Last week I wrote a post about signing up with Flender.ie which is a very easy process. I decided to invest €50 (the minimum amount) to try out the process and see whether I’d make further investments on the platform. While signing up was a very straightforward process I’ve found the website a bit confusing with some bugs.

  • When you are logged into your lending account and select ‘Marketplace’ to view a list of loans you can lend in, on the top right it appears as if you are logged out. However, when you select the individual loan, the top right again shows your logged in message.
  • The site can be very slow to load. When you click on a button to navigate to another page, there is no feedback to show the button click has been registered. It can take 5+ seconds to load the next page so its a pretty poor UX.

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I’m always on the look out for more P2P lending sites to try out. I like to spread out my investments among as many different platforms to try limit my risk. I have three more on my list to try out – Flender, Grid Finance and Bulkestate. I had planned to look into Grid Finance today but after logging on I couldn’t see any loans available to invest in. Maybe I’m doing something wrong..

 

Anyway, I decided to try out Flender instead. Flender would be quite similar to Linked Finance except Flender still allows you to ‘bid’ with the exchange rate – you get to chose how much to lend and at what interest rate. Flender is a UK based business with an Irish Arm. Their UK operation seems a lot bigger and you can also invest in loans to individuals.

Signing up was very easy. The whole process took less than 5 minutes to be signed up and have my identity verified.

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This review was written before I signed up to DoFinance. As I have only just signed up there I will not be including it in this review.

I’ve been involved in P2P lending since January 2015 and have used four different websites – LinkedFinance, MintosTwino and VIAINVEST. There are plenty of other options out there but these were the four I joined. I’ve already done reviews of each of the platforms but decided to do a recap of how things are getting on. I feel I’ve been very lucky with how well P2P lending has gone for me and it sure beats the 0.4% offered by Rabo Direct on their savings account. I am getting slightly worried at the rate the industry is growing and wonder if it’s sustainable.

I do not have an even amount with each platform – you can see my spread below. I am still adding cash to the Mintos, VIAINVEST and Twino platforms but not Linked Finance.

Website % of my overall P2P Lending
Linked Finance 18%
Mintos 41%
Twino 14%
ViaInvest 27%

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Earlier this week I signed up with DoFinance which is the fifth P2P lending site I use – the others being Linked Finance, Mintos, Twino and VIAINVEST. I initiated a SEPA bank transfer from my N26 account and it cleared into my DoFinance account the next day. I only did a small transfer of €50 to test the platform.

I decided to use the Auto-Invest function as I do with all others (bar Linked Finance). There are three options to chose from – 1 month loans returning 6%, 2 months returning 8% and 6 months returning 12%. The longer the funds are locked into the loan for the higher the return. Once you select the ‘Plan’ you then select the amount and how long to run the auto-invest for. You can select an auto invest period longer than the length of the loans, for example selecting to auto-invest for 6 months with 1 month loans. This means once the first one month loan is repaid, it will be reinvested again for another month. The benefit to this is you can then cancel the auto-invest after the first loan has repaid and withdraw without loosing the earned interest. The downside to this is the interest rate is lower. The calculator will show you the Expected Investment Value at the end of the auto-invest term.

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Mintos is my favourite P2P lending site although TwinoVIAINVEST and doFinance are looking promising. Of course, there is also Linked Finance which I’m less enthusiastic about recently but it’s a great option for those who want to lend through an Irish platform.

Mintos has recently added its first loan originator based in China – PangMaoBao which allows investors to invest in invoice financing loans. Currently there are 9 loans available to invest in, however the loans are very large, some in excess of €1.5 million!

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