Crowdlending—loans between individuals or to businesses facilitated by digital platforms—offers returns ranging from 6% to 12% annually, well above those of bank deposits. The trade-off is a real risk of default that does not exist with deposit insurance-backed products.
By 2026, the sector has matured considerably: the platforms that survived the 2020–2022 crisis have more robust risk control systems and greater transparency. But it remains an investment that requires a solid understanding of what you’re getting into.
Content
- Mintos: Europe’s Largest Platform
- Bondora: the easiest to get started with
- Urbanitae: Spanish real estate crowdfunding
- Comparison table
- Real risks of crowdlending
- Taxation
- Who is it for?
Mintos — 10.5% average APR
Mintos is Europe’s largest P2P lending platform, headquartered in Latvia and regulated by the FCMC (Latvia’s equivalent of the SEC). It connects investors with loan originators from over 30 countries.
How it works: You invest in notes issued by Mintos that are backed by loans from originators. If the originator defaults, Mintos initiates the recovery process. Historical average return: ~10.5% gross.
Key features:
- Minimum investment: €10
- Auto-invest available (automatic loan selection)
- Secondary market with liquidity in 1–2 days (at a discount)
- Automatic diversification across originators and countries
Main risk: the quality of the originator. In 2020–2021, several originators went bankrupt and some investors lost part of their capital. Mintos partially recovered funds in many cases.
Bondora — 6.75% APR (Go & Grow)
Bondora is the longest-standing Estonian platform in the sector (founded in 2008). Its flagship product, Go & Grow, works almost like a savings account: you deposit funds, earn 6.75% annually, and can withdraw whenever you want (with a daily limit of €1,000).
Why it’s so popular:
- Extreme simplicity: no need to select loans or configure anything
- Virtually daily liquidity (€1,000/day limit)
- No deposit or withdrawal fees
- Minimum investment: €1
The trade-off: Bondora is no longer active in the Spanish market (they cannot acquire new customers in Spain starting in 2022 due to regulatory reasons). However, Spanish investors who already have an account can continue trading. Check availability before signing up.
Urbanitae — 14–16% IRR on real estate projects
Urbanitae is Spain’s leading real estate crowdfunding platform. It finances residential and commercial developments in Spain, with target returns of 14–16% IRR over 12–24 months.
Differences from Mintos/Bondora:
- It is not pure crowdlending: it is an investment in equity or debt for real estate projects
- No liquidity during the project’s term — capital is locked up until the developer repays
- Regulated by the CNMV as a Crowdfunding Platform
- Minimum investment: €500
- Risk: if the project is delayed or the developer encounters problems, the return is delayed or reduced
The higher target return compensates for the lack of liquidity and the higher developer risk.
Comparison table
| Platform | Return | Liquidity | Minimum | Regulator | Available in EN |
|---|---|---|---|---|---|
| Mintos | ~10.5% | Secondary Market | 10 € | FCMC (LV) | Yes |
| Bondora G&G; | 6.75% | Daily (€1k/day) | €1 | FIN-FSA (EE) | Limited |
| Urbanitae | 14–16% IRR | No (12–24 months) | €500 | CNMV (ES) | Yes |
Real risks of crowdlending
- Default risk: the borrower fails to repay. Historical default rates on Mintos (consumer loans) range from 2% to 15% depending on the originator and country.
- Platform risk: if the platform shuts down, recovering funds may be slow and partial (as happened with Envestio or Kuetzal in 2020).
- Liquidity risk: in a crisis, the secondary market dries up. If you need the money urgently, you may not be able to sell it or may only be able to do so at a discount.
- Currency risk: Loans in non-euro currencies (PLN, RON, GEL) add exchange rate volatility to returns.
Taxation of crowdlending in Spain
Crowdlending returns are taxed as capital gains (just like interest on a deposit) at the savings tax rate: 19% up to €6,000, 21% up to €50,000, 23% up to €200,000, and 27% thereafter.
Losses due to default are deductible once reported as losses by the platform (there is a one-year period from the default to claim them on your income tax return).
Who is crowdlending suitable for?
Crowdlending makes sense for investors who:
- Already has emergency savings and FGD-covered deposits
- Can tie up capital for 12–36 months without needing it
- Understands and accepts that they may lose part of their capital
- Seeks to diversify beyond deposits and the stock market
It is not suitable if this is your only savings, if you need the money in the short term, or if you cannot afford partial losses.
Check out the comparison of crowdlending platforms on APYData with updated returns.