debeast
(o)(o)
Posts: 238
Likes: 44
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Post by debeast on Apr 30, 2015 7:54:45 GMT
Morning, I'm wondering if there is any news on how Mintos are doing forging ahead and defining the P2P market in their country? Any links to news items welcome? It's been a bit quite lately after the last hurrah.
thanks
/beastie
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Post by martins on Apr 30, 2015 16:31:30 GMT
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Post by martins on May 15, 2015 6:02:33 GMT
We are happy to announce that from today we are dropping the service fee. That means that from today investors do not pay any fee for investing at Mintos.
By dropping the service fee and rebalancing our business model to rely more on origination fees we will be able to provide higher returns to investors and lower interest rate to borrowers.
The 0% service fee comes into effect today and applies to both new and current investments for the entire term of the loan parts. Consequently, investors will receive higher net annual return not only when investing in new loans, but also from the current portfolio.
Please note that 0% is a reduced service fee, which may be discontinued at any time.
We are delighted about the early trust showed by already more than 1200 investors from 26 countries all across Europe that have registered at Mintos and have invested a total of more than EUR 1.2 million in secured loans to consumers in Latvia and Estonia.
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317
Likes: 893
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Post by JamesFrance on May 15, 2015 8:56:48 GMT
That is excellent news, I have now lowered the interest rate for my auto invest and will add more money to my Mintos account.
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Post by martins on May 15, 2015 14:58:55 GMT
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Post by martins on May 19, 2015 10:53:58 GMT
We are thrilled to announce that Mintos is now offering loans also in Lithuania! From today we start offering secured car loans in Lithuania that are provided to consumers in cooperation with mogo, market leading car loan provider in the region. First Lithuanian loans are already available on the platform. That’s a great addition to secured car loans in Estonia where investors have funded almost 250 secured car loans for a total of EUR 300 000. How does it work? All secured car loans are originated, pre-funded, and serviced by mogo. It means that similar to real estate backed loans, we put on the platform already funded loans (and most have had a number of successful payments) and investors can start earning interest from the moment they have invested in a loan. mogo also keeps 5% of each loan on it’s books. When investing in secured car loans investors enter in a direct contract with a borrower – similar to real estate backed loans the contract with respective borrower is transferred from mogo to investor based on assignment. According to assignment agreement, part of the interest that borrowers pay is not assigned to investors and remains with mogo to compensate it for loan origination and servicing. What is mogo? mogo is a the largest non-bank car loan provider in the region with operations in Estonia, Lithuania, Latvia, and Georgia. mogo has lent a total of more than EUR 60 million in loans since 2012, when the company was founded. In 2014, mogo issued bonds of EUR 20 million that are trading on the NASDAQ OMX Baltic market. mogo currently employs more than 200 employees. You can find out more about mogo here - www.mogofinance.com (for respective country websites please refer to www.mogo.ee, www.mogo.lt, www.mogo.lv, and http://www.mogo.ge).
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Post by gmaxkenny on May 19, 2015 11:41:00 GMT
It seems a logical expansion however I think the interest rates are a bit low for car financing and although I dont know the Baltic car market the valuations seem a little high. I am investing in the car market cautiously until I see how the default rate works out and how repossessions are handled. I would prefer more property based loans.
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Post by martins on May 27, 2015 6:31:58 GMT
Amazing news to investors! Today we are excited to announce that we have concluded an agreement with mogo about a buyback guarantee for secured car loans. According to our agreement, mogo will buy back every secured car loan from investors that is 60 or more days delinquent. This adds another layer of security making loan default highly unlikely. The buyback guarantee applies for the lifetime of all secured car loans currently on the platform and those that will be put on the platform until July 31, 2015. Depending on results we would seek to extend this period.
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Post by martins on Jun 15, 2015 17:57:49 GMT
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Post by martins on Jun 17, 2015 5:32:52 GMT
ArcticStartup, an independent technology blog that reports on startups from the Nordic and Baltic countries, writes about Mintos. arcticstartup.com/article/mintos
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317
Likes: 893
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Post by JamesFrance on Jun 17, 2015 8:37:07 GMT
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Post by martins on Aug 3, 2015 12:50:24 GMT
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Post by martins on Aug 12, 2015 10:08:43 GMT
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Post by martins on Aug 19, 2015 7:11:11 GMT
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Post by webbski9 on Aug 20, 2015 8:48:30 GMT
Mintos where can we read the report in English?
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