NeoFinance Account Update
Investment Start Date: March 2019
Total Deposits: 8,08€ (Oct 2019)
Asset Value: 38,94€ (Oct 2019)
NeoFinance Platform Analysis
Last Update (01.11.2019)
I truly don’t like NeoFinance as a P2P investment platform.
NeoFinance is quite a costly P2P lending platform. I started my investments at NeoFinance in March 2019 and immediately understood that is not a usual P2P lending platform. You pay too much, you lose to much!
What makes NeoFinance different from other peer-to-peer platforms is that it has an unlimited e-money institution license. This allows NeoFinance to work anywhere in the European Union. NeoFinance is similar to a banking system. Each user account has its own International Bank Account Number (IBAN) account. So, you don’t send money to NeoFinance, but to a Lithuanian bank account under your user name. This gives your capital an extra safety net. If you want, you can also use the IBAN account to transact payments like with a typical bank instead of using it for P2P investment.
You need to decide if your NeoFinance investments are secured or insured. When searching for investments, there’s also a check to enable or disable the provision fund service. You will expect a lower yield if the provision fund service is enabled, but if the borrower is late, NeoFinance will cover the payments. Neofinance will use the funds collected in the provision fund to cover the payments you would otherwise not get. NeoFinance also offers a buyback guarantee system. If you don’t want to enable the provision fund service and the credit you invested in defaults, you can sell it to Neofinance for 50-80 percent of the investment value, depending on the risk rating on the loan.
Another aspect to consider is that manual investment choice gives you minimal options. NeoFinance lets you view the loan duration, interest rate, and how much capital is still available for investment. But, you don’t have a choice to sort the loans based on any of these features. Some of the columns have a filtering option, but the interest rate column doesn’t have that feature. You will have to scroll down the list of available loans and pick the loans you’re interested in.
Creating a NeoFinance investor account is easy if you are a citizen of the Europen Union. All you need to do is provide your ID, passport or a valid way to identify you in order to get an IBAN account. Adding funds to your account is surprisingly quick and easy. The NeoFinance platform gives you a personal IBAN account number to add your funds into. During banking hours, it takes thirty minutes or less to transfer funds to your account.
In my opinion, NeoFinance is a great P2P lending platform for experienced investors. Since this platform can be quite complex to navigate, it is not the best option for new investors to start with.
|Analysis Topic||Personal Take|
|Yes & No|
|Yes. A lot and very high!|
|1 month to multiple years|
|Very Low Quality|
|25€ sign up bonus if you sign up through my referral link|
My NeoFinance Account
NeoFinance Income Graph
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