Mintos vs Twino – investing results after 2 months

Couple of months ago I wrote about peer to peer lending platforms in Latvia. After that I also decided to invest some money in them and came up with following strategy:

  1. No manual selection of specific loans, use Auto Invest feature to make investments automatically and avoid spending my time.
  2. Invest only in loans that have Buy Back guarantee.
  3. Even if Mintos and Twino have different returns for similar type of loans, invest in both of them to diversify and in worst case scenario loose only 50% of money in case one of these P2P platforms go bankrupt.
  4. Invest only in loans with the shortest term – 1 month – to get the best liquidity. So if I want to get back all my investment, it should take maximum 1 month for any remaining loans to be repaid, or in case – if some of them are paid late, then maximum another 1-2 months for the Buy back guarantee to pay back the late loans.


On December 7, 2015 I decided to invest 500 EUR in each of the platform with following Auto Invest settings:

Max. investment per single loan: 10.00€
Interest rate: 12.00% – 20.00%
Remaining term: 0 – 1 month
Buy Back guarantee: Yes
Reinvesting: Yes
Countries: All
Loan providers: All

Investing in Twino

After I sent them 500 EUR, I set up following Auto Invest portfolio:


And quite soon after creating the portfolio I started seeing new investments in my Twino account. Most of them were done in Poland and Georgia, and all of them had 12.9% rate:twino_investments

And this is how the main dashboard looked like – as you can see, all 500 EUR were invested the same day:


Investing in Mintos

Just like in case above, I sent 500 EUR to Mintos and created Auto Invest portfolio with the same settings:


After I set up my portfolio I tried to verify that there are available loans that match my Auto Invest portfolio settings. To my surprise – there were none:


But just week ago (on November 29) there were 736 loans available when doing similar search:

Screenshot 2015-11-29 20.57.53

Even if I could not find matching loans, I decided to keep the Auto Invest portfolio active and don’t change any settings, so in case suitable loans become available again, then platform would invest in them automatically.

And that seemed to work, after some time I saw the first investment:


And later the same day I checked the account again, and all 500 EUR were invested:


Investment results after 2 months

As you will see in screenshots below – in Twino all the funds are invested, but in Mintos account there are 176.77 EUR still waiting for suitable loans.

Mintos summary after 2 months:


Twino summary after 2 months:


While return rates for short-term loans in Mintos and Twino platforms are quite similar (12-13%), the actual returns have big difference – I have earned €6.77 from Mintos and €11.17 from Twino.

The issue with Mintos is that there are not enough new loans that match my Auto Invest portfolio settings and that results in 0% return for some of the money, that is not invested and waits for suitable loans.

Of course, 2 months is a very short term and situation might change in both platforms in future, and I will update results later as well.

Mintos Twino
Investment on 07.12.2015 €500.00 €500.00
Account value on 07.02.2015 €506.77 €511.17
Interest rate in dashboard 12.34% 12.9%
Return rate (from 2 months) 8.1% 13.4%
Interest sum (from 2 months) €6.77 €11.17

Should you invest in P2P loans?

If you consider this type of investment, I would recommend to read my previous post about P2P lending platforms in Latvia, invest in several platforms and create similar Auto Invest portfolios, but also take into account – that these platforms are not regulated and you can loose your investment.

If the loans you invest in have Buy Back guarantee, then the highest risk is for the P2P lending platform to go bankrupt, and that can happen because of many reasons – bad management decisions, competition or scam.

Latest example of huge scam in this sector comes from China:

Among China’s almost 3,800 P2P firms operating in the sector now worth of 133.1 billion yuan ($21 billion), more than 1,200 are in trouble, either running away with investors’ money, or closed down.

That included the largest P2P lending company in China – Ezubao:

Chinese police have arrested 21 people involved in the operation of peer-to-peer (P2P) lender Ezubao, the official Xinhua news agency said on Monday, over an online scam it said took in some 50 billion yuan ($7.6 billion) from about 900,000 investors.

I am not saying that we should expect something similar in Latvia or Europe, but as the number of P2P lending platforms grow, most likely some of them will fail. To minimize this risk, spread your investments across Twino, Mintos and other platforms that have either Buy Back guarantee or where the loans are secured against real estate.

Update @ Mar 15, 2016: Twino has changed rates

On Feb 19, 2016 Twino reduced rates to 10%:

Starting from February 19, 2016, all new loans on TWINO will be offered with a flat rate of 10.0% p.a. irrespectively of the country of origination or loan duration. The change is applicable only to the newly listed loans and will not affect the loans listed or sold on TWINO prior to February 19, 2016.


On Mar 11, 2016 rates for Georgian loans were increased to 12%:

We are increasing the rate for Georgian loans to 12.0% per annum starting from today.
The new rate will be applied only to the loans listed on TWINO starting from March 11, 2016, and the first loans with the increased rate will appear on the platform later today.


22 replies on “Mintos vs Twino – investing results after 2 months”

Hey, great article!
I just signed up at twino yesterday, but am considering a second p2p platform.

What are your thoughts here? Would you rather have just twino or more platforms?

I would suggest to use several platforms – right now I use mintos & twino, but might sign up for other platforms later as well. Just like you would not want to invest everything in 1 stock, the same here.


sure, will try to update on June 7 (after 6 months), but at this point I have earned 19.22 EUR (~8% annual rate) from Mintos, and 28.70 EUR (~12% annual rate) from Twino.


if evaluating the company risk, which one would you rate as the safest? I am currently investing in both Mintos and Twino, and am thinking about Bondora, but as returns are good and amounts may increase, have to evaluate this more. Do you do not find current Twino offer “too good to be true”? Everything with a buy-back guarantee, high yields, no fees… Seems a bit too good. While I have not done deep due diligence yet, Mintos seems safer, as they founders go public a lot, there is a lot of transparency, etc.

Maybe you have also looked into this?

My post is a bit misleading and simplified – I compared results with specific Auto Invest settings in both platforms, but there is a big difference between them – Twino was created by Finabay ( – and all the loans you see in Twino, are issued by the same company that now has changed name to Twino, so they are quite serious about this platform.

But Mintos is a marketplace that connects 10+ lending companies with retail investors, and each loan company (Mogo, CreamFinance, Capitalia, West Credit, etc.) can set their own terms – some offer a buyback guarantee, most don’t. With my Auto Invest settings I invested only in CreamFinance loans in Mintos platform, so the correct title to this post should be – Investing in Twino vs CreamFinance. And the reason, why I got lower return in Mintos, is because in Mintos platform CreamFinance loans were so attractive to investors that I was not available to invest all of my money in them.

Also Twino has made changes to interest rates and set those lower, and are considering adding loans without BuyBack Guarantee. And even have published some financial data: – so there is some transparency.

In short – if you think about company risk, I would try to look at the company in whose loans you plan to invest, and conditions they provide, for example: Twino vs Mogo, Twino vs CreamFinance, etc.

For me Twino and CreamFinance loans seem good enough, on other hand – I might be a bit skeptical about Banknote (also available in Mintos platform), that started as a network of pawnshops.

I think all of these high-interest loan businesses are a bit risky and can be shut down with proper regulations (and also get shut down in some countries), so I would not call them “safe”, but they might produce good returns for some years. I would suggest to diversify between several companies that match your expectations and also between different asset classes – like cash, bitcoins, gold, stocks, real estate.

Can’t find any short term loans on Minots (below 3m). Do you know if anything has changed there regarding short term loans?

Don’t think anything has changed, my guess is that many investors are requesting short term loans. But even if you cannot find them in Loan Listings, you can try to set up Auto Invest with the settings you want, and there is a chance, that you will be available to invest as soon as new loans appear.

I have done exactly that as per your recommendation. One week in I have 2 investments 😦 In Twino I had 100 investments within minutes of depositing.

When I searched for the short term loans on Mintos there just weren’t any available so the Auto Invest is working properly, just that there are no short term loans available.

Hey Kristaps,

I’m kind of new to all this p2p lending, but I have some spare money lying around and the smartest thing would be to invest. Not sure about this business, but curiosity brought me here 🙂 What I wanted to know is why your return doesn’t match the % shown on the website? We all know that 10% of 500 isn’t 11 euros, and after two months it should be at least 10 times that much. Not quite sure why the actual return amount is different.

This might be a very silly question to somebody involved in this for quite some time, therefore, my apologies in advance!

Armands, I guess in the post it is not explained, but when you invest money – the default way how % are calculated everywhere is based on 1 year. So the % showed in website are % what you get after 1 year, so if I get 11 EUR in 2 months, in 12 months that might be about 66 EUR or about 13.2% from 500 EUR.

Kristaps.. came on your site looking for P2P info in Latvia (and surprised to see your stuff in English). I’m an expat by the way.

Nice job of explaining. Looks like I might take you up on your affiliate link offer. Quick question though, which I haven’t seen you cover. What about taxes? Are the returns charged at 23% private income tax (income from the economic activities of a private individual)? Would like to have more clarity on this.


Tax rates are different in each country, but in Latvia you would need to report your profit from investments to government, and in case of P2P lending: pay 10% tax for income from capital. So if you give out 10k in loans, earn 1k in interest, then you should pay 100 EUR, more info here: and in Latvian: You should report your earnings and pay this 10% tax once per year.
But if you would invest in stocks – in that case the tax rate would be 15% for increase in capital, and you would need to pay tax only when you sell your stocks – so when you actually get the capital back. If you keep the money in your stock platform, even if you are making paper profit, then you don’t need to pay any tax, only when you close (sell) the positions, and only – if when taking all your sold positions together for that 1 year period you are making profit – because if you have losses from some positions, and gains from others – they both can cancel each other out.

Do you see a problem with the buyback guarantee being a liability on Mintos’ balance sheet and most of the loan originators being tied to Aigars Kresenfelds? “Mintos, as the representative of the Loan Originator, shall act on behalf of the Loan Originator pursuant the cooperation agreement concluded by and between the Loan Originator and Mintos by carrying out the following activities: 4) in case the buyback right of the Loan Originator is exercised, pay the buyback price of the Claim to the Assignee.”


I’ve divided my p2p investments evenly among Twino, Mintos (use probably 1-2 of their partners with 1 month loans and guaranteed buybacks) & Swaper, but was not aware about Viainvest – will check it out. I consider Swaper being the most riskiest one from the ones that I use – because they don’t provide detailed stats about each investment yet (working on it), are much smaller, and return is not exactly 14% as they promise, it is about 10.6%, so my guess is that something in their system is not working correct. Also they don’t provide too much company & team in the website.

I’m investing in Mintos, Twino, ViaInvest, EstateGuru, Viventor (sigh… not so much movement here).
Satisfied overall with my diversification and I’m looking forward to further development and growth in the P2P scenario in Europe.
Return rates between Mintos and Twino are quite similar, but I’m starting to notice that return rates for Mintos are lowering (I’d expect an annual return of 10,5-11% in the long run).
I’d avoid Swaper: transparency is fundamental in this business and I don’t find Swaper that much transparent.

Just a clarification, BTW: the main difference between Mintos and Twino is that Mintos is a marketplace. So, it’s not entirely true that, in case of bankruptcy, we’ll loose completely our investment.
Investor funds are segregated from Company funds. Plus, if Mintos goes bust, we still have a claim on the loans and we will stil be entitled to receive payments, as Mintos acts as an intermediary between us and the loan originator.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s