On the 5th of February 2018, I made my second deposit of €1.000,00 on Mintos. I would like to deposit more but with the capital controls currently imposed in my country, €1.000,00 is the highest amount you can transfer to an account out of the country. I used the funds to purchase Mogo and Lendo loans to take advantage of the cashback campaigns that we in effect for the period. I was a little concerned because I was not diversified at all but I figured that since this is the beginning I will have plenty of time to make up for it in the future. The total cash back rewards credited into my account was 32,00€. All the loans have rates over 12%.
For Mogo you will get a cashback of:
•1% for investing in Mogo loans with a maturity of 12 to 23 months
•2% for investing in Mogo loans with a maturity of 24 to 35 months
•3% for investing in Mogo loans with a maturity of 36 to 47 months
•4% for investing in Mogo loans with a maturity of 48 to 59 months
•5% for investing in Mogo loans with a maturity of 60 months or more
And for Lendo you will get cashback of:
•1.5% for all of its loans with a maturity of 9 months or more.
Mogo also extended its cashback campaign which is good news for investors but bad news for my diversification. I am just not strong enough to say no to a 5% quick return in favor of my diversification.
Also, Mintos exceeded €500 Million in investments in its platform which is cool since it’s growing rapidly.
By February I started to like investing through Mintos and was determined to continue doing so until I reach a specific number. I didn’t know what that number was but I will keep an eye on other platforms and will start investing in those once I reach about 5-10.000€
On the following screenshot of my monthly account statement, you will be able to see all the details.
So, for the month of February 2018, I deposited €1.000,00 and the total return for cashback, interest, late fees and secondary market transactions was €45,26.
Until Next Time,