7 months with Mintos
This is Mintos experience as I’ve experience it. It’s not long, however I’ve never regret my decision to start investing there and I definitely don’t have any regrets now. I started with only a really small amount of money, only to test it first. With no previous experience in any kind of investing online I was scared and cautious, obviously. Investing with Mintos was my first experience. I still remember how excited I was when my first deposit arrived to Mintos and I was finally able to start investing. Yey:) I carefully tried to select the surely best loans on Primary Market. When I viciously started to google all the abbreviations I had some, or no at all, idea what they mean (I am talking about you, LTV – Loan to value). You can imagine, I really went from ground zero. When I finally hit the confirm button and I suddenly became an investor I felt that this was an important step for me. And hopefully my future too. My Mintos experience has begun.
That’s also why am I so satisfied about my Mintos experience so far. Not only it gave me the opportunity to earn some decent interest (almost 13% p.a. – I’ll get to it later), but also a real experience of investing. It’s very important and I can feel it now, that not all my moves were correct. I am still learning a lot about finance, loans, p2p lending as this field is very promising I think. However most crucially I learn things about myself. How am I dealing with the new position, to be the investor who has the ultimate power to say yes or no. I am going to invest in this. It feels nice, to be in control. I also can feel the difference in my mood when I have trust in the platform and the people I invest in. Personally, I feel better having long term investments rather than those short term loans that last only for 1 month. I don’t know if there is any real reason, but I know for sure I am more into long term loans.
The platform is stable. That is probably the most important information you will get here. In those last months I haven’t felt any pressure or second thoughts whether my money is safe. Really. I haven’t witness any bugs or strange behaviour of the website, which is a promising beginning. I also got in contact with Mintos support people and again, I can only give positive feedback. Also even though I don’t invest in every loan originator there is available, I like the fact Mintos team is proactively getting more and more institutions to the platform. Investors get short email about these new loan originators which is nice touch from the team again. That gets me to my next point. There is no massive email campaign happening. You get only couple emails each month and they actually has some value for you, it’s not spam (usually). It just all seem decent, I don’t have a feeling that they (Mintos team) are trying to force me to something or trying to oversell me with many other products. I certainly appreciate that.
Top features that make my Mintos experience easier
Mintos is always making slight changes to their algorithms. It’s usually really tiny things which you don’t even have to see on the first sight, but once you try them out you can’t imagine not having them. Imagine this scenario. You manually set up all the criteria for filtering loans on primary market. Like I said, small things, but they matter. These details make your experience much more enjoyable and smooth.
Speaking of Autoinvest. It is a great tool. Really. I wasn’t using it at all first 2-3 months as I only had few loans and I wasn’t getting paid so often. However, when the number of active loans came close to 100 I started to realize that I can save a lot of time by using Autoinvest feature. It actually frees me from the need to log in Mintos every day and check if my money are still working for me. Of course that I used to check the Overview section at least once a day at the beginning, to confirm that everyone is paying, but I quickly get rid of this habit. Nowadays I check it once a week only to make sure that everything works as planned and there isn’t any major issues. Or piles of money doing nothing:)
First time I noticed cashback promotions was shortly before Christmas. They were probably getting ready for the increase of short term and personal loans, as people always tend to borrow more money for Christmas shopping. With this in mind they (Mintos) wanted to make sure they have enough money to cover these new and highly profitable loans. So they came up with an idea that if you invest in loans from certain loan originator with a set minimal maturity of a loan, you will get a cashback. Basically, this means that you could get up to 5% of your investment back to your account after a week. Perfect! This almost instantly increased the earnings from those loans from 11-14% (average interest rate of all loans) to 16-19% p.a. which is simply amazing. It is also possible to invest in those loans, wait +- 1 week till you get the cashback and then sell the loan on Secondary Market. Profit of 5% in a week, how does it sound? Irresistable. I thought that this was a one time opportunity but luckily enough there was such a demand over these loans they came up with other promotions in January/February. I am looking forward new promotions and will probably write a short article once there is something new.
My Account on Mintos
As you might have noticed from my Mintos experience so far I am really happy with my earnings. Mintos gained my trust and so I decided to invest more regularly and make Mintos my primary way of investment. I am really looking on Mintos as a way how to save money with low risk and high interest. I like the variability you have when creating the portfolio. I like the idea of p2p loans. I like the way Mintos does it. I’ve done recent deposit into my Mintos account, so I am still waiting for the new money to start earning. I think I will start seeing even better results probably at the beginning of summer, when the cashflow will be in more steady mode.
Review of my Mintos experience
Mintos has come a long way from a startup to one of the world leading p2p loan platforms. It has been voted the People’s Choice for 2017 at AltFi Awards. The second year in a row. That means people trust it and equally importantly, they like it. All things considered, I believe there is still a room for future development and improvements. This was my first 7 months of Mintos experience and If you are as into p2p loans as I am, leave a comment below. I would also appreciate to hear what is your opinion on Mintos and how is your experience. If you still don’t have Mintos account and would like to have one you can start right now – Mintos. One last nice campaign, you will get 1% of your investment after first month:)