Varks offers short term loans on Mintos. You can get up to 14% interest rate on EUR loans with buyback guarantee. This is on the top of what is currently available on Mintos. Varks offers currently only short-term loans (< 3 months). All loans are provided in Armenia.
You cannot get much information from the information available on Mintos. While rating is currently B, the company has only two years of history. The key people have relevant experience, that is the case for CEO, CFO, and COO. If you look at all the other people working at Varks on LinkedIn, you can see that the company has somewhat relevant structure. I am somewhat surprised how few people are there with focus on data analysis and credit risk management. Maybe, the short-term loan business in Armenia is just about charging extremely high APR and live with high credit losses.
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Why there is 360? As it looks like, Varks (and actually most loan originators on Mintos) is using Actual/360 method to calculate interest. Because of this we assume that each year has exactly 360 days and the interest amount is calculated based on real duration.
Let us know if the calculation is wrong or not clear.
Mintos is the largest P2P platform where EU citizens can invest. As of 1/2019 there are 264,532 loans available on the primary market and 198,290 loans on the secondary market.
Vast majority of loans if offered in EUR. Unless you have some savings in different currencies or know how to deal with FX risks I would recommend to invest into EUR loans only. Your strategy will be easier to maintain, monitor, and your portfolio will be very likely better diversified.
In 2018, investors put 1.5BN EUR in investments on Mintos marketplace:
Number of investors on Mintos is growing fast as well. On average, more than 5,000 new investors joined every month over last year: