Thoughts on P2P lending?

[JVRZ]

I recently came across the concept of P2P lending when I saw a platform called Mintos.
Have any of you used this platform or P2P in general?
I was thinking of playing around with it and adding it to my porftolio of investments (mostly stocks, some crypto and some P2P)
I am 18 so my time horizon is huge and I can take some risks.

Let me know what you guys think. Solid investment or not?
Is it viable during these though economic times?

 

[king0735]

I recently came across the concept of P2P lending when I saw a platform called Mintos.
Have any of you used this platform or P2P in general?
I was thinking of playing around with it and adding it to my porftolio of investments (mostly stocks, some crypto and some P2P)
I am 18 so my time horizon is huge and I can take some risks.

Let me know what you guys think. Solid investment or not?
Is it viable during these though economic times?

It's not worth it people will default on loans with little to no recourse. I wouldn't recommend I tried it and it wasn't worth it

 

[JVRZ]

It's not worth it people will default on loans with little to no recourse. I wouldn't recommend I tried it and it wasn't worth it

Not worth it now or not worth it never?
You are from the US right?
While I was doing some research I noticed a lot of people commented saying that Mintos is a very good platform and that EU P2P lending is much better than P2P lending in the US.
I am from Belgium btw.

 

[punk434]

Try Binance lending if you want to. They are now called Binance savings.

 

[JVRZ]

Try Binance lending if you want to. They are now called Binance savings.

I'll check out. Is it for EU citizens?
I plan to use mainly Mintos and Gomorra to start off and invest most of my P2P budget there.
Later one I will expand to more platforms to reduce the platform risk.
Grupeer recently stopped paying people and turned out to be a massive scam so I think investing in one P2P platform only would be foolish since they are non regulated.

 

[punk434]

I'll check out. Is it for EU citizens?
I plan to use mainly Mintos and Gomorra to start off and invest most of my P2P budget there.
Later one I will expand to more platforms to reduce the platform risk.
Grupeer recently stopped paying people and turned out to be a massive scam so I think investing in one P2P platform only would be foolish since they are non regulated.

Yeah just use Binance Lending as a Hedge. Don't put all eggs in one basket.

 

[Leader777]

Try Binance lending if you want to. They are now called Binance savings.

That's a good idea ! diden't know they had this.. thanks for sharing

 

[punk434]

That's a good idea ! diden't know they had this.. thanks for sharing

You are welcome. Use it as a Hedge. Using Two or more lending platforms is good in my opinion.

 

[JVRZ]

You are welcome. Use it as a Hedge. Using Two or more lending platforms is good in my opinion.

Could you tell more about the results and experiences you have had with some of these platforms?
I will definitely check it out, thank you for the recommendation

 

[punk434]

Could you tell more about the results and experiences you have had with some of these platforms?
I will definitely check it out, thank you for the recommendation

Binance is a crypto exchange. They offer lending products like BTC and dollar backed crypto like USDT and BUSD and also some other crypto for a period of time.

 

[JVRZ]

Binance is a crypto exchange. They offer lending products like BTC and dollar backed crypto like USDT and BUSD and also some other crypto for a period of time.

Similar to Nexo and Celcius network who also offer loans against crypto?

 

[JackTheBlack]

Try Binance lending if you want to. They are now called Binance savings.

I completely agree. Binance lending is the perfect spot to get a bit of interest.

If you plan on holding crypto long term make sure to lock in the crypto for much higher interest rate. You could earn more than 5% p.a. this way.

 

[JVRZ]

I completely agree. Binance lending is the perfect spot to get a bit of interest.

If you plan on holding crypto long term make sure to lock in the crypto for much higher interest rate. You could earn more than 5% p.a. this way.

What do you mean by locking in the crypto?
I am also planning to invest a little bit in crypto on Nexo, Celcius Network and Crypto.com

 

[JackTheBlack]

What do you mean by locking in the crypto?
I am also planning to invest a little bit in crypto on Nexo, Celcius Network and Crypto.com

Binance offers:

• flexible lending period (withdraw anytime)
• fixed (locked) lending period (can't withdraw until expiry. either 7, 14, 30 or 90 days)

 

[Leader777]

Binance offers:

• flexible lending period (withdraw anytime)
• fixed (locked) lending period (can't withdraw until expiry. either 7, 14, 30 or 90 days)

Beside the fees are high

 

[JackTheBlack]

Beside the fees are high

Who cares? Does your bank offer you a higher interest rate than 0.1%? Definitely not, the earnings from binance lending are way higher.

 

[Leader777]

Who cares? Does your bank offer you a higher interest rate than 0.1%? Definitely not, the earnings from binance lending are way higher.

I agree with u but the deposit fees is based on a % not fixed

 

[JackTheBlack]

I agree with u but the deposit fees is based on a % not fixed

I have looked up and realized that they charge no fees on interest earnings.