P2P Lending Marketplace Crosslend launched last September. The unsecured loans are open for investment for investors in Germany, Spain, UK and the Netherlands.
I gave a short overview in my Crosslend review for investors. So far the couple of Crosslend loans, I invested in, are all current.
In mid-January Crosslend added Dutch loans and I made a bid on the first Dutch loan listing. The majority of loans are still sought by Spanish borrowers. Currently there are over 50 Spanish loan listings available and also a few German or Dutch ones.
10% Cashback
Crosslend currently offers a cashback promotion. New and existing investors get 10% cashback on all successful investments made until March, 31th 2016 (up to a maximum bonus amount of 1,000 Euro per investor; further conditions apply, e.g. minimum investment of 250 Euro during promotion period). Investors contemplating to test Crosslend should consider making use of this cashback offer now.
Update Jan 31th: was informed that this offer runs currently only in the German market; other markets will follow later
It appears that Crosslend will charge you 20 Euro every quarter if you don’t submit at least one offer for a note in that quarter.
https://konto.biw-bank.de/formularcenter_bank/public/2200101.pdf
Yes, they do that, if you do not do anything during a quarter.
So say you would have a portfolio with them of several hundred or thousand Euro, wouldn’t you say the 80 Euro per year fee is a bit steep?
You won’t always be able to pour new money into it, so you will have to pay this fee at least some of the time.
My understanding is that you need to take one action per quarter. That means with the large portfolio you mention, just by reinvesting into new notes the fee will not be charged.
But I may have got that wrong, I suggest you ask Crosslend support for clarification.