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Post by reeknralf on Jul 30, 2015 16:04:12 GMT
The recent noise about with-holding tax has re-invigorated me to look abroad. I have monies with Mintos, Pret d'union and Bondora, and wondered if anyone had any experiences of Twino to share. At face value they appear similar to Mintos, with whom I am pleased.
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Post by gmaxkenny on Jul 31, 2015 9:06:42 GMT
I have been investing with them for about a month,they launched in may so too early to talk about defaults. They may be new but but their parent company Finabay have been around since 2009 so they have some form to go on.
I only invest in A+ loans as they have a buyback guarantee. I was getting as much as 14.9% but the highest at the moment is 11.6%. Website is very like Mintos with Bondora like credit scoring. I like the fact that most of the loans are short term 3-12 months mainly and for small amounts. The loans are prefunded like Mintos so you start earning straight away.
SEPA deposits same day if done early. In the last few days several loans were paid back in full with interest which maybe because some borrowers are using the platform for payday loans which might explain the small amounts borrowed in a lot of cases. Finabay seems to be mainly a payday loan company so this is not surprising.
It looks like a good platform especially if you like short term loans with buyback,however if rates for A+ loans fall much further it may not be so attractive.
UPDATE
They have just added some A+ 14.9% and 13.7% loans. They wont last long I expect.
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webwiz
Posts: 1,133
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Post by webwiz on Jul 31, 2015 10:36:16 GMT
The recent noise about with-holding tax has re-invigorated me to look abroad. I have monies with Mintos, Pret d'union and Bondora, and wondered if anyone had any experiences of Twino to share. At face value they appear similar to Mintos, with whom I am pleased. Can you say it bit more about the 3 platforms you use?
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Post by reeknralf on Jul 31, 2015 15:38:04 GMT
Thanks for the input @gmaxkeny. My €1 trial transfer arrived today, so I'll send a bit more.
Pret d'union are the french ratesetter, rates are 4-6%, but you can exit at any time, whilst the secondary market remains liquid anyway.
Bondora, Twino and Mintos are the wild east of p2p. East europe that is. Bondora is consumer loans. Rates were excellent (>20%), but recent expansion into new countries has increased defaults, while a wall of money from investors has lead to them lowering headline rates. It's impossible to say where net rates are now, as they have an enormous backlog of loans in the spanish courts, the outcome of which is anyone's guess.
Mintos is asset-backed consumer loans, so headline rates are lower than Bondora, but to date defaulting loans have been bought back, meaning net returns are higher than Bondora. How long they will continue to buy back loans, who knows.
I find it difficult to weigh up the merits of new platforms that want my money, and are highly accommodating (e.g. mintos), against established platforms that have investors queueing up, and treat you with something approaching contempt (e.g. bondora).
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Post by Deleted on Aug 3, 2015 7:12:04 GMT
I recently started using Twino, customer service seems good (so far) and with them now permitting usage of TransferWise and other services to send money to fund account (from UK) could make a good choice.
Mainly focusing on A+ loans with some small investments in risky loans.
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JamesFrance
Member of DD Central
Port Grimaud 1974
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Post by JamesFrance on Aug 3, 2015 16:09:31 GMT
I have joined this one also. Seems very efficient and lots of information on each borrower, although the buyback makes this unimportant unless you want to invest at higher rates.
Maybe they could have their own section and be invited to join the forum?
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Post by Deleted on Aug 4, 2015 7:57:07 GMT
I'm trying to diversify between different categories. With a majority being in A+. Given that we're only few, doubt they will create forum for us, maybe a subboard in "other" category could be good too  |
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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 Aug 17, 2015 15:48:05 GMT
Some major changes announced today.
Any thoughts?
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Post by Deleted on Aug 17, 2015 17:38:21 GMT
I like the fact that all loans are now with buy back guarantee (albeit after 6 months) but not a fan of reduced rate. I was happy with high risk high gain. With most loan in 13% range, and given the currency fluctuation not really sure if the gain will really exceed 12% offered by many UK P2Ps
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Post by gmaxkenny on Aug 18, 2015 9:56:38 GMT
I think it shows that these guys intend to be serious players in double quick time. They have looked at other platforms and given lenders most of what is on our wish list,good interest rates,short term loans,and buyback. I would have preferred 3 or 4 months instead of 6 for buyback but at least I know I will get my money back from defaults unlike one B for Baltic platform who have turned lending money into making charitable donations.
€500k of loans from 1100 borrowers on the platform this morning. If they keep this up they may soon become the platform of choice for those in euroland.
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Post by reeknralf on Aug 18, 2015 10:19:22 GMT
A word to the wise on the buy back:
I noticed that some borrowers made early repayments. This seemed odd as if you buy one of these loans you can lose 2 or 3 weeks interest, as the previous owner of the loan part already has that months interest.
This got me wondering about how they actually calculate the interest in the case of a buy back. So I asked them. Turns out they simply pay out all missed payments, which sounds OKish until you notice that the 60 day default rule means default will nearly always fall 1 or 2 days before the next payment is due (unless it's around February), i.e. you miss out on 29 or 30 days interest. I specifically queried this, and they confirmed. Given many loans are short duration, you could lose up to a third of your interest in the case of a default and buy back.
It's possible that as English isn't their first language (some of translations are a bit clunky), that they've misunderstood my query. If this turns out not to be the case, the combination of buy back terms and the 60 day rule appears very cynical. This sort of thing does not endear me to start-ups in lands of which I know very little.
In case anyone is wondering, I then asked Mintos the same question, and they calculate the interest properly.
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JamesFrance
Member of DD Central
Port Grimaud 1974
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Post by JamesFrance on Aug 18, 2015 10:36:25 GMT
I wouldn't be too upset if I lost a month's interest but got the investment back for defaulters. Much better than the other place where you get a high proportion who pay nothing and two years later there is still not much recovery (do many of their borrowers even exist?).
I presume that Twino is lending at a higher rate to cover their loss from buybacks. They probably have the experience to make it work.
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jimc99
Member of DD Central
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Post by jimc99 on Aug 21, 2015 22:44:40 GMT
Any advice on the best way to fund my account with Twino? Tried TransferWise but the " quotation marks in the beneficiaries name were not accepted. Also how does Twino get any withdrawals back to investors? Is it to a UK bank account? Can it be done through TransferWise?
Any help appreciated....
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JamesFrance
Member of DD Central
Port Grimaud 1974
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Post by JamesFrance on Aug 22, 2015 6:36:34 GMT
I did not put the quotation marks in my bank transfer which works well and I have already said to Twino that they should show their bank name which is Swedbank.
I cannot help with Transferwise as I have a euro account, but suggest you email support and you should have a quick reply. They also answer the phone in English.
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jimc99
Member of DD Central
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Post by jimc99 on Aug 22, 2015 8:56:09 GMT
OK thanks for that.
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