Existing Mintos investors will you switch to the new product

Even though it gets first pick, I prefer to have the control over which companies I invest into. I do, on the other hand, understand the appeal for those that just want their money working for them.

No.

1) Mintos is trying to do a good job with all the ratings and such BUT I don't buy it really. I have stated this in other threads as well - I believe that most non-banking loans can generally be considered high risk especially since most of if is dominated by short term consumer loans (payday loans, sms loans, high interest car loans etc) which generally means that the customer cannot get a loan at a bank for lower %. Sure, it might be different for loans to businesses (I'm not too familiar with those) - but still, I kinda feel that these might be riskier than what banks are dealing with when giving loans and cash flow to businesses. Therefore I don't really buy the diversification aspect of it. Why I would take something with 12% vs 14-15% return if the risk is similar? The new system will still have defaults and such which I don't want to deal with. I can buy 14-15% short term loans with buyback - just seems like a better deal all around.
2) Only current loans can be sold quickly - this is a deal breaker really, since a lot of the shorter term loans end up late (not necessarily default, just late), bought back or the consumers refinance. This doesn't really give any advantages to the just owning loans the old way.
3) no control of what loans I have, what term (1 month loans vs 60 month loans), buyback or not, collateral or not etc. Yeah, I don't feel comfortable with owning some business loans without collateral for a year or so that will be a total loss in case of the borrower having problems.


Lol, good luck dealing with all the defaulted Capitalia loans without buyback/collateral or some 60 month car/mortgage etc loans that often gets delayed but doesn't default. At that point getting your money back fast goes out of the window.

I will definatly NOT use the new tool

I need to have full control of what loans I invest in

I have way too many criteria and tweaks to let this investing into the hands of algorithm

I rather buy a loan from a 45yo female than a 25yo male, I rather buy a loan from someone with a 45% APR than a 1000% APR etc etc etc etc

For me this is not a hurdle, it is actuallyan hobby I enjoy

I understand Mintos wants to make it as simple as possible for people to invest and also it fits them as this tool will bring more money to loans and originators that are usually left out

I hope Mintos will not comit the STUPIDITY of blocking people to directly pick loans like other platforms did... or I WILL LEAVE

P2P loans is a risky business it should not be made so easy easy easy that any braindead asshole just clicks and invests 100.000€ without knowinf what he's doing

and this new tool is just tailor made for braindead people

And Mintos should not be worried, I have plenty of loans in underdog originatos and 8% interests... HELL I  even made agroloans!!

My 2 cents

which you should!

BUT: Mintos knows, that people like you will not help them grow faster than the market = prevail. For that, they need to make p2p mainstream and that is exactly what they are trying to do. 

I don't know where you are from. I'm from Germany and here we have a p2p lending provider called "Auxmoney". They started out more than ten years ago offering lots of loan selection criteria but were not really successful for several years, until at one point they started reducing those options more and more until today all what's left is one nutty overall risk selection slider. Every time they reduced the investors' options they earned a shitstorm in forums like this one, but guess what: now they are growing like hell. 

No need to like it, but that's the world we're living in 

Does invest & access also pick current loans from secondary market? If that is the case it'll also help us who are using traditional autoinvest to quickly cash out if needed.

Also could not find info if loans in invest & access portfolio are seen normally in investments section i.e. can you manually sell loans? I think in case of Bondora's similar product users can't choose what to sell, only select amount they wish to withdraw.  

This page

www.mintos.com/en/invest/invest-and-access-about/

suggests that A&I buys from both markets but only loans with buyback. So all the complaining here that A&I might force you into loans without buyback seems to be off-topic. 

I'll start my trial in few days.

The new system won't buy anything that doesn't have buyback so it won't touch these loans either.

What it will do if enough people fund it is take all of the loans with buyback and leave only those without buyback to the people doing things manually.

I use to invest through Zopa and it went exactly the same way, it is the way that any P2P can attract the masses. It can't be time consuming as the masses don't want to spend ages choosing the best loans to invest in. They are prepared to take slightly lower returns for no work at all.

I have dropped a grand in to see how it all works so will withhold my judgement for a short while.