Who are the most solid lenders on Mintos? Our Mintos lender ratings

1,125 thoughts on “Who are the most solid lenders on Mintos? Our Mintos lender ratings”

1. David January 30, 2021Reply

   Could you please update Mintos risk scores based on https://www.mintos.com/en/risk-score-updates/ ? Thanks.

   • Oscar Harrington Post authorFebruary 4, 2021Reply

     Thanks David – it’s done now

2. Christian January 28, 2021Reply

   As of today, all outstanding payments from ID Finance Mexico have been covered, and they have been removed from the Statistics table already. So these 3.2M from a few months before have been paid as announced. Let’s also share some facts related to good news every once in a while :). No idea whether they paid the interest on the pending payments already, however.

   • Oscar Harrington Post authorJanuary 30, 2021Reply

     We’ve added a new paragraph just for you Christian!

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4. Jmn January 23, 2021Reply

   >>Sun Finance Latvia, Reporting Period: Dec 2019
   Shouldn’t this be: Sep 2020 ?

   • Oscar Harrington Post authorJanuary 28, 2021Reply

     Correct as always JMN! Thanks, updated.

5. NewInvestor January 16, 2021Reply

   Hallo
   I must say that I really enjoy this site and the community, and the work put into this. Both from you guys who made this site, and the comments from readers. I spend almost the same amount of time reading the comments as I do browsing on this homepage. I do not have a financial education and there for the discussion in the comments threat helps put things in perspective.

   A big Thumbs up to the community from a new investor!

   • Oscar Harrington Post authorJanuary 22, 2021Reply

     You are welcome! There are definitely many people with good knowledge and interesting views here in the comments section.

6. Christian January 15, 2021Reply

   Hi! Your statement “Mintos has now announced that 100% of the ID Finance loans on Mintos (€2.1m) are classified as pending payments. This is not going to end well.” should be updated, less than 600k remaining, which will be paid soon also I guess. I personally never saw that money at real risk, ID Finance has a good standing, but let’s see if it ends without losses indeed.

   • Gian Piero January 15, 2021Reply

     The point is also that IDFinance by overusing the pending payments system found a way for many days of financing 2 million at zero interest. I never invest again in LOs that hold my money without paying interest.

     • Leo January 15, 2021Reply

       No, the point is that this did actually end well.

     • Christian January 18, 2021Reply

       Not true, they are supposed to pay the interest on the pending payments with a factor of 1.2 after day 11, which more than compensates the 0 interest on the first 11 days. Whether this has been paid already, not sure, I was not invested in them. Irrespective of this, I agree that everybody should be happy to have been received back or soon receive back all capital.

   • Oscar Harrington Post authorJanuary 22, 2021Reply

     Thanks Christian, we will update as you suggest

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9. Sam January 8, 2021Reply

   According page mogo has 203milj,27,1milj equity and last lost 9,9milj. Explore p2p has ranked 53 of Mogo. Loans of mogo are typically car loans. Is the equity bigger (also in other car loan companies) if you think the way that mogo owns cars untill borrow has paid them back. Other way explaining loans are quarantee with car equity and equity loosing / negative profit has happened only because of currency weaking like you are written. Main business is still working perfect?

   • Donny January 23, 2021Reply

     You shouldn’t consider the collateral (cars) as equity, but it is secured loans (like car loans) are indeed more safe than unsecured loans (like personal loans) yes.

10. Lillo December 30, 2020Reply

    Salve,
    per quanto riguarda Credistar, essendo anch’io un investitore su mintos, ho chiesto delucidazioni alla loro assistenza riguardo l’aumento dei pending payments di Credistar. Sono su Mintos da circa 9 mesi e sin dall’inizio ho investito parte del mio portafoglio su Credistar reputandolo un buon LO sulla scorta delle valutazioni lette su questo sito e con un ottimo rapporto rischio/tasso d’interesse offerto.
    Bene, la risposta fornitami dall’assistenza è arrivata velocissima ed in chat in real time. Per quanto fosse strutturata credo che l’operatore l’avesse già pronta, segno del fatto che sicuramente non fossi stato l’unico a chiedere delucidazioni su Credistar.
    In sintesi l’operatore mi ha risposto che Credistar sta soffrendo finanziariamente a causa di un disallineamento dei propri flussi di cassa dovuti ai sostanziosi rinnovi sui tempi di rientro dei prestiti offerti ai mutuatari e siccome Mintos concede una proroga sui tempi di rientro al massimo di 180 giorni mentre Credistar ha dovuto concedere dei tempi di dilazione superiori questo sta causando una sofferenza finanziaria a suo dire temporanea e che nell’arco di due settimante Credistar sarà in grado di rientrare interamente dei pending payments accumulati.
    Non ho idea se questo corrisponda al vero ma sta di fatto che i tempi di pagamento dei “pending payments” sono passati da 2 a 8 giorni di media e questo lo reputo effettivamente preoccupante. Spero possa essere stato di aiuto e confido che se qualcuno abbia maggiori informazioni li condivida con noi.
    Saluti.

11. Folkert December 24, 2020Reply

    Thanks for the update guys. Could you also comment on creditstar? The negative comments of investors and some bloggers make me worry, but both Mintos and yourself give consistently good ratings. Nothing to worry about then?

    • Gian Piero D'Amico January 10, 2021Reply

      Creditstar at Mintos has the continuous problem of late, extended, pending payment Polish and Spanish loans. Much has been commented on this since in the last 9 months. The main point is that somehow other LOs in these markets do also have late payments or some extended loans, but not as bad as Creditstar. The legitimate question is why Creditstar seems to be doing less well than similar LOs? More worringly is that in the past few days withdrawals are not functioning as they should at Lendermarket. Their rule for a SEPA withdrawal is 1 to 3 business days. You would think that it is in Creditstar’s overriding interest to avoid also worrying its Lendermarket investors. Many run away from Creditstar at Mintos and were acquired paying generous bonuses during the autumn of 2020. They are now offering short term Polish loans at 16,60%. It is very improbable that this offer will attract anybody that has blocked withdrawals. You can find comments on this on the Lendermarket pages at Telegram. And yes, also I would value a comment from Oscar on Creditstar and Lendermarket.

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15. Segly December 3, 2020Reply

    Hello,

    Do you share your full methodology on these ratings?

    Just got some questions after some research.
    For example, ESTO disclosure quality is rated 16/20 and track record 12/20.

    It’s disclosure quality is rated the same as Mogo, and way higher than AgroCredit (9/20). But personally found this to be quite off the tracks.
    Even plain & simple AgroCredit FS contains information about aging structure of the loans, impairment by buckets, movement of portfolio etc.
    Not even comparing with Mogo detailed FS.
    Is it something to be related to the fact that you ask additional information of every LO personally?
    Otherwise, from publicly available FS, seems rather strange.

    Track record is even lower compared to Mogo – 12 vs 10, how has this been measured?
    ESTO is very new LO (being from 2017) and just in 2019 has reached its profit, while Mogo is from 2012 with steady profits throughout the years and experience in the field.

    Thanks!

    • Oscar Harrington Post authorDecember 4, 2020Reply

      Good questions. The reason we have been giving Esto good disclosure quality scores is that they have been one of the few LO’s to provide not only annual reports audited by a Big 4 firm, but also until recently monthly management accounts (now quarterly). The reason they don’t get full marks is for some of the points you raised (lack of portfolio metrics etc). Agrocredit only provides information once a year, which is why it does not have a good disclosure score. Mogo’s track record score has been cut significantly recently due to the significant deterioration in performance during 2020, some questionable acquisitions, and other factors.

16. MK Investor December 2, 2020Reply

    Your work has saved and made me money. Is there a way to say thank you besides just writing it? I’ll definitely buy you a virtual beer via PayPal or something like that, if that ever becomes an option.

    • Oscar Harrington Post authorDecember 4, 2020Reply

      Thanks MK. We’ve had a few requests like this, and we will consider setting something up in future, but for now, just glad to hear the positive feedback, thanks for letting us know!

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18. Jmn November 27, 2020Reply

    Iute tops up its XS2033386603 Bond, +10M over the existing 40M.
    https://iutecredit.com/iutecredit-places-eur-10-million-tap-on-existing-senior-secured-corporate-bonds-2019-2023/

19. Jmn November 19, 2020Reply

    Last Delfingroup report is Q3-2020
    https://www.delfingroup.lv/storage/delfingroup-presentation-2020-q3-eng.pdf

20. naigoreip November 15, 2020Reply

    Thank you Oscar for your great work. I think downgrading Mogo is both courageous and very fair. The consequence is that If one wants to stick to selecting only the 60+ ratings there is not much left to do in Mintos. If like me one has Lendermarket and Moncera accounts, and one does not want Turkish, African or Bielorussian risk there are perhaps 3 or 4 acceptable LOs left in Mintos. Where is Mintos going to find quality growth?

    • Oscar Harrington Post authorNovember 16, 2020Reply

      Thank you. Yes it is surprising that Mintos has not been able to bring in some higher quality LO’s in the last 12-18 months. There’s definitely appetite out there for high quality LO’s, even if the returns are sub-10%. 6-8% yield on high quality loans is much better than 12% where there’s a high risk of default…

21. Mike November 15, 2020Reply

    The Dineo Credito financials (2019) are now available via https://www.mintos.com/en/loan-originators/dineo_credito/#general.

    In general looking like the amount LOs with 60+ score is getting a bit low. If you were to invest in only better countries and LOs but wanting of course to have also enough diversity, would e.g. country risk score 50+ and LO score 55+ work?
    Yes – depends on the appetite for risk and all that and there’s no single answer fitting to all. Still? 😉

    • Oscar Harrington Post authorNovember 16, 2020Reply

      Hi Mike. We can’t really say what the right cutoff should be for anyone. But now is as good a time as ever to allocate funds across different sites, particularly ones that have real estate collateral like Estateguru, Bulkestate, Crowdestate. The risk/reward is much better than buying loans of risky Mintos LO’s.

22. Sergey November 9, 2020Reply

    On Stik, “The profit after tax looks good, but more than 90% of it comes from tax credits.” Where do you see that / for what period / what numbers exactly? If i look at 1H20 #s, there’s an income tax of 128k eur, which reduces profit down to 1.157m eur. Likewise in FY19, income tax was PAID out, and in FY18 too. Tax items on balance sheet are insignificant. Even looking at their audited accounts in Bulgarian, I see no funny business from taxes?

    • Oscar Harrington Post authorNovember 9, 2020Reply

      Sergey we were referring to the 2019 results they published on Mintos where they declared a PBT of 184k and a PAT of 1652k.

    • Oscar Harrington Post authorNovember 10, 2020Reply

      Sergey upon further investigation we can see that they have made an error in the presentation of their P&L in the document they uploaded to Mintos, based on other filings we have reviewed. We have amended the score and noted the error in the comments. Thanks for flagging this.

      • Sergey November 11, 2020Reply

        I’m not affiliated with them, but thanks 🙂

        • Jc November 16, 2020Reply

          Thank you so much for your work.

          Creditstar is such s strange beast – Lendermarket had almost everything on time. I managed to exit a month and a half.
          On Mintos it is now more than 6 months since I disabled all strategies with next to no profit and everything with delays and postpones. P2p is a No for me in the current climate.

23. Marek November 9, 2020Reply

    In August rating changes you reported that Creditstar has published its results for 1H 2020. Where these can be found?

    • Serge November 9, 2020Reply

      https://assets.creditstar.eu/lendermarket/Creditstar%20Group%20AS%20Interim%20Report%20Q2%202020.pdf

24. Joliehuis November 8, 2020Reply

    You have Creditstar at a relatively high rating. Do you take into account that the short-term loans in Spain and Poland behave very differently than the personal loans elsewhere? Spain and Poland rank 5 in the new Mintos Risk Score, and all of their loans are late. Moreover, no new loans are available on the primary market on Mintos.

    • Oscar Harrington Post authorNovember 9, 2020Reply

      Creditstar are clearly shifting their funding towards Lendermarket, so it’s not surprising that there are not too many loans available on Mintos any more. Yes Spain and Poland are higher risk countries at the moment, but overall results so far have been fairly good so far this year. Looking forward to seeing the Q3 update.

25. Adam Kadmon November 7, 2020Reply

    Hi Oscar;

    Here is Hipocredit 2019 audited financial reports from 2019 did by BDO, if you can update the Key financial information.

    https://assets.mintos.com/CEA4A9D1-1C4B-C7A1-6D3A-7E8B4DD51700.pdf

    Thanks in advance.

    • Oscar Harrington Post authorNovember 9, 2020Reply

      Hi Adam. I think we have already uploaded that data. Perhaps try clearing your cache and see if the latest numbers appear? Let us know.

      • Adam Kadmon November 9, 2020Reply

        Thanks for the reply Oscar;
        I’ve tried clearing cache and cookies but I still see a X in the Audited? section, but maybe it’s just my pc.

        • Oscar Harrington Post authorNovember 10, 2020Reply

          Hi Adam – understood, we thought you were referring to the figures not the audit flag. Thanks, we have updated it.

26. Thomas November 6, 2020Reply

    With the currency the way it is at the moment, what are your thoughts on Wowwo at the moment?

    I have noticed that they have a new presentation on their LO page but no Q3 financials as yet. They dont seem to have a large proportion of late payments or any pending payments, which indicates that they are making their repayments on a timely basis. Does this mean that the FX is not a huge problem for them at the moment?

    • Oscar Harrington Post authorNovember 9, 2020Reply

      Good question Thomas. We’d like to see better disclosure on how much of their funding is in euros and whether they hedge this in any way. But we should also note that depreciation of the lira is not a new thing, and they have been reporting good results in prior years during early depreciation periods too…They also own a lot of cars, which they say have appreciated in Lira terms by 50% so far this year. The ownership of hard assets like vehicles is probably a very good hedge of their euro funding exposure.

      • Thomas November 17, 2020Reply

        It seems that Mintos finally uploaded the Wowwo 2019 audited accounts (not sure why they werent available previously!?)

        Just waiting for the Q3 financials now to see what effect the exchange rate has had on them.

        • Thomas December 2, 2020Reply

          I know you werent happy with the audited accounts but the Wowwo Q3 financials look very healthy regardless of the pandemic and the change in exchange rates. Looks like they are able to absorb quite large increases in exchange rates, which is a good sign for the future.

          • Oscar Harrington Post authorDecember 4, 2020

            Hi Thomas. Where do you see Q3 financials? We can only see Q2. But yes, agree that reported performance so far this year is good, even with the Lira depreciation.

          • Tommy December 22, 2020

            I couldnt reply to your post but the financials are on their Loan Originator page when you log-in to your Mintos account. It is in the about section next to their presentation.

            https://assets.mintos.com/ADDDA283-7303-BAEF-D177-847EAD81C062.pdf

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28. Gudrune October 29, 2020Reply

    Hi, I went through Iute’s results for 3Q20, they’re very good given the circumstances, and the quality of their reporting might be the best of the competitors, or thereabouts. Their bonds are also “real” ones, in that they’re listed on Frankfurt Stock Exchange as eurobond (better than local market bonds like Delfingroup, for eg).

    Does anyone have contact information at Dozarplati? I have Qs on their financials but Mintos is of course useless and I can’t find an email address?

    • Oscar Harrington Post authorOctober 29, 2020Reply

      Agree, they are doing great, and seem well managed. The main risk is that they are operating in places like Moldova and Albania which are emerging markets.

29. Centrino October 26, 2020Reply

    Hello,
    On 25/10, I’ve seen a link on a Telegram group about a possible new regulation in Latvia, unfortunately not in english :
    https://www.vz.lt/finansai-apskaita/2020/10/25/latvijoje-sprendziama-del-ne-didesniu-nei-5000-eur-skolu-gyventojams-nurasymo?fbclid=IwAR24YugNoXm3el3wjUDtLYVeDJwCDPh1_T_Ysinx9-UeZO3SdZQa_31qGZQ

    The persons in the group were wondering if this could affect Delfin Group, and if they should remove them from their anti-invest.

    Are you aware of this ?

    Thank you and regards

    • Oscar Harrington Post authorOctober 26, 2020Reply

      Hi Centrino, we will try and get a response from Delfin Group on this question

      • Centrino October 26, 2020Reply

        Thanks!

        • Oscar Harrington Post authorNovember 4, 2020Reply

          We have received back a comment from the Delfin CFO. Apparently the law being discussed would require borrowers to prove to officials that they have no income and no assets. Does not sound that different to the insolvency procedures in many European countries. Worth monitoring but it seems that most borrowers in this position would have defaulted on their loans anyway, perhaps the recoveries on defaulted loans may fall slightly in some cases….

          • Centrino November 4, 2020

            OK great, thank you for your follow-up !

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