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The Mintos marketplace for loans currently has over 250,000 loans available from more than 60 loan originators. Each of these loan originators has its own ratings, loan types, buyback guarantees, and other various attributes. If you are new to P2P investing, all of these options can be intimidating. Here are 3 Mintos alternatives that you should know about.
Does there need to be alternatives for Mintos?
Mintos is a P2P mega-platform in Europe, joining loan originators with investors. Mintos currently offers investments:
- in 8 types of loans (Agricultural, Business, Car, Invoice Financing, Mortgage, Pawnbroking, Personal and Short-Term loans)
- in 28 different countries
- over 12 different currencies
- through 60 loan originators.
However, if you actively manage your investments, you would have the choice of over 70,000 loans in the Primary market, and over 177,000 in the secondary. That’s a total of over 255,000 loans to choose from. For most people, that is too much choice.
Yes, you can narrow the search down to a specific currency. Yes, you can choose to automatically reinvest your income, however, you are still left with too much choice or a sub-par return. Below I have listed 3 great alternatives to Mintos. Each of the alternative platforms offers buyback protection, and investors can invest as little as € 1 per loan. My Mintos platform review can be found here.
Grupeer is a Latvian P2P investment platform, created in 2016. The platform works in a similar way to Mintos, acting as a medium to connect investors with loan originators. Currently, Loans issued on Grupeer focus on investments in credit deals (i.e. secured loans issued to individuals or small businesses), and development projects. At the moment there are just under 200 loans available to investors, ranging from €10,000 to €100,000 available per loan.
Grupeer currently boasts an average return of 14.37%, has over €22,000,000 issued loans and has over 6,000 investors. My Grupeer platform review can be found here.
Fast Invest is a UK P2P investment platform, created in 2012. Consumer-based loans are offered through EUR, PLN, GBP and USD currencies. Fast Invest offers two forms of protection. Firstly, Fast Invest offers a buyback guarantee, which allows an investor to sell their investment, which will be bought back by Fast Invest in 1 business day guaranteed. Secondly, Fast Invest offers a default guarantee which will settle any arrears if a payment is overdue by 3 days. Currently, there are over 70 loans available, all under € 5,000 per loan.
Fast Invest currently has an average return of 13.2%, has over € 13,000,000 total funds invested, and has over 30,000 registered users. My Fast Invest platform review can be found here.
Envestio is an Estonian P2P platform created in 2018. Both secured and unsecured loans in various industries such as real estate, crypto mining, energy and other industries are offered. Envestio offers to a repurchase guarantee (on top of the buyback), however, will take 5% if you choose to sell the loan back. If you hold onto the investment, there are no costs or fees. Investments are not always available, however, do come up every couple of weeks.
Envestio currently has an average return of 18.5%, over €10,000,000 total funds invested, and 7,000+ registered investors. My Envestio platform review can be found here.
An Added Extra – Crowdestor
Crowdestor is a Latvian crowdfunding platform, which would have not made this list without its newly initiated a Buyback Guarantee Fund. The buyback fund works like a guarantee, filling out the loan payments to an investor if a borrower was to default on their loan. Investments through Crowdestor are not always available, however, investors are notified of any upcoming investment opportunities. Crowdestor is transparent with the fund, and you can see the total here (hint its ~€150,000).
Crowdestor offers investments ranging from 12% – 19.5%.
Depositing Funds into the Mintos Alternatives
The above Mintos alternatives will require you to either deposit money in Euros or have a bank account in the European Union / European Economic Area. If you don’t already have either of those things, you could look at TransferWise and Revolut. I currently use both of these as they work in different ways. This is what I have found:
- TransferWise is the cheapest option when bringing money from outside the EU
- Revolut is cheapest option when transferring money within the EU (free transfers, TransferWise has small fees per transaction).
Both TransferWise and Revolut provides a currency account, which allows you to freely obtain European bank account details and a personal European IBAN. You can read more about TransferWise here.
Another option for a free European IBAN is the N26 account, however, I cannot verify if these will work with the above platforms.
You can find more alternatives to Mintos (or any other P2P platform) by looking:
- at our comparison of the best P2P lending platforms across Europe
- through our other platform reviews
- at my monthly portfolio. Here you can see how the funds actually perform in a portfolio.