There are more and more P2P lending platforms available. I personally use and have reviewed VIAINVEST, Mintos, Twino and Linked Finance. P2P lending offers very competitive returns especially compared to the measly interest offered by savings accounts in Ireland. With the higher returns comes more risks. I’ve been lucky so far and haven’t had any loans default. I’ve recently been come across yet another P2P lending platform – DoFinance.
From their website, Alfa Finance Group was founded in Latvia in 2015 and have expanded to Poland, Georgia and Indonesia, with a total of more than 150,000 registered clients and over EUR 16 million in loans issued as financing. DoFinance is a subsidiary of Alfa Finance Group and which runs the P2P lending side. DoFinance claims you can earn up to 12% annual return. They offer a BuyBack guarantee for all loans. If the borrower is late with their loan repayment, the loan originator immediately pays you back the whole principal and accrued amount of interest.
Signing up is very simple and takes less than 2 minutes. First you enter in your email and select a password.
Next, you enter in your name, date of birth, country, address and phone number.
Next up is uploading your ID to verify your account. You can skip this step and complete it later if you wish.
You will then be shown the bank details to lodge the funds to.
I’ve completed a bank transfer from my N26 account which I expect to clear into DoFinance account tomorrow. Looking at the platform they have nearly 150 loans available to invest in at the moment. However, they do not appear to give as much details into each loan as VIAINVEST do. DoFinance also offer an auto-invest facility which seems quite straightforward to use. Once the money hits my account I will have another look at the platform to see if having money in your account unlocks more details about the loans.