Hello everyone.
Today I'm not going to analyze my $ALV (-2,73 %) or $BATS (+0,22 %) . By the way, I'm currently looking for a really cool dividend stock, but the final analysis is not yet complete, a few exciting companies are still on the longlist (e.g. $ABT (-2,71 %) , $NOVO B (+4,84 %) , $SAN (-1,98 %) ) - no matter. That's not what we're talking about today, but P2P loans. Do you know this class? I've been using this class for almost 6 years and just wanted to report on it and then go into more detail about my "third oldest" platform - Income Marketplace. If you want to see nice graphics and my portfolio charts, you should go to my free blog post, if the text is enough, stay here ;) - Otherwise here: https://steady.page/de/finanzen-anders/posts/7f29f472-572d-49aa-98da-bd0978640036
Why I invest a lot of money without deposit protection - and still sleep soundly
"Imagine someone offering you a permanent 12% return per year."
"The first question is not where can I sign upbut:
Who actually bears the risk here?"
I myself have been investing since 2022 part of my assets in P2P loans (€ 88,064 as at the end of April 2026)specifically via Income Marketplace - Income is my third oldest platform. I've been invested in Bondora for almost 6 years.
This is not a self-experiment out of boredom, but a deliberate addition - and yes, so far with returns well over 10 % p.a.
This means that the investment beats both my call money and most of my broadly diversified ETFs in difficult market phases.
But:
If double-digit returns beckon anywhere on a sustained basis, then the same applies in accounting as in real life:
"If it looks too good to be true, someone is obviously taking risk."
So the question is not whether risk exists - but who bears it, how it is structured and whether you are fairly rewarded for it.
P2P is not a savings product.
Rather, it is the asset class for people who know that returns do not fall from the sky, but from assumed risk.
If you are interested in the P2P asset class in video form, please watch my video:
I have also written about the P2P asset class in great detail on my financial blog (in 7 parts). Here is the link to part 1:
Why I like to invest in P2P loans? Take a look at this graphic - in my financial blog :)
The purple curve is my main stock portfolio at ScalableThe purple curve is my main stock portfolio at , strong highs and when Donald Trump declares tariffs, my portfolio plummets. Not for the faint-hearted.
The yellow curve is my investment in P2P loans as a whole, a really nice yield ladder. And Income? In light green, significantly higher returns than the yellow curve. In other words, I have a relatively predictable passive income here!
What is the business model - quite soberly?
With P2P loans, we give investors money to lendersmostly fintechs in Europe or emerging markets.
These lenders grant (among other things) consumer loans with high interest rates - and we get part of it.
👉 We are replacing the bank to a certain extent.
With the small difference that we:
- no deposit protection
- no state protection
- and no guarantee have.
- We take over but also parts of the credit risk,
- but in return get we also higher interest rates.
That is uncomfortable - but honest.
Income Marketplace is thereby not a lenderbut a marketplacethat connects investors with fintech lenders (loan originators) brings them together.
👉 Anyone who invests here is not in loans in Germanybut in loan portfolios from Europe, Central and South America, Asia. And I personally find that very exciting.
Income
So why Income of all things?
Income Income differs from many P2P platforms in a way that you can only appreciate if you have experienced early P2P crises:
A buyback guarantee is only as good as the lender who can pay it in an emergency.
That is why Income on a multi-level security concept:
- Lenders retain 20-35 % of the loans themselves,
- but subordinated - we are serviced first.
- If a lender defaults entirely, the portfolio can Income take over the portfolio
- and continue to process it via debt collection.
This is not a magic trick.
But it is structurally cleaner than the classic "Trust me, I'll buy it back later".
Now the honest part
Income is:
- not regulated
- not profitable
- and the security mechanisms have never been tested in a real major crisis
And yet I invest.
Why?
Because I:
- understand the risk understand
- it limit it
- and don't confuse it with "safe money"
In other words:
This money doesn't have to be there in three years - but it is very welcome to work.
The most important distinction
The officially reported defaults are less than 2 %.
Depending on the country, the real borrower defaults are 20-25 %.
This is not a contradiction -
but shows that there is constant regrouping, buying back and reinvesting.
👉 The return is not generated because nobody defaults -
but because the system expects defaults.
The mistake many beginners make
Many people hear:
"Buy-back guarantee, auto-invest, 12% - sounds relaxed."
And that's exactly that is the dangerous moment.
P2P only works well if you:
- diversified
- critically scrutinize lenders
- and come to terms internally with defaults
If you are looking for absolute security lost nothing here.
But if you are looking for returns and consciously manage riskwill find an interesting niche here.
Conclusion
My conclusion in one sentence
P2P loans are not a substitute for overnight money -
but a deliberately risky addition to returns for people who know why they are getting 12 or 13 %.
And when we think about it, it's not with the question
"Is that safe?"
but with the much more important one:
"What risk am I consciously taking - and am I getting a fair price for it?"
If you would like to open an account with Income, please use my affiliate link: https://link.finanzenanders.de/income
Not enough?
If you Income Marketplace or P2P investments interest you, then let's get down to business.
Income Marketplace In figures (so we're not just talking about feelings)
- Foundation: 2020
- Registered office: Tallinn, Estonia
- Regulation: ❌ None
- Investor assets under management: ~EUR 26-27 million
- Financed loan volume: >EUR 220 million
- Average yield: approx. 11-14 % p. a. (13,78 % lt. Income)
- Deposit protection: ❌ None
- My current investment: € 3,579
- My current return: 12.95 %
In short: Not a savings account. Not even close, but a very high return.
At times I've invested over €10,000 on Income I withdrew a lot from all my P2P loans when we bought our house. That was the plan. And now the great thing is that with Income the transfer to my reference account is free of charge and super fast!
I like the UI / structure of Income:
Everything at a glance.
I also really like the cash flow forecast.
Why Income not simply "Mintos with a different logo" is
Income is trying to solve a problem that P2P investors have known well since corona:
The buyback guarantee is only worth as much as the lender who promises it.
Therefore Income on two additional security mechanisms:
Security concept 1: Junior Share
("Skin in the Game - but the right way, please")
With almost all loans, the lender holds a subordinated subordinated equity share - usually 20-35 %.
This means that
- Investors are are given priority
- the lender receives money only when we are fully repaid
- if the portfolio turns out worse → the lender loses first
👉 This is structurally better than classic "skin in the game", but:
- It protects not from poor collection rates
- It does not protect not from systemic crises
- It has never been proven in a major stress test
Security concept 2: Cash flow buffer
(Or: "Plan B in case the lender disappears")
If a lender defaults:
- Income takes over the loan portfolios via SPVs
- Repayments continue
- Collections are made via local partners
- Losses are to be cushioned by surpluses & junior shares
Sounds good - and is conceptually clean.
But to be fair, it has to be said:
The real thing hasn't really been played out yet.
The well-known problem case ClickCash (Brazil) was simply too small to seriously test the system.
Failure rates: Apparently low - potentially brutally different
This is where it gets exciting:
- Official platform statistics (March 2026):
- → only 1,7 % of the portfolio in debt collection
- Lender-specific:
- → partial 20-25 % defaults with high-risk originators
- (e.g. Indonesia, Brazil with ClickCash)
This is not a contradiction:
- Short-dated + buyback + regrouping conceal short-term defaults
- In the long term, everything depends on Lender quality & collection efficiency
👉 Diversification is not a "nice to have" here, but essential for survival.
Auto-Invest: Passive income - or passive looking away?
Income lives from Auto-Invest.
Once configured, the capital (usually) continues to work diligently.
Advantages:
- Compound interest
- hardly any cash drag
- Very granularly controllable
But:
- You must not not blindly filter for yield
- if you take all lenders & countries, you also buy problems
💡 My personal lesson:
Better fewer lenders - but understood risks.
This is how my auto-invest is set up
However, I also have the option of investing manually, such as in this short-term business loan:
Sorted by shortest term
I have chosen the top loan and will invest €25.41.
Done.
The inconvenient truth: Income is not (yet) profitable
Income earned:
- approx. 2-4 % p. a. fees on loan portfolios
- no fees from investors
Problem:
- Losses in the annual reports
- No audited financial statements
- Dependent on investor and financing rounds
Plain language:
You also invest to a certain extent in the hope that Income survives as a platform.
For whom is Income suitable - and for whom not?
Suitable for: ✅ Yield-oriented investors
✅ People with previous P2P experience
✅ Investors who can mentally & financially cope with total losses
✅ Addition of up to ~5-10% of total assets
Not suitable for: ❌ Security lovers
❌ "This is my nest egg" faction
❌ Investors without time to monitor risk
❌ People who believe that 12% is "virtually safe"
Conclusion: Exciting, lucrative - but not a free ride
Income Marketplace is not a miracle investmentbut:
- structurally more sophisticated than many P2P platforms
- transparent
- high-yielding
- so far without losses for investors
👉 Whether it stays that way is decided not the marketingbut:
- a real lender crash
- a recession in emerging markets
- or your own discipline when investing
In other words:
Income is not a savings account.
But perhaps that's precisely why it's interesting. Definitely for me :)
Disclaimer
Of course, investing in shares, ETFs, crypto, ... is always associated with risks. My thoughts are therefore not to be understood as concrete recommendations for action (neither buy nor sell recommendations), but are intended to stimulate your way of thinking. So that you can also develop your own opportunities. Past performance is no guarantee of future returns. Capital is at risk. Furthermore, the data and figures are not accurate. For links with * I receive a commission if you order through them. There are no additional costs for you. Thank you for your support!
Even I can make mistakes, so please always double-check.
This article reflects my opinion and my experience, although it is financially supported by Income is financially supported.
