With a rapidly growing base of 22,000 registered users, Plazo provides its customers with long-term loans of up to EUR 3,000 with a maturity of up to 2 years and a competitive APR on the Spanish consumer loan market. As Spain shows one of the fastest growth of consumer lending across European countries, Plazo is the response from ID Finance to the current consumer needs and demands.
For Mintos investors, ID Finance Spain S.L. offers Plazo’s long-term loan portfolio with a net annual interest rate of 10%. The company offers a buyback guarantee for loans that are delinquent for more than 60 days, and in order to retain its skin in the game, ID Finance Spain S.L. keeps at least 5% of each loan available on the Mintos marketplace on its balance sheet.
Plazo and ID Finance’s legacy
The work of ID Finance is aimed at providing affordable, easy and convenient financial products, which will allow its Spanish operations to grow twofold this year, according to the company’s statement. ID Finance also relies on the demand for their Plazo long-term loan product, with the affordable rates that make Plazo an attractive source of financing for people with high solvency.
ID Finance is recognised as a company to watch by London investment bank, GP Bullhound and has been ranked 50th in Inc. 5000 Europe. Furthermore, ID Finance is the second fastest growing fintech in Europe according to the Financial Times. In 2018, it was also named as one of Wired magazine’s 100 hottest startups.
According to ID Finance, Plazo is a reliable, fast-growing company with a service that is being developed 24/7 to offer near prime low-risk customers a high-tech product with an intuitive interface and convenient service. The company represents the future of lending, with behaviour biometrics, expectations and anti-fraud scoring, and AI-powered client assistant.
Why invest in long-term loans by Plazo?
When it comes to investing in long-term loans, ID Finance has a message for investors.
“Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas”, – Paul Samuelson, an American economist, Nobel laureate.