Mintos Review – My Unbiased Lender Review After 4+ Years

Mintos review

Mintos Review

** Mintos review updated December 4th, 2019 **

NOTE: As of June 27th, Mintos is redeveloping its business model for UK investors (likely due to FCA regulations). UK investors will not be able to open new accounts or invest in new loans. Existing UK investors will continue receiving loan repayments from borrowers according to payment schedules and will be able to use the secondary market and withdraw money at any time.


Latvian based Mintos is a giant loan aggregator that offers thousands of loan options including personal, business, property and cars. These loans are underwritten through European finance companies located in various countries. Mintos recently announced it had lent over €1bn.

Mintos also enables lenders to exchange currency without needing to use a third party. Investing in currency other than £’s does present British residents with some currency risk but the returns are high enough to be intriguing. Read on for my unbiased Mintos review.

My November 2019 Investment: Reduced
My current rate of return: 12.59% (After fees but before tax)
Est. Annual Returns:Up to 20%
Recent Return Rate Trend:← →
My Risk Rating *:
Early Exit:
ISA Available:
Loan Types:Mortgages, car, consumer, business, argriculture
Loan Security:Property, buy back guarantees, grain contracts.
Provision Fund:
Lender Fees:None
Min Investment:€10
Time to Become Invested:Fast
Time Needed Managing:
Zero (auto-invest) to low (manual)
Lending Agreements With:Borrowers
FCA Regulation:N/A
Cashback Offer:
1% of deposit within first 90 days

* This opinion risk rating factors in types of loans offered, interest rates, platform history, default numbers and my own investing experience. My risk rating explained.

How Do I Sign Up?

Click here to sign up (This is a referral link which gives us both a 1% cashback bonus on your deposited amount. This amount is based on the average daily invested balance over a three month period and is paid in three installments – 30, 60 and 90 days. This bonus is paid by Mintos and does not come out of your funds. Programs like this help keep Financial Thing running).

The Mintos Review – What You Need to Know:

Thumbs Up
  • Return rates of up to 20%
  • Guaranteed buy-back loans
  • Some loan partners have skin in the game
  • Risk grade and assessments on all loan companies
  • Wide range of loan options / no lender cash drag
  • Currency exchange available through the website
  • Close to €2bn+ lent
  • Auto and manual invest options
  • Mintos doesn’t underwrite loans
  • Secondary market for exit / no selling fees
Thumbs Down
  • UK residents cannot invest
  • Higher risk
  • Mintos doesn’t underwrite loans
  • Some loan companies are higher risk
  • Buyback guarantees only as good as the companies offering them
  • Based outside the UK / currency risk
  • Some loans unsecured
Equivalent Competitors

Twino, Bondora

Mintos Review: My experiences so far….

I began lending through Mintos in June 2015. Incredibly, I haven’t lost a single £ to defaults so far. Out of the two European companies, (the other was Bondora), Mintos is my favourite. I used to invest solely in Mogo car loans since they offered a buyback guarantee against defaults. Now I diversify further to protect against Mogo going out of business by using the auto-invest tool to buy other company loans.

I previously experimented with mortgage loans and found the late payments to be too frequent and didn’t think the extra 2% returns were worth the risk. Property recovery takes so long if the borrower defaults, I can’t see much advantage in those types of loans.

Unfortunately Mintos has paused all investments for UK investors. All my loans are still valid however no further investments or reinvestments are allowed.

What Is A Mintos?

Mintos is a Latvian based peer to peer loan marketplace that couples borrowers with lenders. Mintos offers many different loan types including car loans, mortgages, invoice financing and small business loans. Borrowers and loan companies are based in several different countries including the UK, Latvia, Denmark, Sweden, Spain and more.

Think of Mintos like a giant loan aggregator where many lending companies bring loans to Mintos marketplace.

How Can I Contact Mintos?

UK Tel: +44 157-893-0033
Latvia Tel: +371 66 164 466

When Did Mintos Launch?


Are They FCA Regulated? 


Who Can Open An Account?

Anyone outside of the UK who has a bank account in the EU or who resides in a country that has similar AML / CFT (Anti-Money Laundering and Combating Financial Terrorism) protocols to the EU. Neither UK or American residents can invest through Mintos.

What’s the Signup Process Like?

I was approved once I passed the identification and money laundering checks. The process was easy. As I mentioned, UK investors cannot curretnly open an account.

What’s The Minimum Deposit / Investment?


What’s The Easiest Way To Deposit Funds?

My preferred method for transferring money is Transferwise which offers competitive exchange rates and low fees. Mintos also offers instant deposits through an online payment company based in Sweden called Trustly.

Does Mintos Offer An Innovative Finance ISA?


How Much Interest Does Mintos Pay Lenders / Investors?

Annual gross return rates range from 5.5% to 20% depending on the types of loans you purchase.

Is Interest Paid Immediately Or When the Loan Starts?

Interest accrues immediately on purchase.

When Is Interest Paid?

Payments are received at different times throughout the month.

Am I Lending To The Mintos The Company Or To Borrowers?

All loan contracts are between lenders and borrowers.

What Are The Fees?

No fees to lenders

How Much Time Will I Need To Spend Managing My Investments?

I used to handle my investments manually as I had trouble making the auto-invest tool work correctly. Now I use auto-invest so my time has been reduced to zero which is great news. Some time is needed reinvesting payments if you chose the manual route.

What Are The Length Of The Loans?

This depends on the type of loan. Some mortgage loans are as long as 13 years while small business loans are as much as 7.5 years. Car loans can be as long as six years while personal loans can be as short as two weeks. Loans can end at any time due to repayment.

What Security Does Mintos Loan Against?

All mortgages are secured by property. Business loans are usually secured by a mix of property, business assets and /or personal guarantees. Personal loans are usually unsecured.

What Are The Loan Default Rates? 

Default rates change daily so please check them here.

What Are The Main Risks?

Company failure: I consider Mintos a riskier company because it is based in Latvia. If Mintos goes bust, would lenders’ funds be recoverable? I’m not sure as it would depend on the third party administrator. On a positive note, Mintos does have a UK office and contact phone number and offices in other European countries. Mintos is attempting to acquire UK FCA regulation but the progress is unknown.

Economic: European economies tend to be more volatile than the UK’s. Many of the loans are given to residents of economically volatile countries such as Spain and Lithuania.

Lowering of Underwriting quality: If Mintos lowers its loan requirements then the quality of loans will decrease resulting in greater default risk.

Currency risk: Investing in Euros means currency fluctuations can adversely affect your account value. On the other hand, as seen post Brexit, it can be good to have currency exposure.

Defaults: Investing in non-guaranteed loans increases default risk.

Is There A Provision Fund?


What Happens If Mintos Goes Bust?

Mintos has hired a company called FORT to act as an administrator in the event Mintos goes out of business. In theory, FORT would collect and distribute loan payments to lenders and distribute them. Who knows if lenders would actually receive their loan repayments.

Let’s hope Mintos stays in business.


Wide Range Of Loan Options With Great Availability / Minimal Lender Cash Drag

Since Mintos offers so many loan originators, lenders’ can build a wonderfully diversified loan portfolio and I never have an issue with money sitting in account idle other than when my balance is below the €10 loan investment minimum.

Guaranteed Buy-Backs

In my opinion, the biggest benefit of investing through Mintos is the guaranteed default buy-backs offered by some loan partners. If the borrower fails to pay after 60 days, the guarantor loan partner repays all past due capital and interest. This buyback decreases risks to lenders and is the sole reason I invest through Mintos.

I’ve always received the buyback funds on time whenever my loans have gone over 60 days past due. On the downside, remember that these buybacks are only as good as the financial stability of the companies who offer them.

Transparent Information On All Loan Originators

Mintos offers its own analysis on each finance company it offers loans from. Mintos assigns each company with a risk letter grade and shows how much skin in the game each provides:

Mintos review

If you click on each company logo you can see a more detailed analysis:

Mintos review

Interest Returns

Since Mintos is higher risk, it is possible to achieve returns in the 20% range if you are willing to take more risk. I try to only buy buyback guaranteed loans.


Auto-investing takes the time hassle factor out of peer to peer investing. I use Mintos auto-invest tool when I don’t have the time to manage all my loans. The tool works perfectly. Simply set your investing criteria from the filters and Mintos will do the rest:

Mintos review

Currency Exchange

Mintos offers lenders a fee free currency exchange when they make a deposit. On the Deposit page, click the deposit and decide which currency you want to invest in. Mintos uses bank rates without any added fees:

Mintos review

Personally, I haven’t tried this feature as I’ve always used Transferwise to send currency to Mintos.

Skin In The Game

Every Mintos loan originator invests their own money into their loans. This amount varies by loan partner but ranges from 5-15% (see here for the summary). It’s nice to know the loan originators are taking on some of the loan risk alongside lenders!

The Secondary Market / No Selling Fees

An active secondary market means it’s easy to purchase loans to quickly build up your portfolio. Secondary market as loans are often marked up with premiums so be careful when you buy (see yellow highlights below):
mintos review

Since the high paying guaranteed car loans were removed from the primary market, I starting using the secondary market to buy these loans.

As of November 1st, 2017, Mintos removed all secondary market selling fees for buyers and sellers. This fee was 1% so it’s a welcome change.

Loans Amortize

This means you receive capital and interest payments monthly. When loan balances reduce over time, so does the risk.


Mintos’s website is very easy to use and features an intuitive design that is easy on the eyes.

Here is the dashboard:

mintos reviewSimply laid out with all the important information. Well done Mintos!

UK Investors Cannot Open An Account

As I mentioned before, Mintos is redeveloping its business model for UK investors (likely due to FCA regulations). UK investors will not be able to open new accounts or invest in new loans. Existing UK investors will continue receiving loan repayments from borrowers according to payment schedules and will be able to use the secondary market and withdraw money at any time.

Higher Risk

The average investor returns almost 12% interest per year. When returns are this high, there is risk involved. There are spreads and costs involved for Mintos and the loan originators and in some cases, borrowers are paying vehigh-interestest rates on their loans.

When I checked Mintos’s statistics page in March 2019, only 75% of loans were current. Only 61% of my own portfolio was current while the remaining was past due.

What’s unusual is I haven’t had a single £ default since I began investing through Mintos. This indicates that while many borrowers are late payers, they still pay.

European Operator / Currency Risk

Another layer of risk is added because Mintos is based in Latvia. First, let me state that I think Mintos is a legitimate company and I have been happily investing through them for a while. The problem is, if Mintos goes bust, money recovery could be difficult as you will be placing your trust into a European third party administrator for loan collections. Mintos does have offices in several other European countries including the UK, but they aren’t regulated in the UK.

This is why my Mintos investment has stayed small. Mintos has discussed becoming FCA regulated. If this happens, I would consider upping my investment because I like Mintos’s business model.

Being a £ investor, investing in Euros presents some extra risk but this can also be beneficial, as was seen after the Brexit vote.

Non-Guaranteed Loans Are Riskier

At the beginning of my Mintos investing, I tried investing in some high return rate non-guaranteed loans such as mortgages. Multiple late payments made me uncomfortable so I sold them on the secondary market as I know how difficult property recovery can be. I believe it makes much more sense to accept 1.5% less on a guaranteed buy-back loan. I have no idea how effective Mintos’s defaulted real estate recovery process is so I stick to buy-back guaranteed loans.

Buy Back Guaranteed Loans Are Only As Good As The Companies Offering Them

Remember that Mintos doesn’t underwrite loans, so any loan buy-back guarantees offered are backed by third-party lending companies. One of these companies, Eurocent, a Polish payday lender, went bust in 2017. Eurocent was going through a restructuring process but if I were in Eurocent loans, I wouldn’t expect to see much recovery making their loan buyback guarantees worthless.

Mintos Doesn’t Underwrite Loans

I consider this both a pro and a con. The cons are if the companies Mintos are using to originate and underwrite their loans aren’t vetting their borrowing customers well, Mintos may be offering low-quality loans from these companies.

To combat this, Mintos seems to do a good job analysing their lending originators.

Some Loans Are Unsecured And Therefore Could Be Higher Risk

In a downturn economy, unsecured borrowers are quick to default on their loan commitments if there’s is no security backing their loan. Just be aware if your loans portfolio contains a large proportion of unsecured loans.

My Strategy

I used Mintos autoinvest tool and have it set to buy a variety of diverse loans ranging from car loans to personal loans. Previously I purchased Mogo’s secured buy back loans but decided I needed further diversification in case Mogo were to fail. I’m a happy lender so far and haven’t experienced any defaults since I began investing.

Since Mintos paused all UK investors, I can no longer invest through Mintos. I believe this pause is due to Mintos compliance team working with the UK’s regulatory body, the FCA, I’m hoping this issue will be resolved soon.

The Mintos Review Conclusion

Investing through Mintos has been a great experience so far, and while I consider the investment higher risk, I’m becoming more of a fan as time passes. Mintos vast array of loans means you can build a diverse portfolio with secured and unsecured loans.

Because of the number of borrowing companies that supplies Mintos, there’s never a shortage of loans meaning lender’s experience very little cash drag, meaning money sat in their accounts due to a lack of loan offerings.

Mintos no longer allows UK residents to open Mintos accounts. Any UK resident that is currently invested will see their loans run out but cannot reinvest. This situation is due to Mintos working with FCA to make sure they are in compliance.

Once Mintos reallows UK investors to buy loans,  remember that investing in currency other than the £ Pounds does present British residents with some currency risk but the returns are high enough to be intriguing.

Click here to sign up (This is a referral link which gives us both a 1% cashback bonus on your deposited amount. This amount is based on the average daily invested balance over a three month period and is paid in three installments – 30, 60 and 90 days. This bonus is paid by Mintos and does not come out of your funds. Programs like this help keep Financial Thing running).

If you enjoyed my Mintos review and want to learn more about peer to peer lending, click here and receive my complimentary Top 5 Peer to Peer Lending Sites Report.

I love feedback, so if you find any errors or omissions or have any improvement suggestions, I invite you to contact me and be a part of contributing to this website.

Disclaimers: I’m not paid to write this Mintos review, nor am I employed by any of the companies I write about. In most cases, I have invested or continue to invest my own money through these companies. The sign-up links on this website are referral links. When you sign up for an account through my website, I receive a referral fee directly from the companies, at no cost to you. Your support enables me to continue to operate the Financial Thing website. You can read more about my referral links here.

** This unbiased Mintos review is for information purposes only and should not be considered investment advice. Opinions expressed in this Mintos review are based on my investing experiences. All information was deemed to be correct at the time of writing. Peer to peer lending contains risks so never invest more than you can afford to lose. **



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