of longer term loans on the secondary market and they have all sold in the last day or so. Silly of me to have only had a premium of 1%, giving the drastic drop in rates on the primary market. Take note any of you with 'good' loans for sale, you may want to review the premium on the loans.

Will keep a close eye on Mintos over the next few days.

ct5amr2ig1nfhp · 23-07-2018 2:41pm

Mintos primary market has decrease from > 100k loans available to 40k in only a few days. Rates slashed across the entire market for sure. EUR loans, with buyback, the max rate I see is 11.5%. Decent, even half decent, secondary market loans have dried up. People have upped the premiums to take advantage of the drought in 'good' primary market loans.

The likes of RoboCash(14% loans), Grupeer (14-15% loans), PeerBerry (12% loans), Swaper (12/14% loans) etc. looking far more attractive in the short term.

Kuva · 23-07-2018 9:30pm

Clara Sparse Windbreak wrote: »

Mintos primary market has decrease from > 100k loans available to 40k in only a few days. Rates slashed across the entire market for sure. EUR loans, with buyback, the max rate I see is 11.5%. Decent, even half decent, secondary market loans have dried up. People have upped the premiums to take advantage of the drought in 'good' primary market loans.

The likes of RoboCash(14% loans), Grupper (14-15% loans), PeerBerry (12% loans), Swaper (12/14% loans) etc. looking far more attractive in the short term.

Robo is doing alright financially afaik, how are the others fairing?

ct5amr2ig1nfhp · 27-07-2018 11:29am

Twino and Viventor loans have dried up recently. I have not been able to grab any loans manually. I would guess this is due to investors pulling funds from mintos. The auto-invest appears to be picking them up ok.

Plenty of loans on PeerBerry (12% and ~ 400 loans available) and ViaInvest (10-11% and ~6000 loans available)

Grupeer is flying along with 14 and 15% loans (including buyback), loans terms are < 12 months. Plenty of new loans available.

Swaper, a reminder that you can get an additional 2% 'bonus' by having a minimum of 5k deposited on the platform. They call it the VIP or loyalty bonus. You must have 5k on the platform for three consecutive months. Only loans purchased after the 5k is deposited will get the 2% bonus. But because most loans terms on the platform are < 30 days, you'll quickly get the additional 2% on all your loans, once the older loans are repaid on time. The platform itself still needs a lot of work. Sorting, reporting etc.

retalivity · 27-07-2018 12:06pm

Noticed my auto-invest criteria on mintos stopped, due to the disappearance of high interest EUR loans with buyback. Tweaked the % and term limits to push stuff through it again, hope its not a sign...

Kuva · 27-07-2018 1:19pm

retalivity wrote: »

Noticed my auto-invest criteria on mintos stopped, due to the disappearance of high interest EUR loans with buyback. Tweaked the % and term limits to push stuff through it again, hope its not a sign...

Of?

retalivity · 27-07-2018 1:45pm

Kuva wrote: »

Of?

A long-term reduction on the number of high interest loans to invest in. Ive only been using mintos a month or 2, but the variety seems to have decreased since i got on

pnecilcaser · 29-07-2018 4:14pm

I just setup up a swaper account and transferred 3000 into it. I will let you know how it progresses. Did you get involved since you posted this?

Kuva · 29-07-2018 7:07pm

pnecilcaser wrote: »

I just setup up a swaper account and transferred 3000 into it. I will let you know how it progresses. Did you get involved since you posted this?

How is swaper preforming?

ct5amr2ig1nfhp · 30-07-2018 10:19am

There are not enough loans available on Swaper. I regularly see 10-20% of my funds not invested. It has ~1600 active investors.

ct5amr2ig1nfhp · 31-07-2018 6:31pm

Mintos update - I have been able to pick up some secondary market (discounted) loans over the last few days. Mostly EUR, 13-14%, 1-12 months, including buyback. I have managed to re-invest just over half of my recently released funds (mostly from Mogo).

I created and saved a filter on the secondary market, kept the page open and refreshed the page throughout the day. Working at a computer all day helps

Bit of a PITA but it's working.

I have put some of the discounted loans I purchased back up for sale in the hope I can make a little extra.

My plan is to have all of the Mogo loans re-invested by the end of the week.

ct5amr2ig1nfhp · 02-08-2018 4:32pm

Coming back to Mintos again. As a few of us have mentioned, there has been a significant drop in rates on Mintos. To give you a couple of examples.
Sebo - had loans up to 14% up until recently, I can only see up to 10.1% loans available.
Varks - had loans up to 15% up until recently, I can only see 9% loans available.

The rate drop across the platform happened nearly over night. IMHO, this rate drop was pre-planned between all loan originators and Mintos. Supply and demand cannot explain the near overnight rate drop across the board. I am going to reach out to Martins for comment as I do not believe their explanation.

While I continue to try and pick some good value secondary loans, I have decided to start withdrawing funds. Various other platforms (as mentioned on this thread already) offer far greater returns, including 'buyback' schemes.

Looking at new p2p platforms, does anyone have any insights or experience with FastInvest, Envestio, iuvo group, finbee or flender?

ct5amr2ig1nfhp · 04-08-2018 1:46pm

No loans available on PeerBerry this morning. I believe that is a first for the platform. Currently there are no loans available on PeerBerry, Swaper or TWINO.

pnecilcaser · 06-08-2018 11:44pm

Not great so far, signed up last month. Dropped in 3,000. Only 945 currently invested. No loans available for manual investment right now.

ct5amr2ig1nfhp · 07-08-2018 1:02am

You're investing on swaper right? I have just checked and I have close to 25% not invested with swaper. That is on the high side, even for swaper. If I were to make a guess, limited loan availability with the addition of new investors coming from mintos (as mentioned the rates have dropped significantly). I am seeing similar with Twino and PeerBerry. I also have 40% not invested on rabocash.

Plenty of loans available on other platforms like Viventor and ViaInvest. Fyi ViaInvest has a withholding tax for polish issued loans.

Perhaps take the opportunity to diversify across multiple platforms?

Cute Hoor · 08-08-2018 1:36pm

Anybody using Property Bridges, there appears to be no current or previous investment opportunities.

Capitalia offer asset backed loans over short and longer term periods, you only fund your account when you apply to co-fund a project and all repayments are transferred back to your own bank account once received. Downside is minimum investment of 1k and there are limited loans which generally fill pretty quickly.

pnecilcaser · 08-08-2018 11:21pm

I decided to give Viventor a try based on your advice. I signed up and transferred a small amount. Hopefully there is more available on that platform than what is currently on swaper. Mintos seems ok to me. I see there are more and more of the P2P sites popping up these days. I only know of two Irish ones but as far as I know they are not regulated here in Ireland but one of them is operating in the UK and regulated by their governing body so the apply the same rules to themselves here in Ireland too.

TheSheriff · 09-08-2018 2:44pm

I am currently invested into Twino and Mintos - have been using both platforms for ~2 years now with little complications and overall good returns.

I am going to start diversifying - robocash seems to a popular one from reading back through this thread and others. I've just sent a small amount through to confirm the account. Hopefully it'll give the same easy/passive investment strategy the other two platforms have offered.

ct5amr2ig1nfhp · 09-08-2018 4:56pm

Unfortunately I have about 50% sitting not invested with RoboCash. Of the invested amount, 45% is 'over due'. :pac:

What sort of returns did you make on Twino and Mintos if you don't mind me asking? The rates on Mintos were much better two years ago, as they were on Twino I believe? So I am interested to know what sort of returns you had over the two years.

Edit: Viventor added a new loan originator - Kreditu Centras - loans currently available range from 9 to 11%, all appear to be 36 months only.

P2P Lending

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