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We are pleased to announce that ITF Group has joined the Mintos marketplace and, starting today, will place short-term consumer loans issued in Bulgaria on the platform.
ITF Group is regulated by the Bulgarian National Bank. The Company offers a range of consumer loans and will place loans issued under two brands on the Mintos platform: consumer loans with repayments in single and multiple installments issued under the Smile Credit brand, and short-term consumer loans with repayment in several installments issued under the Get Cash brand.
ITF Group loans placed on the marketplace will range in size from EUR 25 to EUR 2 500 with loan terms of 15 days to 12 months.
ITF Group will offer a buyback guarantee for loans that are delinquent for more than 60 days.
The annual net return for these loans is expected to range from 10% to 14%. ITF Group will also keep at least 10% of each loan placed on the platform on its balance sheet – its “skin in the game”.
ITF Group was founded in December 2012 in Bulgaria. It currently employs more than 40 people and has six offices in major Bulgarian cities. ITF Group is known on the Bulgarian market as a reliable and fast-growing non-bank financial institution with a customer satisfaction score of more than 96%. ITF Group revenue is expected to reach EUR 1.7 million by the end of 2016, with EUR 4.4 million in issued loans. Its net loan portfolio is EUR 1.6 million, as of September 2016. Since beginning its operations, ITF Group has served more than 35 000 clients.
The company receives more than 3 000 credit applications each month and approves only 40% of them. The average client age is 26 to 40. Loans issued are primarily used to cover daily and previously unexpected expenses. The share of loans with delayed payments of 60 days or more is 8%.
“We believe that the future of lending and investing is based on an approach where funds flow freely across the globe from investors seeking higher returns to customers seeking loans. From this point of view, we are convinced that the innovation Mintos brings to peer-to-peer platforms is a step forward,” says ITF Group CEO Filip Dobrinov.
Currently, Mintos investors can invest in loans issued in the Czech Republic, Denmark, Estonia, Georgia, Latvia, Lithuania, Poland, and now, also in Bulgaria.