In this Swaper Review we will take a look at the rates, promotional offer and statistics of this peer-to-peer lending platform.
What Is Swaper?
Based in Riga (Latvia) Swaper is a peer-to-peer lending investment platform that you can invest in pre-funded short-term loans (usually one month). The loans are unsecured consumer loans originated by its parent company Wandoo Finance Group, which owns and operates Swaper. The group is issuing loans in Poland, Spain, Georgia, and Denmark. Swaper was launched back in October 2016, and it has been growing rapidly. You can start with as little as 10 EUR, and the starting rate of return is 14%, but we will see how you can turn that into 16% pretty easily.
Swaper offers a fixed rate of 14% for investors, but that can be increased by signing-up here and joining their loyalty bonus program, granting you an additional +2% for your investments. The Loyalty Bonus is granted when your account value is over 5,000 EUR (or the equivalent amount in British Pounds) for three consecutive months. Their system will check the value of your account at the end of each month. This means that if you have register as an investor on, for example, March 20th and add 5,000 Eur, then March will already count towards your Loyalty Bonus check. Your enrollment in the program is automatic once you meet the criteria, and you will receive an e-mail once the Loyalty Bonus has been activated.
There have been reports of cash drag when investing manually on the platform, and that’s why I would recommend investing only through auto-invest. Almost all available loans are bought by investors using the auto-invest feature, so I strongly advise you to use it as well.
Swaper offers an auto-invest function, and it is effortless to configure. Once you have transfer funds to your investor account, you will be able to create your first Auto-Invest Portfolio. As I said earlier, auto-invest is the recommended form of investment with Swaper as it will automatically invest into loans based on your selected criteria as shown below:
All loans come with buyback guarantee so Swaper will buy back loans in full with interest for the period you held the loan if a borrower is over 30 days (for short-term loans) or 60 days (for long-term loans).
Swaper offers a secondary market, and this is pretty exciting! You can simply sell the loans to the secondary market automatically by choosing the filters to select the loans you would like to sell or pick them manually from the list and click on the loans. You can either sell the entire loan or just a part of it by indicating the desired amount and clicking the ‘sell’ button. You can sell your investments almost instantly and have your money in your bank account in a couple of days if anything happens and you need the funds.
Swaper doesn’t charge any fees for investing in their platform.
Since their launch in October 2016, they have recorded exponential growth as you can see in the screenshots below.
How Did Swaper Do During Covid-19 in 2020?
Swaper performed very well during the worst months of the coronavirus pandemic even at the worst times of uncertainty during the first wave. During March and April Swaper more loans were late than usually but that was to be expected. However, Swaper was executing their buybacks as they should without delays. There were some minor issues with many loans being extended for more than they should but nothing significant. No losses or significant delays were recorded for the investors like other p2p lending platforms like Mintos.
The sign-up process is very simple. You can see the steps in the screenshot below. At the final step, it will ask you to upload ID documents, but you can skip it for now and complete it as soon as you want to withdraw your funds from the platform.
Swaper’s main competitors are Mintos, ViaInvest, Lendermarket, PeerBerry, Robo.Cash, FastInvest, and a few others. You can click here to check platform reviews.
Swaper Review – Conclusion
The platform is very similar to Robo.Cash because of auto-invest’s necessity, but it is actually better because of the secondary market and the option to earn 16% instead of the regular 14%. The only real drawback of the platform is the cash drag, but that is if you invest manually, which is not recommended.
Swaper Bonus Offer
You earn an additional 2% for your investments you make in the platform during the first 3 months. After that, if you invest at least 5,000 EUR you will keep earning 16%, if not, the bonus will be revoked and you will start earning the standard 14%. This is an additional interest rate to the standard rate under their “Loyalty Program,” as I explained previously. You can earn that by signing up using my link.
If you would like to add something about Swaper please leave your comments below.
Until Next Time,