Monefit SmartSaver review
7.5
(our review)
We rate Monefit SmartSaver a 7.5, mainly because of its ease of use. Flexible balances currently earn yearly returns of 7.5 percent. In addition, the platform offers fixed-term vaults with returns up to 10.52 percent for a 24-month term. Your funds are used by Creditstar to finance consumer loans.
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Please note: investing online through Monefit SmartSaver involves risks. You may lose part or all of your investment.
What is Monefit SmartSaver?
Monefit SmartSaver is a product of Creditstar Group, an Estonian fintech company that has been active in consumer lending since 2006.
The biggest advantage of Monefit is its simplicity. You do not need to configure anything and can even keep your balance withdrawable. This makes it easier to use than many other p2p platforms, where you often need to set preferences or manually select loans.
Investors most often compare Monefit SmartSaver with Bondora and Mintos.
Looking for steady returns without active management? Discover Monefit SmartSaver, offering returns of up to 10.52 percent per year through fixed-term vaults. Recommended for its simplicity and ease of use.
Offer: fixed returns and 3 term options
Monefit SmartSaver offers fixed returns. The company behind Monefit uses investor funds to finance consumer loans in several European countries, though you do not notice much of this as an investor. You do not select loans yourself and the platform offers no investment settings.
Returns
Once your account is approved and your first deposit has been processed, your balance immediately starts earning 7.5 percent annually while remaining withdrawable. You do not need to configure anything. You can also lock funds in Vaults: a 12 month term currently offers 9.42 percent, increasing to 10.52 percent for 24 months.
The downside is that funds locked in a Vault cannot be withdrawn during the selected term. In our opinion, Monefit offers high returns, especially over longer periods. Some platforms offer even higher returns, but there investors are usually directly exposed to payment delays or defaults from individual borrowers.
Withdrawals
From your flexible balance, the first one thousand euro per calendar month can be withdrawn instantly. Higher amounts may take up to 10 days. For funds locked in a Vault, the platform offers no early exit option and you must wait until the end of the term.
According to Monefit, this structure allows the platform to process withdrawals from incoming loan repayments. The terms and conditions also mention exceptions during liquidity or payment issues. If reserves become insufficient, the platform legally has the right to delay withdrawals further.
The Creditstar Group has been operating successfully and profitably since 2006. Monefit SmartSaver was launched in 2023 and has met its payment obligations to its investors since launch.
Ease of use
Everything is designed around convenience. We consider Monefit one of the most user friendly platforms we have tested. Both the desktop and mobile versions feel modern and intuitive.
Registration is quick and simple. Identity verification is handled through Veriff.me, which is a fast, popular and user friendly service for verifications. The process only requires an ID document and your mobile phone. We opened our account within minutes and were able to transfer funds directly through an IBAN account.
Once your account is approved and the funds arrive, your balance immediately starts generating returns. You decide how much and how often you deposit. For example, you can set up a monthly transfer through your bank and stop whenever you want.
Looking for steady returns without active management? Discover Monefit SmartSaver, offering returns of up to 10.52 percent per year through fixed-term vaults. Recommended for its simplicity and ease of use.
Reliability
At Monefit, your funds are spread across the total loan portfolio, meaning payment problems from individual borrowers do not directly affect your returns. Because you indirectly invest in the loans themselves, the platform can operate without ECSP or MiFID II licences. As a result, regulatory oversight is more limited.
According to Monefit, investors receive “rights to the related loan claims”, meaning rights linked to underlying loans. The company also mentions a separate safeguarding structure and provides extensive information. However, without regulatory supervision or standardised definitions, it is difficult to compare this data with ECSP platforms. There is no formal investor protection if the structure turns out to be insufficient.
Reliability of Creditstar Group
Monefit SmartSaver is fully tied to Creditstar Group. Unlike many other p2p platforms, you are not indirectly investing through multiple loan originators, but through one organisation. Within p2p lending, Creditstar is a large player with operations in several European countries and a long, stable track record.
However, past performance is not a guarantee of future results. Major geopolitical or economic developments can affect performance. Internal problems at Monefit or Creditstar could also create serious issues.
If Creditstar or Monefit run into financial problems, you could lose your entire investment.
Our review score: 7.5
In our review, we rate Monefit SmartSaver a 7.5. We find the ease of use excellent. The platform is fast, clear and the returns are stable. At the same time, that simplicity also creates a risk: everything feels so easy that you may become less aware of the underlying risks.
Many investment platforms show the performance of individual loans, including payment delays and defaults. At Monefit, you only see one fixed return. This makes the product appear safe, but if problems arise at Creditstar or within the underlying loans, it could directly affect the full balance on the platform.
We mainly use Monefit outside the Vaults. With a 7.5 percent return, we consider it an interesting addition within a diversified portfolio. There are few comparable solutions for capital that remains relatively flexible and withdrawable.
Most of our investments are on platforms such as Mintos and Debitum, where we diversify not only across loans, but also across loan originators. The downside is that your money is usually locked for the duration of the loans, and these platforms require more knowledge because not every originator is comparable to Creditstar.
