Swaper Peer to Peer Lending - Getting Started
Swaper was my next step after I set up my Mintos account (details on this page). I had read about Swaper who are based in Latvia and the reports seem positive but as of today my first deposit into this account of €3,000 are going nowhere because there are no loans currently listed. I will be watching this peer to peer platform very closely over the next few weeks to see if this changes.
Borrowing to Invest
With this investment I am making a cardinal sin. I borrowed the €3,000 to invest in Swaper. Before you start screaming at me, relax. The lender is the Bank of Dad. My father agreed to give me a fantastic rate of 0%. I will start paying him back in instalments of €500 starting at the end of September 2018. My enthusiasm got the better of me in this case but I do have another motive here.
My dad is coming up on retirement and has no assets other than his share of our family home. He does have a chunk of cash in the bank and I have pointed out to him a few times that with low interest rates and inflation the value of the cash in the bank is decreasing.
I am hoping he might see what I do with the money I borrowed and start to consider investing his own savings.
Auto-Invest to Access Loans on Swaper
I read that part of the reason that there may be no loans to manually invest in right now is because the auto-invest function buys them all up as soon as they are added. I set up a variety of auto-investor profiles to see if this would help.
It worked within two days but not completely. I now have €945 of my €3,000 invested. Swaper have a special rate for customers who have 5,000 in their account. While this is a nice target to have I think it makes more sense to send my next chunk of cash to somewhere like Mintos where I can put it to work rather than having it sit there.
Give it a try...
Get started on your own path to financial independence by investing in this Peer-to-Peer platform – yes this is an affiliate link and I get a bonus if you sign up through here. If you would rather not do that just search google for “Mintos” and go there directly.