Personal Finance Community

by very_curious

a year ago

Cred Mint 9%

Hey guys if you are using Cred Mint for lending, please help. I wanted to know if you guys get the 9% return per annum as promised and what are the downside of this investment, if any. Also, is there any better alternative to Mint?

Bereal

Stealth

a year ago

Been using it for 2 years now. Had 15L at one point. Got 9% interest as promised and it’s credited every day. But one day this year when RBI revoke license of many fintech players I withdrew all my money in haste. However cred had already applied to license so they were still accepting deposits. Now I have 2.5L there. It’s too big to fail right now but I would be cautious in putting anything more than 5L there

DopeyPoint33

Open

a year ago

Cred isn’t too big to fail. No one wouldn’t care or make a dent in the economy.

Bereal

Stealth

a year ago

I am talking in terms of the funding rounds right now and it’s market value perceived by the investors. But yes. It’s a risk

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Lucifer

Porter

a year ago

People who are doing P2P lending. Be very very careful about putting your money in this. If cred is paying you 9%, think about what it’ll need to do with that to make money? It’ll find people who would be willing to pay more than 9%. And who would be willing to pay more than 9% for a personal loan? People who either can’t get money for lower interest or who desperately need money. This is an adverse selection problem.

Gokart

Stealth

a year ago

Isn’t the general interest rate for a personal loan higher than 9 % ?

FeistySigh76

Syngenta

a year ago

Wouldn’t recommend it. There is always a risk involved in P2P lending. I’d recommend investing in FDs with small finance banks. For example, I have some deposits with Equitas which gives me 8.5% interest. Worth the peace of mind. In this scenario, it isn’t really worth the risk just for an extra 0.5%. If your risk appetite is higher, for for MFs/stocks, depending on your risk profile.

HereWeGoAgain

Slice

a year ago

Can I open an online account with equitas and it's also covered under rbi rules of recovery unto 5 lakhs?

FeistySigh76

Syngenta

a year ago

Yes it is covered till 5 lakhs. Online I’m not too sure, you can check with their helpline. Even their savings account offers 7% interest if you park >5L. Useful if you want to park some funds where high liquidity might be needed. I have mine with Equitas, but most SFBs give good interest rates. Open with any one which is convenient for you

Pika

Microsoft

a year ago

Using tradecred i.e invoice discounting from past 2 years. Average return around 11%. Feels more secure than p2p lending.

Theanalyst001

PhonePe

a year ago

Canara bank FD gives 7.5%p.a on 444 days

Bereal

Stealth

a year ago

Sriram and Bajaj finance both are giving 8.2 and above for similar time range

LovingMask4

Stealth

a year ago

A lot of people are suggesting FDs. The advantage of CRED mint is instant withdrawal without reducing interest rates. The FD interest rate will be reduced if you withdraw prematurely. CRED mint is savings account with a 9hr delay (of withdrawing)

eternalfool

Microsoft

a year ago

They are taxed at 35%. What's the point

DevilInTheDetails

Fintech Startup

a year ago

Try Wint Wealth. Much better alternative, and you're lending to companies which are certified by agencies & taking on debt. Your investments are insured to an extent, and lenders are prioritized during insolvencies etc too. You can still vet your investments further by company & make prudent choices. Haven't faced any issues so far, and >9% is very easy to make right now.

chillbro

Early Stage Startup

a year ago

Try treasury bonds with 91 day expiry. Approximately 7% interest. Safe bet

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Gojek

2 years ago

CredMint Opinion

How safe is credMint ? I am planning to move some of my funds due to ~9% return.

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by hellotherehappy

Stealth

5 months ago

What's the deal with Cred

All the cool marketing and UI/UX aside I find myself wondering what's up with Cred? Here are my questions, knowledgeable product folk or better yet people from Cred or who worked at Cred can you please help with the following questions (and associated complaints) 1) What's the point of the store anymore? The brands are actually far less premium than they're made out to be. Plus you don't get access to exclusive products. 2) The reward system is just sad now, why have they changed the logic and reduced the monetary rewards so much? What were just PLG features like earning cashback for referrals is a voucher now plus the Rs. 1 cashback is just insulting at this point. 3) I used cred cash once and I'm not going to need much more. But I'm wondering if you're catering to the top 1%, do they really need liquidity at 9% interest? 4) Cred Mint seems like a worthwhile proposition, however the returns are only marginally better than the best FDs out there. Also if they're partnering with Liquiloans, which primarily lends to other startups, isn't that risky? How will they guarantee returns if someday Liquiloans goes under?

Indian Startups on

by BlindNest

Stealth

a year ago

Cred

Cred is truly a topic of surprise for me. Yes, I understand it has created a community of top spenders/credit worthy people in India. I also understand that they can use the information on such people for creating value for themselves. Being a cred user, I only use it to pay the bills. I really wonder if they have built any b2b business or alternative source of income beyond what's seen to the end user. What's the game plan for the cred? I also applaud the fact that cred hasn't laid off people having paid them better than most companies. I really wonder if the business is really that strong or the conviction is. Would you join cred if given a chance to work there?