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 an Alternative 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.
Alternative 1: Bondora
Bondora is an Estonian P2P lending platform founded in 2009. The platform only allows investments in Euros, and focuses on unsecured consumer lending throughout Finland, Spain and Estonia. The platform has over 128,000 investors from 85 different countries and boasts historical annual returns between 9.5% – 17.5%. My Bondora review can be found here.
Alternative 2: Crowdestor
Crowdestor is a Latvian crowdfunding platform, which would have not made this list without its newly initiated a Buyback Guarantee Fund, which is now called a “provision fund”. The provision 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 >€360,000).
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 Wise (formerly TransferWise) and Revolut. I currently use both of these as they work in different ways. This is what I have found:
- Wise is the cheapest option when bringing money from outside the EU
- Revolut is cheapest option when transferring money within the EU (free transfers, Wise has small fees per transaction).
Both Wise 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 Wise 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.