P2P Investor Checklist
How to Read a P2P Platform's Fact Sheet Before Investing
Most platforms publish a one-page summary of regulator, loan types, buyback status and minimum investment. Knowing what to check before investing in P2P - and how to interpret the numbers - is the first step in P2P platform due diligence. This guide walks through the fields that matter, using the five criteria from our published scoring method as the checklist structure.
Key points for your P2P investor checklist: Look for the regulator's name and the specific licence type, not just "regulated". Check whether buyback depends on a single loan originator or is diversified. Distinguish cumulative volume from outstanding loans. Confirm the secondary market is public and liquid, not a theoretical feature. Verify the minimum investment and whether the advertised return is a narrow or wide range.
Why Fact Sheets Matter - and Why They Are Not Enough
A fact sheet condenses the essential terms into one page, but it rarely explains the nuances. A platform might state "regulated" without naming the regulator; another might publish EUR 200 million in volume without saying whether that figure is cumulative or currently outstanding. Both omissions matter. This site scores 19 European P2P lending platforms on a fixed, five-criterion method published at how we rate, and the data points below map directly to those criteria. Capital is at risk on every platform, and no compensation scheme covers borrower defaults.
Criterion One: Investor Protection - Regulator and Licence Type
The first field to check is the regulator's name and the type of licence. "Regulated" alone tells you nothing. A platform holding a MiFID II licence from Latvijas Banka operates under stricter capital and conduct rules than a platform holding an ECSP licence from the Bank of Lithuania, which in turn is more robust than a Swiss platform registered with a self-regulating organisation under anti-money-laundering law only. Unregulated platforms - those with no financial supervisor at all - score lowest in our method.
Mintos, Twino, Nectaro, Debitum and Indemo all hold MiFID II licences from Latvijas Banka and score 10/10 on investor protection in our ranking. EstateGuru, Capitalia, Crowdpear, InSoil, InRento, Lendermarket and Profitus hold ECSP licences from regulators in Estonia, Latvia, Lithuania and Ireland, scoring 8/10. Maclear, headquartered in Zurich, is registered with PolyReg, a Swiss SRO, under anti-money-laundering law; it has no investor compensation fund and scores 5/10. PeerBerry, Hive5, Robocash, Loanch, Reinvest24 and Scramble operate without a financial regulator and score 0/10 on this criterion.
Check the platform's legal notice or homepage footer for the regulator's name. If the page says "licence pending", treat it as unregulated until the licence is confirmed publicly. An ECSP or MiFID II licence does not guarantee your investment - it regulates the platform's conduct, not the borrower's creditworthiness.
Criterion Two: Track Record - Years, Volume and Buyback History
The second block on any fact sheet is the platform's operating history: the year it launched, the volume of loans facilitated, and whether a buyback guarantee has a documented track record behind it. A platform founded in 2015 with EUR 10 billion cumulative volume and a buyback guarantee that has been tested across multiple market cycles scores higher than a platform launched in 2022 with EUR 50 million cumulative and a buyback guarantee introduced six months ago.
Mintos launched in 2015 and reports over EUR 15 billion cumulative, with partial buyback coverage tested during the 2020 pandemic stress. Twino, also 2015, reports EUR 2 billion cumulative and offers a full buyback guarantee. Capitalia launched in 2007 but offers no buyback; it scores points for longevity but loses points for the absence of a guarantee. Newer platforms like Crowdpear (2021) and InSoil (2020) have shorter track records and no buyback, scoring lower on this criterion.
When reading volume figures, confirm whether the number is cumulative (total lent since launch) or outstanding (currently owed). Cumulative volume shows scale over time; outstanding volume shows current book size. A platform with EUR 500 million cumulative and EUR 50 million outstanding has repaid most of its loans - evidence of a functioning cycle. A platform reporting only a single outstanding figure gives you a snapshot, not a track record. Always ask which metric is being reported if the fact sheet does not specify.
Criterion Three: Return Transparency - Advertised Range Width
Most platforms publish a target return or a range. The width of that range signals how predictable the outcome is. A platform advertising 10.4% scores higher on return transparency than one advertising 7-14%, because the former gives you a clearer expectation. A platform that publishes no return at all scores zero on this criterion.
Mintos advertises 9-11%, a narrow two-percentage-point band. Maclear advertises 14.5-14.9%, an even tighter 0.4-point range. Lendermarket advertises 10-18%, an eight-point spread that reflects a mix of high-risk consumer loans and lower-risk business loans without stating which dominates the current book. Reinvest24 does not consistently publish a return range on its homepage, scoring 0/10 on this criterion in our method.
A narrow advertised range does not guarantee you will achieve it - realised returns depend on defaults, early repayments and your own loan selection if you invest manually. But a narrow advertised range tells you the platform's loan book is more homogeneous, which makes outcomes easier to model. Check whether the published return is gross (before defaults and fees) or net (after). Most platforms publish gross returns and do not subtract platform fees or default losses from the headline number.
Criterion Four: Structural Clarity - Loan Type Diversity and Volume Reporting
The fourth field is loan type diversity and how transparently the platform reports its volume. A platform offering consumer loans, business loans, real estate loans and invoice financing scores higher than one offering only consumer loans, because a diversified book spreads risk. A platform reporting cumulative volume by loan type scores higher than one reporting a single AUM figure with no breakdown.
Mintos offers consumer, business, car, bond and real estate loans and reports cumulative volume split by category and country. Capitalia offers SME loans, factoring, venture debt and crypto-backed loans, with public reporting of cumulative volume. Robocash offers only consumer loans and reports a single figure without geographic or product breakdown, scoring lower on structural clarity.
Check whether the fact sheet states "assets under management" (AUM), "outstanding loans" or "cumulative volume". AUM is the broadest term and can include uninvested cash; outstanding loans means principal currently owed; cumulative volume is the total lent since launch. Platforms that report cumulative volume give you a fuller picture of their track record. Platforms that report only AUM or a single outstanding snapshot give you less context.
Criterion Five: Liquidity and Exit - Secondary Market and Minimum Investment
The final block on any fact sheet is exit options: whether the platform has a secondary market, what the minimum investment is, and how quickly you can expect to recover capital. A platform with a public secondary market where you can sell loans to other investors at any time scores higher than one with no secondary market. A EUR 10 minimum scores higher than a EUR 500 minimum because it lowers the barrier to entry and allows finer portfolio adjustments.
Mintos, Twino, Capitalia, EstateGuru, Crowdpear, InSoil, InRento, PeerBerry, Hive5 and Reinvest24 all offer secondary markets. The liquidity on those markets varies: Mintos processes thousands of trades daily, while smaller platforms may take days to match a seller. Platforms without a secondary market - Nectaro, Debitum, Lendermarket, Indemo, Profitus, Robocash, Loanch, Maclear and Scramble - require you to hold loans to maturity or wait for early repayment.
A buyback guarantee is not a substitute for a secondary market. A buyback depends on the loan originator remaining solvent and willing to honour the guarantee; a secondary market depends on other investors being willing to buy. Both can fail under stress. Platforms offering both - Mintos, Twino, PeerBerry, Hive5 - score highest on liquidity in our method. Platforms offering neither - Maclear, Profitus, Indemo - score lowest.
Check the minimum investment. Platforms with a EUR 10 or EUR 50 minimum allow you to test the platform with a small amount and spread capital across more loans. Platforms with a EUR 200, EUR 500 or EUR 1,000 minimum require larger initial commitments and limit diversification for smaller portfolios.
| Criterion | What to Check | Why It Matters |
|---|---|---|
| Investor Protection | Regulator name, licence type (MiFID II / ECSP / SRO / none) | Higher regulatory standards reduce operational risk but do not cover defaults |
| Track Record | Launch year, cumulative volume, buyback history | Longer track record and tested guarantees signal stability |
| Return Transparency | Advertised return range width | Narrow range means more predictable outcome, wider range signals mixed risk |
| Structural Clarity | Loan type diversity, volume reporting method | Diversified loan book and cumulative reporting give fuller picture |
| Liquidity and Exit | Secondary market availability, minimum investment | Secondary market and low minimum improve exit flexibility |
What a Fact Sheet Will Not Tell You
No fact sheet explains how the platform selects loan originators, how often it audits them, or what happens if an originator collapses. It will not tell you the average loan duration, the proportion of loans in arrears, or the historical default rate by loan type. For those details, check the platform's investor reports, risk disclosure documents, and forums where other investors discuss their experience. Our full reviews at all reviews synthesise that context and assign a score based on our published method.
Using This Checklist in Practice
Before depositing on any platform, open the fact sheet or legal notice and confirm the five fields above. If the regulator is not named, treat the platform as unregulated. If the volume is stated without specifying cumulative or outstanding, ask support for clarification. If the advertised return is missing or spans more than five percentage points without an explanation, consider that a transparency weakness. If there is no secondary market and no buyback, understand that you are locked in until maturity.
Once you have checked those five fields, compare the platform to others in the same regulatory tier. A MiFID II platform with no secondary market may still score higher overall than an unregulated platform with a secondary market, because regulatory oversight is the heaviest-weighted criterion in our method. Use the full ranking at CrowdHive reviews to see how each platform scores on all five criteria combined.
Common Questions
Cumulative volume is the total amount lent since the platform launched; outstanding loans are the current amount still owed. A platform with EUR 500 million cumulative and EUR 50 million outstanding has repaid most of its book - a sign of maturity. A platform reporting only outstanding loans gives you a snapshot, not a track record.
No. MiFID II is a conduct and transparency licence, not a deposit insurance scheme. It requires platforms to segregate client funds and meet operational standards, but it does not cover borrower defaults. No compensation scheme covers P2P loan defaults on any platform.
Neither is a complete substitute for the other. A buyback guarantee depends on the loan originator remaining solvent; a secondary market depends on other investors being willing to buy your loan. Both can fail under stress. Platforms with both score higher on liquidity in our method.
ECSP is European Crowdfunding Service Provider, a pan-European licence introduced in 2021. It permits platforms to operate across the EU under one regulator, but it covers a narrower scope than MiFID II and does not include investor compensation. In our scoring, MiFID II ranks highest, then ECSP, then unregulated.
Final Thoughts
A fact sheet is your starting point, not your endpoint. It tells you the platform's regulatory status, loan type mix, advertised return and exit options - the five fields that form our scoring criteria. It does not tell you how the platform behaves under stress, how responsive support is, or whether the advertised return matches realised returns. For that, read the full review, check independent forums, and start with an amount you can afford to lose. Capital is at risk on every P2P platform, and reading the fact sheet carefully is the first step in responsible P2P platform due diligence.