debeast
(o)(o)
Posts: 238
Likes: 44
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Post by debeast on Jan 28, 2015 21:18:07 GMT
In practice, how would this work for investors based in the UK? Would you need a euro bank account or could you transfer funds in £'s and they get converted to euros at the going exchange rate (+/- an associated fee)? Does anybody do this? The site looks good from what I can see at first glance. I used transferwise to send the money across with no problems. A nice chap emailed me to ask me to confirm my id with a copy of my passport. They ask me to email it . But i sent it via secure file transfer instead Money is in the account. Autoinvest put it all out again is 1 sec flat! Getting money back i spoke to them about. They can either transfer to a bank in the europe ( so UK is ok for now) But your bank will charge you fees and exchange rates. However like Bondora they are applying for a transferwise account to send the money that way. Saving us a fortune in fees . Fingers crossed this actually happens though. Hope that helps /beastie
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Post by captainconfident on Jan 28, 2015 23:53:11 GMT
In for a cent, in for a Euro, I've signed up. Always hoped one day to enter the Latvian collateral debt market.
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Post by gaspilot on Jan 29, 2015 14:41:39 GMT
Thanks for the info debeast. I'll register and have a think about the best way to proceed.
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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 Feb 2, 2015 17:10:55 GMT
I am continuing to add to my loan book on the platform. Most loans have already had a few repayments and I now have 41 different loans all of which are currently up to date and secured. Quite a refreshing change to find a Euro platform which risks it's own funds to prove the quality of the loans rather than experimenting with investor's money in unproven markets.
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Post by captainconfident on Feb 2, 2015 18:13:22 GMT
I have a warning for the unwary. My deposit having cleared, I set up the auto bid to invest a set amount into all live loans. It was very simple, with some optional investment criteria to fill in. There was a link 'extra filters' to the right. On that menu are some tabs, one of which is called Loan Quality 4/4.
I assumed that this would be 4 risk bands given by Mintos and would therefore be reflected in the interest rate on each loan, so I left it alone. Minutes later, I discovered that some of my money had been placed into four loans which are in default. The default setting of auto bid is to buy parts of loans which are late or very late unless you take action to stop it.
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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 Feb 2, 2015 20:24:55 GMT
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Post by captainconfident on Feb 3, 2015 0:25:52 GMT
I have been in correspondence with the company, and changes are to be made.
The name of the filter has been already changed to Loan Status to better reflect what is going to be found in the dropdown. The default position asks for a change in code that we will implement tomorrow.
The promptness with which they addressed my concern is exemplary.
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shimself
Member of DD Central
Posts: 2,561
Likes: 1,170
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Post by shimself on Feb 3, 2015 16:11:26 GMT
Another toe dipper. My comment-let the filters, if you have some but not all options selected and then you press ClearAll then in fact you select all.
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nw99
Posts: 340
Likes: 114
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Post by nw99 on Feb 3, 2015 19:11:20 GMT
Same here great site but it invested in late loans !!
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Post by martins on Feb 4, 2015 8:31:12 GMT
Thank you all for your feedback. We are striving to offer a great and clear user experience and take investors' suggestions into account in improving the site as we go.
Setting up Auto Invest has been improved with further enhancements coming soon. Also expect a major update on primary and seconday market in the coming week.
Again thank you for your feedback and let us know about any suggestions you might have.
Your Mintos team
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shimself
Member of DD Central
Posts: 2,561
Likes: 1,170
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Post by shimself on Feb 4, 2015 20:21:05 GMT
It would be nice on the loan listing to see the premiums (or discounts) applied and the resulting effective rate please
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Post by captainconfident on Feb 4, 2015 21:05:53 GMT
Seconded. At the moment, every loan has to be fully examined separately to see what is on offer. It would also be great to see the amount you have already invested in each loan stated on the top page, rather than having to open each loan page to find that out.
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Post by valueinvestor123 on Feb 5, 2015 17:44:40 GMT
Can I just confirm that autoinvest doesn't pick up loans that trade on premium/discount? I see premiums of 20%. madness.
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Post by martins on Feb 5, 2015 17:48:26 GMT
Auto Invest does not pick up loans that trade with premium/discount or, more generally, loans from secondary market as such. Auto Invest only invests in Mintos shares of the loans; those always trade at par.
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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 Feb 5, 2015 20:20:24 GMT
This is a good reason to get in at the beginning, before the original loans have all been filled by investors. It is good to see that there is a steady flow of new loans to use up additional funds once you have all the loans from your chosen auto invest settings. It will be interesting to see if the 20% premium resellers get any takers once there are no Mintos shares available.
I hope this will not become a flippers paradise so that it becomes difficult to invest at par for the long term.
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