This Mintos review is based 100% of my own experience and I will be as transparent as possible for you. I will talk about late paid loans and how to get most out of them and advice on how to optimize the Auto-invest feature amongst much more.
Mintos is the first P2P platform I joined and I must say that it’s been great. When I started with this I set a goal of getting around 10% on average at Mintos and everything over would be a huge plus for me. So that my portfolio on Mintos gave an average at +11.5% is a win in my book. ( Updated August 2020 )
Mintos is the biggest in the marketplace today when it comes to P2P investments and Multi lending platforms. They have been established since 2015 and are much bigger than all others in that section in Europe. At Mintos they have more than 5 000 000 000 Euros invested from over 270.000 investors through their platform in March 2020. And not least, Investors have earned over 88 000 000 Euros from interest over these years
They post that the average annual return rate for now is around 11.83 % from all the different loans at their marketplace. There are around 67 Loan Originators available that gives the investors much to pick from. So there is a massive choice when it comes to selecting loans that are comfortable for each individuals criteria.
That the platform is easy to manage and navigate is a huge plus. In addition, the fact they have been in the business for some time now compared to other platforms makes me feel that it’s the most secure of them all.
My investment at Mintos
I started with Mintos in April 2018 and had invested a total of 34.000 Euros on their lending platform or marketplace if you prefer over a years time. You can see all the deposits & dates on the Investment History page for more info on that. I must say that this was easier then I thought it would be from start.
I recieved an average interest rate at my Mintos portfolio of 11,5% so I think this are good numbers for the work that is put into it. The average was spread over more then 1700 loans that I’ve invested in. I started posting updates every month since January 2019 so you can follow my investments in the blog if you’re interested for some insight and news on what’s going on at Mintos.
Results from my first 8 months in 2018
Since I started investing at Mintos in 20 april 2018 I got a total of 1642,26 Euros in interest and an extra 206 Euros in campaign rewards. Also I got around 8 Euros received for late payments throughout 2018, not a big number but it’s still money received.
So that’s a total of +1856,26 Euros from only my first 8 months in 2018 starting with Mintos. I have been getting an average interest rate on my portfolio between 11.5-12%. You can follow the Interest received every month in the Income Graphs page for a quick look how each month went and how each new month is going forward.
Mintos profit so far
My Mintos investment has a profit until now at +4 713.42 Euros.
With a net annual return rate at 11.5%. It’s good to see that the P2P market have been increasing fast since I first joined. It’s going to be fun to see where it leads in a couple of years if this keeps up. Maybe people stop using banks for loans in the future all together?
Like some of the other P2P platforms in EU, Mintos is registered in Latvia. They have been active since 2015. Their numbers showed a profit in 2017, so it looks like they have figured out what works for them.
Mintos have more than 60 employees and a nice feature is that they actually have their employees listed on the platform, unlike most of the other P2P & crowdfunding platforms. Again this makes them look and feel more secure. Now they have 3 offices around the world in Riga, Warsaw and in Mexico City. They are expanding to meet the demand both with more employees and offices.
They follow EU laws so you can feel confident that they handle the information with care, for both the investors and loan originators. Mintos keeps winning different awards for their platform every year. Most recent they got the award: The financial Partner of the Year 2018 in Poland that was held in February 2019. This gives me a feeling they try and work forward with motivation to grow it bigger and better.
Mintos do their own research and updates on the Loan originators to try and keep everyone updated. A huge plus is that they have specific information pages on all the Loan originators so you can learn more about them. Like I said in the start of the review, they have around 67 Loan originators which is something no one else is close to on their platforms. So you will always find loans to invest in, all at different percentages and criteria.
Who’s investing and where?
They take in investors from all over the world as long as they fulfill the requirements set by the EU regulations. Today they have investors from more than 65 countries so this type of lending is rapidly gaining popularity. The Loan Originators at Mintos gives you the option to invest in 32 different countries with 12 different currencies. This makes diversifying much more easy for those interested.
On Mintos you can invest as a private person as long as you are over 18 years old. Organisations and Companies can also invest, but there is more paperwork for them then private individuals.
They have a buyback guarantee option that kicks in after 60 days on most of the loans at the platform. This means that you get back your invested principal + maybe the interest accumulated that period if the borrower doesn’t fulfill their obligations and doesn’t pay on time. This Buyback Guarantee is not from Mintos themselves which is important to know. But a promise from the Loan Originator that they will step in and pay you. So with this you don’t have to think about every loan individually. More towards the Loan Originator that they have the means to pay up if the borrowers don’t do it. Mintos checks of some criteria that the Loan Originator are capable to do this or not to be able to present loans with this feature on their platform.
Keep your investment secure
This is one of the things I always look for on any investment at Mintos so that my own capital are more secure. Most of the highest possible interest loans do not have this option. But I would say more than 95% of the loans listed at Mintos have Buyback Guarantee nowadays. In my opinion, it’s smarter to get a little less profit than to go for loans without Buyback Guarantee.
Borrowers can be from all over the world almost, as long as they pass the requirements set from the Loan Originators that’s presented at Mintos. But like all over the world, no person is perfect so with this option you don’t have to care so much if one don’t pay their loan in time or if it defaults. Letting the responsibility be on the Loan Originators is a better solution for those who invest I think.
Not every loan originator gives you interest on late payments
This is an important point to talk about. I see many write that you are safe and that it will give you interest on the late loans within the buyback period but that’s not all true. There is a couple of things that you need to watch for on the loan originators at Mintos to get that money.
Every loan originator have 2 information pages, a General information and Details page.
The most important page for this is the Details page. I will list 3 important things that makes you earn more if you have buyback loans that’s late.
First, If they have a long Grace period on the loans, say like PimPays 30 days. It will mean that the borrower can pay 29 days late and for these days you will not get any extra interest. If you pick one that have the Grace period at 0 days you would have gotten 29 days with interest and don’t miss out on the extra money. I try to go for those with not so many days to get most out of the late payers.
Interest income on delayed payments
Second one, If this one states Yes, you are getting interest even if they are delayed within the buybacktime of 60 days. It starts after the Grace period remember that. If it’s at No, you missing out if they always pay late and not get bought back because they pay within the 60 day period.
And the third, this is like the interest income on delayed payments just in another way. Usually they offer one of the two. It will be stated as Yes Amount = 0.05% like the loan originator Acema. Not making you interest but instead a fee paid back at least.
Some can have No on both penalty and interest income on delayed payments and that’s not optimal. One originator I can think of is Watu Credit, they have NO on all of these so its bad if they are late within the buyback period. Even if they have 0 grace period you might end up 60 days earning nothing extra. We are in this to get interest so keep this in mind.
Different types of loans
At Mintos they have a good variety of loans to invest in, actually 8 different types today. You have Personal loans, Business loans, Mortgage loans, Agriculture loans, Short term loans, Pawnbroking loans, Invoice financing and Car loans. So here you really can diversify depending upon your own criteria.
Some of them are higher risk than others of course. The Loans can be backed with some kind of insurance from the borrower like cars, houses and other things.
Many Loan Originators also back a portion of the loans they post in some way, like a percentage also invested. So they have skin in the game that also lets us know they have faith in the borrower.
Mintos mobile app
Mintos have finally released their mobile app now in February 2020. It’s available for both Android and iOS after months of successful testing. Right now it’s limited to a few features but they will keep developing it and add things on the way.
You can check statistics on your portfolio, deposit and withdraw directly from the app together with investing in loans. It also lets you pick between light and dark mode for the apps background which is a nice touch.
This is a good way to get easy access to your portfolio instead of using the web version on your phone and when you are on the move. A nice feature they have in the app is that it will show you this and previous months returns in a graph below in the main screen.
This shows us again that Mintos is the leading P2P platform today making new things possible.
Mintos Secondary Market
This is an extra marketplace for the lenders at Mintos. Here you can Sell or Buy loans with at a discount, premium or the same value it was. This gives you an option to sell off some loans for different reasons. It can be that you’re in need of capital and can’t wait for you’re loans to Mature. Or It can be that you want to change strategy and buy other loans.
You might be looking for loans that’s not present at the Primary market so if your lucky there is some of them here. You can actually even earn extra on buying loans here with discounts or if your selling with a Premium. It all depends on what you’re looking for.
It’s a good thing that when you sell a loan on secondary market it will keep earning you interest intill the day it’s sold.
The Secondary market and Primary market is around the same size so there is no shortage of loans.
Mintos Customer Support
For the support at Mintos I only have good things to say. I have been using their email support since before I even joined. Even though their FAQ section is well written and gives many answers, sometimes I just want to ask for reassurance. Everytime I send them questions I’ve never waited more than 2-3 days for a replay and that’s usually weekends. Most of the time they answer within one day. I always gotten the answers I needed with good explanations and points. I haven’t had the need to call their support yet but I see they provide seven different numbers & countries for this. Just hope they keep this up now when they are expanding their business.
They have something called Pro-Investor, it’s a new feature they added in the end of 2018. If you invest more than 50.000 Euros it would give some extra perks. You will get an account manager at Mintos and top priority customer support. Don’t know how much faster this support would act since I’m not a pro-investor yet. So for now I’m happy with everything from Mintos support team.
It took me a while to understand the Auto-Invest feature in the beginning. This was due to the huge range of criteria you can choose from. This is something I really like because I can set it up so that it’s perfect for my needs. I check now and then throughout the month to see that everything is working with the criteria I’ve set. This to keep it optimal for the re-investments being made everyday from the Auto-invest feature.
This feature makes things a lot more easy then sitting there everyday picking one and one loan manually, especially when you try and spread it out on as many loans you can. Important to have the settings so there is enough loans matching your criteria. It wouldn’t do what it’s supposed to otherwise so always keep that in mind.
There is some things I see not so many talk about on the settings for the portfolios you set up for the auto invest. Here you will get some points on the auto invest feature. How to keep it going and giving the highest rates for your critera.
The portfolio size MUST be set over the amount you have otherwise it will not keep the ball rolling. Say you start of today with a balance of 5000 Euros, if all is going to be invested through auto invest in one portfolio and keep doing so when you start getting the interest, it must be set to a higher amount then 5000. If not, and you have only one portfolio, it will let all the interest just sit at your account and it’s not getting reinvested. It’s a good thing to check this from time to time to keep track.
Make a couple of portfolios at Mintos
This mistake was one I made from the start. In the beginning I used only one portfolio where I had interest from 9.5% – and up. The Auto invest will do its job, but it’s a risk it will only give you the lowest interest rates and not the higher once within your criteria.
I recommend to set up at least 3 portfolios, priorities them from Prio 1 and down with the highest interest first so that the system knows that you want the best interest if possible and then it can work itself down to next level and so on.
This to make it as passive as possible and to not have money that’s not invested at all times. Also with this method you will get the highest percentages possible for the criterias you set up from the start.
I currently have 4 portfolios from +14%, down to the lowest at 11.5% for now. This lowest one hasn’t been getting any loans because the system finds loans for the higher portfolios luckily. It’s there just in case we hit a timespan that doesn’t give better interest like we have had before. I also keep making new portfolios and changing things up from time to time just to try and learn more.
Easy to manage the auto-invest
The auto invest feature is easy to pause, delete or change and will work directly after you confirm the changes you made to it. It’s possible to set up many different portfolios with auto invest. Then you just priorities them on which one you want to be the first it should try and get loans to. If it’s the highest interest, some specific loan originator or other criteria you want to go for.
I’m not only talking about this in the Mintos review here. I wrote in one of the posts about how one of my Auto-Invest portfolio had it’s settings just to give an example.
Pros at Mintos
|It’s the Biggest platform out there for these type of loans in EU.|
|Auto invest feature that has so many possibilities.|
|They showed profit for 2017.|
|They have the highest amount of loans to invest in together with 50+ loan originators.|
|Good statistics and data, helping you with everything from research on the borrowers & history of payments, to tax payments for the profit you make.|
|Secondary market so you have more loans again to invest in.|
Cons at Mintos
|They had one Loan originator that filed for bankruptcy and investors didn’t get all the money back from them. Although this is still an ongoing case, I understand that more then 50% has now been repaid.|
|I will say the auto invest feature here also, because if you are new it can be complicated at first.|
|The interest rates have been dropping slightly since I joined.|
Mintos account statement
On Mintos they have a good way to follow how much you get in interest and all things connected with the money flow on your account. The Account statement page allows you to see every transaction in periods you decide. It’s easy to understand and you can choose what to track if you don’t want to see everything under Payment Type. On the same page you will have under this statement a list of every transaction and loan information back in time.
Down below it’s a screen from one of my monthly statements. I always post month to month updates in my blog to show how my investment is going at Mintos.
Withdrawing money from Mintos
I did my first withdrawal from Mintos in december 2018 just to try it out. I wanted to see how many days it took and how it looked at my bank account statement. Of course you need to have sent in all the required documents so you’re in the clear to do this.
I just made a small bank transfer of 19 Euros for this test and after 3 working days the amount was at my bank. You can see how it looks at the printscreen from my bank above. Since then I have made withdrawals many times with the same results. They take no fees for depositing or withdrawals which is good. It also stated that the money is coming from “Mintos Marketplace” clearly so that’s a nice touch. There is so many other services that states gibberish numbers and letters at there transfers nowadays. So it’s a good thing they do it the right way at Mintos, thumbs up!
How to start investing at Mintos platform
Mintos has good security and let’s you open an account if you do what’s needed in some short steps.
You will need to write in your personal information, address and so on. They would like to see proof of address, for example a utility bill and some form of ID. eg. A passport or driving license. The bank account connected to Mintos must be in your name or company name. The most secure way to transfer funds is via bank transfer, but there are also other e-money possibilities.
At Mintos they have loans in many currencies on the platform. You’re not stuck with only one choice like most other P2P platforms out there. They pressent 12 different currencies because the loan originators are spread out in 32 countries. These twelve are: USD, SEK, RUB, RON, PLN, MXN, KZT, GEL, GBP, EUR, DKK and CZK.
I only invest in Euro loans so I don’t have to think about currency exchanges and conversion rates. That way I don’t have to risk losing profit due to currency fluctuations. I have seen this happen to others that try to invest in high risk loans, in for example in Georgia. This can also go the other way around of course. Less is more in almost everything in life I believe, so keep it simple is my moto.
Mintos Invest & access
Mintos launched a new investment strategy in June 2019, Invest & access.
This is an easy way to start investing at Mintos where they do all the work for you and let you cash out fast if needed. You will need to invest 500 Euros or more to get it working correctly. This will make there automatic invest & access program invest in all the different Loan originators and loans that’s available on the platform. The best part of this like they say is that you get to cash out fast if needed. When you need to cash out they will sell out the loans in a quick way to others that are using invest & access or others at the platform interested in buying your loans.
I see how this can attract new people to join the platform that don’t want to do any research and just let it run by itself. Since they say you can cashout fast it sounds good. They will not be able to sell loans that are late before the buyback guarantee kicks in, remember that.
My take on Invest & access
I think that it’s too early to say if this is a good approach or not. I see some redflags like, you can’t pick the loan originators & you can’t pick the loan period you want to invest the money for. You can’t even pick the interest rate or amount in each loan yourself, everything is done by there system.
So for me I’m sticking to my own auto invest criterias that’s working like a sharm, and I will sell my loans on the secondary market if needed since there is so much action going on there now that’s not a problem.
Get 0,5% extra on your first investment at Mintos
Using affiliate links before you register to Mintos will give you an extra payout for 0,5% of all investments. This is within the first 90 days from your registration and pays out in 3 parts.
So if you been with me so far in my Mintos review and dont have an account there yet. To get this extra payout you just have to sign up using this link to Mintos. Note that you will not get this extra payout if you sign up directly on Mintos.com
Mintos cashback campaigns
Cashback is another thing we should mention in this Mintos review. From time to time some of the loan originators on Mintos can have special offers on loans. This to try and attract more investors in periods. Most of these cashback deals are available between 1-4 weeks at a time. Usually gives you a possibility to get everything from 0.5-2% cashback on the money invested in this period for the specific loans they have. It all depends on the criteria they set.
In the picture below is an example on how much cashback Kredo and Monego gave out in July 2019.
People like to get extra deals on everything these days, so this is a nice touch from the loan originators. The only thing I can advise is that don’t get blinded from the extra percentage if this makes you go outside the criterias you sett from start so always be careful.
What’s the risks involved with investing through Mintos?
Like the questions states there is no investment that is 100% safe. There’s always a risk involved when investing money. So I will list some of them here.
Number 1. Loans without Buyback Guarantee
If you pick loans with no buyback guarantee from the loan originator you let all fait go to the borrower. If they don’t pay, you have no guarantee they will and can end up waiting a long time to recover the investment or you can lose it all.
Tip: Always go for Buyback loans so you at least have some extra security in my opinion.
Number 2. Loan Originator risk
The loan originator can go out of business. Even if they have buyback guarantee on their loans they might not be able to pay the loans back if they go “bust” and have no money left. In this case it will be like any other company that go bankrupt. Here you can hope they get bought by some other company and things go on like normal. Or it will be a legal process that will try and get all the money it can back to everyone. These things can take time and might not even help if they have no cash. This happened to one loan originator, Eurocent. They only recovered around 70-80% back so far.
Tip: Try and diversify through many different loan originators. Also many small loans instead of all in one loan originator to be more safe if this happens.
Number 3. Platform risk
The P2P platform goes bankrupt ( Mintos in this case). Here it might be hard to get all the information on the loans and how to still get paid from the loan originators after something like this would happen. Else it would be similar to if a loan originator went out of business.
This is the least possible outcome in my view since they have been doing so well last years.
Tip: Diversify your investment portfolio on different P2P platforms. Or investments like stocks, bonds, gold, property and other things to be more safe if one doesn’t go as planned.
Mintos isn’t the only P2P platform, there is a bunch of them out there. Here I will list some of the competitors to Mintos that can be worth to have a look at. There’s so many more than this of course but the list would go on forever 🙂
How to close your Mintos account?
There might come a time when you for some reason want to close your account at Mintos. It’s a few steps you will need to do since they don’t have a button for this when you’re logged in on the platform.
I asked Mintos and their support since I closed down a company that I have been investing through. So I needed to close down my old account and start a new one for my future investments at Mintos when the times right.
It’s rather simple to cancel the account, you just have to follow these 4 steps.
1) Stop all auto invest strategies which you have set for your investments
2) Sell your loans (if you have any)
3) Ask for withdrawal in the Deposit/Withdraw section for the money available
4) Send Mintos an email to let them know you´ve processed with this 4 steps and you insist on closing your account. Then they will help you do this.
Questions about Mintos loan originators.
Like stated before in this Mintos review, they have over 60 different loan originators that provide loans. This is huge compared to most other P2P platforms out there today. It can be time consuming to find out all the information you need about them to say the least. Except for Mintos own ranking system, how much can you trust each of the loan originators? Only as good as your own research is a short answer.
For now most of the Loan originators are safe as it can be to invest through, but it might come a day when one of them isn’t. It have happened before and it will most likely happen again sometime in the future that one or more goes bankrupt. That’s just a risk you have to take into account when investing in any P2P platform today.
Is Mintos loan originator ranking system up to date and reliable? They update this 1-2 times each year OR if something big happens. But this can be too late if you are unlucky.
The Ranking of loan originators on Mintos is rated as Low risk A+, down to High risk D. They have 10 different rating levels they apply to each Loan originator. If you don’t want to use time on this I would say just go for A+, A and A- rated lenders. Try and check things up more close for yourself since you trust them with your money. With P2P lending or other investment you should always do that.
How profitable or stable are the loan originators on Mintos?
And what about the stability of these loan originators, do they make profit? Expanding or cutting down their operations? Big default rates on the loans they operate? Some make profit and some don’t for different reasons. That’s why you should check financial statements from previous years which most Loan originators have available on their websites. If they are a new company there might be almost no information to look at which is more risky to evaluate. But again, they can be backed by another well established company which then provides a safety net.
My goal for investing in Mintos
Because this was my first try at P2P investments, I set my goal at 10% annual return rate. If I could reach this, I would get 3-4 times more than letting a state pension fund grow my money.
I will also try and diversify my loans and spread them out between as many loan originators as I can. In that way, I will not have all my investments in one place. The same applies for the loans I invest in. I try to only be at to 10-30 Euros per loan so again, their is less risk involved.
When I first invested in Mintos in 2018 their average annual return rate was slightly higher. Since I wasn’t aiming for the high interest loans because they didn’t have buyback guarantee, this didn’t affect me at all.
By the mid of 2019 my investments where spread out amongst more than 1700 loans. This number will always steadily increas if you let the autoinvest do it’s job.
Important: Even if there is a Buyback Guarantee / Fund, Group Guarantee, collateral connected to a loan and so on there is always a chance you can lose your whole investment. There is nothing such as risk free investment, this goes for P2P, Stocks, Bonds, Property or anything else. Don’t invest money you can’t afford to lose.
I hope this Mintos review helped out with some questions you might have had or just gave a clearer view on how it works at least. Send an email if there is any questions or thoughts on the subject.