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Post by martins on Sept 17, 2015 8:23:28 GMT
We are very excited to announce a new loan product and a new country on our platform, in a partnership with Creamfinance (www.creamfinance.com), one of the leading consumer loan providers in the region!
Starting today investors can invest in unsecured short-term loans originated by Creamfinance in Georgia with the CreditON brand. Creamfinance will originate loans of up to EUR 600 with a term of up to one month. The average expected net annual return on these loans will be up to 14%. All the loans are secured with a buyback guarantee!
More information to follow shortly in the newsletter to registered investors.
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Rob
Posts: 138
Likes: 36
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Post by Rob on Sept 17, 2015 9:30:19 GMT
Why choose Georgia, which is not using the Euro, when there is a CreditON site in Latvia? I'm not sure that 14% annual return for lenders is such a good deal when the borrower is paying around 20% for a one month loan: www.crediton.ge/
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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 Sept 17, 2015 9:53:37 GMT
martinsThankyou, you need to add this loan type to the AutoInvest setup. Hopefully this will increase the loan flow so that we can add funds more often.
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Post by Butch Cassidy on Sept 17, 2015 10:05:46 GMT
On a scale of 1-10 where Estonians rate 10 & Slovak/Spanish rate 1 where do Georgians sit?
EDIT: yes happy from my own point of view with the buyback, bought 10 loans to trial them, more interested in the longer term prospects of the ultimate guarantor, hoping they are lending nearer the higher end of the spectrum!
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Post by gmaxkenny on Sept 17, 2015 10:17:26 GMT
The loans are secured by buyback so 14% return for little if any risk is excellent. If they can make 20% and take the default risk good luck to them. Its the same with all buyback loans with Mintos and Twino,we take less interest for less risk and I am happy with that.
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Post by martins on Sept 17, 2015 10:25:57 GMT
Our newsletter distributed to the registered investors: We are excited to announce that the nonbank lender Creamfinance has joined the Mintos platform. From today, unsecured short-term loans, originated by Creamfinance in Georgia with the CreditON brand, are available for investment on the platform. These are great news for our investors, as they will have even broader opportunities to diversify their investment portfolio on the Mintos marketplace. Creamfinance will originate loans of up to EUR 600 with a term of up to one month. The average expected net annual return on these loans will be up to 14%. Investors will also gain additional security, as we have agreed with Creamfinance on a buyback guarantee for loans that are delinquent for more than 60 days. Investments on the platform will be in euro. Creamfinance brings a great tech-focused lending experience in 6 countries – Latvia, the Czech Republic, Poland, Georgia, Austria and Slovakia. The Austria based IT department of the company has developed world-class technology by using machine-learning algorithms, which enables rapid delivery of high-quality customer identification, scoring and retention management. Creamfinance was founded in 2010 and since the launch has issued more than 500 000 loans. Company currently employs more than 200 people across its offices and issues more than EUR 5 million a month in loans. Creamfinance group’s total outstanding loan portfolio as of August 31, 2015 was EUR 22.8 million. Recently, Creamfinance attracted EUR 5 million from Flint Capital, a venture capital fund that previously among others has also invested in Lending Club, the world's largest peer-to-peer lending marketplace. Georgia, located at the intersection of Europe and Asia, has the population of 4.3 million. The country is widely expected to maintain steady growth for the years to come thanks to the broad-based and diversified GDP structure, which is well positioned for sustainable growth. More about Creamfinance: www.creamfinance.comSincerely, Your Mintos team
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Post by martins on Sept 17, 2015 10:37:07 GMT
Creamfinance originates loans in 5 countries. Georgia, among other considerations, was chosen to offer investors another way to diversify their investment portfolio. Investments in these loans are in euro. Why choose Georgia, which is not using the Euro, when there is a CreditON site in Latvia? I'm not sure that 14% annual return for lenders is such a good deal when the borrower is paying around 20% for a one month loan: www.crediton.ge/
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Post by martins on Sept 17, 2015 10:46:36 GMT
JamesFrance, unsecured loans are not available with Auto Invest as the loans are on the smaller side. With the current Auto Invest logic investors would get a tiny fraction of each loan. We are working on a complete overhaul for Auto Invest logic, but it will take time before we launch it. For time being, the best way is to use filtering and Invest in All functionality. martinsThankyou, you need to add this loan type to the AutoInvest setup. Hopefully this will increase the loan flow so that we can add funds more often.
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Rob
Posts: 138
Likes: 36
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Post by Rob on Sept 17, 2015 11:58:28 GMT
The average expected net annual return on these loans will be up to 14%. Investors will also gain additional security, as we have agreed with Creamfinance on a buyback guarantee for loans that are delinquent for more than 60 days. What happens if the borrower does not pay on time? Is interest accumulated at 14% until the borrower pays or the 60-day buy-back occurs?
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shimself
Member of DD Central
Posts: 2,561
Likes: 1,170
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Post by shimself on Sept 17, 2015 12:53:18 GMT
JamesFrance, unsecured loans are not available with Auto Invest as the loans are on the smaller side. With the current Auto Invest logic investors would get a tiny fraction of each loan. We are working on a complete overhaul for Auto Invest logic, but it will take time before we launch it. For time being, the best way is to use filtering and Invest in All functionality. @mintosthankyou, you need to add this loan type to the AutoInvest setup. Hopefully this will increase the loan flow so that we can add funds more often. I couldn't see where it said guaranteed buyback (is it me?). I sugest you could easily add a filter option - loan purpose = creamfinance guaranteed buyback Steve
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Rob
Posts: 138
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Post by Rob on Sept 17, 2015 15:20:56 GMT
JamesFrance, unsecured loans are not available with Auto Invest as the loans are on the smaller side. With the current Auto Invest logic investors would get a tiny fraction of each loan. We are working on a complete overhaul for Auto Invest logic, but it will take time before we launch it. For time being, the best way is to use filtering and Invest in All functionality. I couldn't see where it said guaranteed buyback (is it me?). I sugest you could easily add a filter option - loan purpose = creamfinance guaranteed buyback Steve There is a yellow shield on the Invest button. The Loan Details page has a note halfway down the right-hand side. Filter using Loan Type = Unsecured Loan.
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Post by martins on Sept 17, 2015 20:32:56 GMT
Yes, interest is accrued until the borrower pays or buyback kicks in. The average expected net annual return on these loans will be up to 14%. Investors will also gain additional security, as we have agreed with Creamfinance on a buyback guarantee for loans that are delinquent for more than 60 days. What happens if the borrower does not pay on time? Is interest accumulated at 14% until the borrower pays or the 60-day buy-back occurs?
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Rob
Posts: 138
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Post by Rob on Sept 18, 2015 8:51:11 GMT
I smell a rat in these unsecured loans - I do not believe that they are genuine.
Loan No. Amount Borrower Liabilities
21226-01 576.92 F 37 1730.6
21218-01 576.92 M 42 1730.6
21100-01 576.92 F 34 1730.6
21116-01 576.92 F 29 1730.6
21122-01 576.92 M 38 1730.6
21137-01 576.92 F 41 1730.6
There is no way that six different people would want to borrow exactly the same amount and have exactly the same liabilities.
Mintos, an explanation is required, please. You have built up a trustworthy site, please do not ruin this reputation now.
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Post by martins on Sept 18, 2015 12:35:08 GMT
The loan amount and borrower data are correct. EUR 576.92 loan amount corresponds to the maximum available loan amount in Georgian Lari - GEL 1500. The liabilities field has been indeed incorrectly transmitted due to the bug on our side and we have taken that field down. We are sorry for any inconveniences that might have caused. Any investor wishing to revert the loans bought on 18/09 and until 15:00 CET on 19/09 when the bug of showing wrong Liabilities data was fixed please contact support@mintos.com and we will buy the loans back for principal + accrued interest (if any). I smell a rat in these unsecured loans - I do not believe that they are genuine. Loan No. Amount Borrower Liabilities 21226-01 576.92 F 37 1730.6 21218-01 576.92 M 42 1730.6 21100-01 576.92 F 34 1730.6 21116-01 576.92 F 29 1730.6 21122-01 576.92 M 38 1730.6 21137-01 576.92 F 41 1730.6 There is no way that six different people would want to borrow exactly the same amount and have exactly the same liabilities. Mintos, an explanation is required, please. You have built up a trustworthy site, please do not ruin this reputation now.
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Rob
Posts: 138
Likes: 36
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Post by Rob on Sept 18, 2015 13:32:48 GMT
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