I’m a big fan of P2P lending. I’m a regular investor with both LinkedFinance.ie and Mintos.com. I’ve decided to try out Twino.eu as well. There is an element of risk with P2P lending so I like to spread out my investments amongst different borrowers through different P2P platforms. While I’m no longer a massive fan of LinkedFinance, I am still very much a fan of Mintos but its always worth trying the alternatives.
Twino was founded in 2009 in Latvia and since then has originated over 380 million worth of loans. In 2015 Twino offered the marketplace platform allowing investors the opportunity to purchase their loans. TWINO now offer loans in 9 countries – Latvia, Poland, Czech Republic, Russia, Georgia, Denmark, Mexico, Kazakstan and Spain.
You can have an account with Twino.eu in either Euro or Sterling. The default currency is based on the first bank transfer you complete to your account. If this transfer is in Sterling your account will be in Sterling, otherwise it defaults to Euro. There are zero fees charged to investors. Instead Twino.eu makes their money by the spread between interest rates charged to borrowers and offered to investors.TWINO also offer BuyBack Guarantee on most of their loans. TWINO will compensate the investors both the invested principal amount and interest, as well as pay the accrued interest in case a borrower is late with the repayment for over 30 days.
Signing up is very easy and takes less than a minute. You are then presented with the Bank Account details to send the money to. I’ve completed the payment to TWINO today using my N26 account. I’m hoping it will clear tomorrow and then I’ll have full access to the TWINO platform. Once I do, I will do a follow up post about the variety of loans available, the features and my overall opinion.