Esketit Review

A Glance at Esketit Review

In this Esketit Review, we explore how the platform, founded by Davis Barons and Matiss Ansviesulis, capitalizes on the burgeoning peer-to-peer (P2P) lending market to facilitate direct financial transactions between investors and borrowers. With its inception in Dublin, Ireland, in 2020, Esketit has set a new precedent in P2P lending by emphasizing transparency, efficiency, and user satisfaction.

Core Features:

• Competitive Returns: A key highlight in our Esketit Review is how the platform distinguishes itself by offering investors competitive returns on their investments, positioning it as a lucrative alternative to traditional banking and investment avenues, on average investors can earn around 12.38%
• Secondary Market: In the landscape of investment options, the secondary market emerges as a pivotal avenue for premature liquidation of assets. Our platform facilitates this process seamlessly, ensuring a fee-free transaction and providing a valuable recourse for investors seeking expedited exits from their positions.
• Auto-Invest: The Auto-Invest feature revolutionizes the investment process by eliminating the need for manual intervention, thus saving valuable time. Simply define your investment parameters to align with your goals and risk tolerance, and Auto-Invest will execute investments on your behalf as soon as suitable opportunities arise.
• Dedicated Support: Esketit ensures a seamless user experience with a responsive customer support team, ready to assist with any inquiries or issues, thereby solidifying its reputation for excellent service.

Getting Started on Esketit

Registration and Account Setup

Step 1: Sign-Up and Account Creation

Navigating to Esketit

Begin by visiting the website. On the homepage, you’ll find an option to sign up. This is your entry point into a world where investing and borrowing are made simple and direct. Click on the sign-up button, and you’ll be prompted to enter essential details such as your email address and to create a secure password. Esketit values user security, and as such, ensuring your password is strong and unique is the first step towards safeguarding your financial journey.

Step 2: Completing KYC Requirements

Importance of KYC

The Know Your Customer (KYC) process is a crucial step for ensuring the safety and legality of operations on the platform. Esketit complies with regulatory requirements to prevent fraud and money laundering, making KYC a mandatory process for all users.

Submitting Your Documents

You will need to provide personal identification documents, which may include a passport, national ID card, or driver’s license. Additionally, proof of address through utility bills or bank statements is required to verify your residency. The platform’s interface guides you through uploading these documents, making the process as smooth as possible.

Step 3: Funding Your Account

Making Your First Deposit

Once your account is set up and your identity verified, the next step is funding your account. Platform offers several deposit methods, including bank transfers and possibly other digital payment solutions, to accommodate users from different regions. The minimum investment amount on Esketit is designed to be accessible, allowing you to start with a relatively small sum and increase your investment as you become more familiar with the platform.

Understanding Deposit Times and Fees

Deposits usually reflect in your Esketit account within a few business days, depending on your bank and transfer method. Esketit prides itself on transparency, ensuring that any associated fees are communicated upfront. However, it’s always advisable to check for any potential fees from your bank’s side.

Step 4: Exploring Investment Options

Diving into the Dashboard

With your account funded, it’s time to explore what Esketit has to offer. The user dashboard provides a comprehensive overview of available loans for investment, detailed descriptions of loan originators, and the risk associated with each loan. Utilizing filters, you can navigate through different loan types, interest rates, and terms to find investments that align with your financial goals.

Setting Up Auto-Invest

For those looking to automate their investment strategy, the Auto-Invest feature is a standout tool. You can set parameters such as loan type, term, interest rate, and amount per loan, allowing Esketit to automatically allocate funds to new loans that match your criteria. This feature is particularly beneficial for diversifying your portfolio and maximizing returns without daily management.

Step 5: Making Your First Investment or Loan Request

For Investors

Selecting loans to invest in is made intuitive on Esketit. Once you’ve identified a loan or set up your Auto-Invest, making your first investment is just a click away. The platform provides detailed insights into each loan, ensuring you’re well-informed before committing your funds.

Investment Thresholds

Esketit is accessible to a wide range of investors, with a particularly low barrier to entry in terms of initial investment amounts. The minimum investment requirement on Esketit is set at a modest €10, making it an attractive option for individuals looking to explore P2P lending without committing a significant amount of capital upfront. This low threshold is part of Esketit’s broader strategy to democratize the investment process, allowing more people to participate in P2P lending and enjoy the potential returns it offers.

Key Features of Esketit

Auto-Invest Functionality

Esketit’s auto-invest feature stands out for automating investment strategies, enabling passive income generation. This section will explore how investors can customize their auto-invest settings to match their investment goals, based on Esketit user experience.

Secondary Market Insights

The Esketit secondary market offers liquidity options for investors, allowing for the early exit of investments. This review will provide insights into how to navigate the market efficiently.

Loan Diversification

With a variety of Esketit loan performance metrics available, this section will delve into the types of loans offered and their geographical reach, underscoring the platform’s robust loan diversification options.

Interest Rates and Returns

Esketit stands out in the peer-to-peer (P2P) lending market primarily due to its competitive returns for investors. The platform has positioned itself as a compelling choice for those looking to diversify their investment portfolios beyond traditional stocks and bonds, offering an average annual return rate that is both attractive and competitive within the P2P lending space.

Competitive Returns

Investors on Esketit can anticipate average returns of approximately 12.42%, a figure that places the platform among the top contenders in the P2P lending industry. This rate significantly surpasses the average yields found in traditional savings accounts and fixed-income investments, making Esketit an appealing option for yield-seeking investors.

Analyzing Esketit’s Interest Rates

Esketit’s interest rates are determined by a combination of factors, including the loan type, borrower’s risk profile, and loan duration. The platform’s dynamic pricing model ensures that investors are compensated appropriately for the risks they take. By offering a diverse range of loan types—from short-term consumer loans to longer-duration business loans—Esketit allows investors to choose opportunities that best align with their risk tolerance and investment objectives.

Expected Returns

The expected returns on Esketit are not just a reflection of the nominal interest rates but also account for the platform’s safety mechanisms, such as the buyback guarantee. This feature, which protects investors against borrower defaults, enhances the overall attractiveness of Esketit’s offering by adding a layer of security to the investment.

The Borrowing Process and Its Impact on Returns

While this section focuses on investors, it’s pertinent to note how Esketit’s borrowing process influences investor returns. The platform employs a rigorous risk assessment procedure for borrowers, which helps in maintaining a low default rate. Consequently, the stability and reliability of returns are enhanced, making the platform a viable choice for investors seeking both income and capital preservation.

Risks and Safety Measures

Investing in P2P platforms for lending like Esketit comes with its set of risks and rewards. Recognizing the potential concerns investors might have, Esketit has implemented a robust framework of safety measures aimed at mitigating investment risks. These measures are designed to protect investors’ capital and ensure a secure investing environment.

Buyback Guarantee

One of the cornerstone features Esketit offers to safeguard investor interests is the buyback guarantee. This mechanism is activated if a borrower fails to make payments for a specified period, typically 60 days. In such cases, the loan originator repurchases the loan from the investor, including owed interest, thus minimizing the risk of loss. This guarantee is a significant assurance for investors, offering a layer of protection against borrower default.

Detailed Risk Assessment Procedures

Esketit employs comprehensive risk assessment procedures to evaluate the creditworthiness of borrowers before listing any loans on the platform. This due diligence process includes analyzing borrowers’ financial histories, repayment capacities, and other relevant data to assign appropriate risk categories to each loan. By only allowing loans that meet stringent criteria, Esketit significantly lowers the risk of default, ensuring that investors are exposed only to borrowers who have been thoroughly vetted.

Transparency and Loan Diversification

Transparency is a key aspect of Esketit’s approach to risk mitigation. The platform provides detailed information about each loan, including the borrower’s risk category, loan purpose, and terms. This transparency enables investors to make informed decisions based on their risk tolerance and investment goals.

Moreover, Esketit encourages loan diversification as an effective strategy to spread risk. By investing in a wide array of loans across different risk categories and loan types, investors can mitigate the impact of any single borrower’s default on their overall portfolio.

Ongoing Monitoring and Support

Esketit’s risk mitigation measures extend beyond the initial loan approval process. The platform continuously monitors loan performance and offers support to borrowers to prevent defaults. In cases where borrowers face financial difficulties, Esketit works proactively to restructure loans and ensure repayment, further safeguarding investor returns.

Platform Usability and Support

Website and Mobile App Interface

As we delve deeper into our Esketit Review, it’s clear that the online platform has been meticulously designed to ensure ease of use for both seasoned investors and newcomers to the P2P platforms for lending space. The website’s layout is intuitive, with clear navigation menus that allow users to effortlessly access various sections such as investment portfolios, loan offerings, account settings, and educational resources.

Key Usability Features:

• Simplified Dashboard: Offers a quick overview of investment performance, including current holdings, returns, and account balance.
• Investment Filters: Enables investors to sort and select loans based on criteria such as risk levels, loan types, and expected returns, facilitating a tailored investment strategy.
• Auto-Invest Configuration: The platform provides a straightforward setup process for its auto-invest feature, making it easy for users to automate their investment preferences and save time.

The mobile app mirrors the website’s functionality, offering a seamless experience on-the-go. Its responsive design ensures that users can manage their investments, view their portfolio, and perform transactions from anywhere, at any time.

Accessibility Features:

Esketit has incorporated several accessibility features to accommodate all users, including those with disabilities. These include screen reader compatibility, keyboard navigation, and contrast options for better visibility, underscoring the platform’s commitment to inclusivity.

Customer Support Services

Esketit’s customer support system is structured to provide timely and helpful assistance to its users. The platform offers multiple channels for support, ensuring that users can easily find solutions to their queries or issues.

Support Channels:

• Live Chat: Offers real-time assistance during business hours, providing quick responses to user inquiries.
• Email Support: Users can expect detailed and thoughtful replies to their questions within a reasonable timeframe.
• Telephone Support: For more direct communication, users can contact the customer support team via phone for immediate assistance.

Quality of Service:

Feedback from users and Esketit success stories highlight the customer support team’s professionalism, knowledge, and willingness to assist. Whether it’s guiding a new investor through the signup process, addressing technical issues, or providing insights into loan products, the support team has consistently demonstrated a commitment to user satisfaction.

User Feedback Highlights:

• Responsiveness: Users frequently commend the swift response times across all support channels.
• Expertise: The support team’s deep understanding of the P2P platform and P2P lending ensures that users receive accurate and valuable advice.
• Friendly Approach: The customer-centric attitude of the support staff enhances the overall user experience on Esketit.

Pros and Cons

Esketit has made significant strides in the peer-to-peer (P2P) lending market, offering a platform that caters to both investors seeking returns and borrowers in need of funds. However, like any investment platform, it comes with its own set of strengths and areas that could benefit from improvement. This section provides a balanced view of the pros and cons of Esketit, as informed by comprehensive analysis and feedback from investors who have used the platform.

Pros

1. Competitive Returns for Investors: With average annual returns of around 12.42%, Esketit stands out as one of the more lucrative options in the P2P lending space, attracting investors looking for higher yields than traditional bank savings or fixed income investments.
2. Robust Risk Mitigation Measures: The platform’s buyback guarantee and detailed risk assessment procedures provide a safety net for investors, minimizing the risk of loss due to borrower defaults.
3. User-Friendly Platform: Both the website and mobile app are designed with user experience in mind, offering intuitive navigation, clear information presentation, and easy access to investment and account management tools.
4. Diverse Investment Opportunities: Investors have access to a wide range of loan types across various geographies, enabling portfolio diversification which is crucial for risk management.
5. High Level of Transparency: Esketit provides detailed information about each loan, including borrower risk assessments and loan conditions, allowing investors to make informed decisions.
6. Responsive Customer Support: The platform’s customer service is noted for its responsiveness and helpfulness, addressing investor queries and concerns promptly.

Cons

1. Unregulated Nature: As with many P2P platforms, Esketit operates in a space that is less regulated than traditional financial institutions, which may present a higher degree of operational risk.
2. Limited Secondary Market: While Esketit offers a secondary market for investors looking to sell their loans, it’s not as liquid as some may prefer, potentially making it challenging to exit investments quickly.
3. Geographical Focus: The majority of loans are European, which might not appeal to investors seeking global diversification or those outside Europe due to jurisdictional restrictions or currency exchange considerations.
4. Relatively New on the Market: Given its launch in 2020, Esketit doesn’t have the long track record some conservative investors might look for when assessing platform stability and long-term viability.
5. Limited Coverage of Group Guarantee: The group guarantee does not cover all loans, specifically those from Jordan, which might be seen as a drawback for investors looking for additional security measures across all investments.
6. Learning Curve for New Investors: Despite the platform’s user-friendly design, new investors to P2P lending might find there’s a learning curve associated with understanding risk assessments, loan types, and the best strategies for using features like auto-invest.

Esketit vs Competitors Comparison

In the rapidly evolving landscape of peer-to-peer (P2P) lending, Esketit has carved out a niche for itself with distinctive features and offerings. However, to make an informed decision, potential investors should consider how Esketit stacks up against its competitors. This comparison focuses on key aspects such as returns, risk mitigation measures, platform usability, and investor support, providing a comprehensive view of where Esketit stands in the competitive P2P market.

Returns on Investment

Esketit offers an average annual return of around 12.42%, positioning it as one of the more lucrative options in the P2P lending space. When compared to competitors like Mintos, PeerBerry, and Bondora, Esketit’s returns are competitive, often surpassing average yields offered by these platforms. However, the exact return rates can vary depending on loan types and risk levels, with some platforms offering higher potential returns on higher-risk loans.

Risk Mitigation Measures

Esketit’s commitment to investor safety is evident through its buyback guarantee and detailed risk assessment procedures. While similar guarantees are common among P2P platforms, Esketit’s approach to risk assessment and transparency sets it apart. Competitors like Mintos also offer buyback guarantees, but Esketit’s additional group guarantee for certain loans provides an extra layer of security. However, it’s worth noting that not all competitors limit their guarantees to specific geographical regions or loan types, which may be a consideration for risk-averse investors.

Platform Usability

In terms of platform design and user experience, Esketit is praised for its intuitive interface and ease of use, making it accessible to both novice and experienced investors. While many competitors also offer user-friendly platforms, Esketit’s mobile app and website are specifically designed to streamline the investment process, from setting up auto-invest strategies to accessing detailed loan information. This level of usability is comparable to that of platforms like Lendermarket and Bondora, which are also known for their excellent user interfaces.

Customer Support and Investor Resources

Esketit’s responsive customer support and extensive investor resources stand out in the industry. The platform offers multiple channels for support, including live chat, email, and phone, ensuring that investors have access to timely assistance. This level of support is on par with leading competitors but surpasses many smaller platforms that may not offer as many contact options or as comprehensive investor education resources.

Unique Selling Propositions (USPs)

One of Esketit’s USPs is its affiliation with Creamfinance, providing a solid financial backing and operational expertise. This relationship not only enhances Esketit’s stability and reliability but also offers a unique advantage over competitors that may not have as direct access to lending operations and risk assessment expertise. Additionally, Esketit’s focus on European loans and its selective group guarantee offer niche opportunities for investors interested in these markets, distinguishing it from platforms with a broader or different geographical focus.

Conclusion and Recommendations

Concluding our Esketit Review, it’s clear that the platform presents a strong option for investors interested in the peer-to-peer (P2P) lending market. Offering competitive returns, a user-friendly interface, and robust risk mitigation strategies, Esketit has established itself as a noteworthy player in a crowded field. However, as with any investment opportunity, there are both pros and cons that potential investors need to consider.

Esketit’s Competitive Edge

Esketit distinguishes itself through several key advantages:

1. High Returns: The platform’s average return rate is compelling, especially in a low-interest-rate environment, making it an attractive option for yield-seeking investors.
2. Investor Protections: Features like the buyback guarantee and detailed risk assessment of borrowers provide a layer of security that is critical in the P2P lending space.
3. Ease of Use: Both new and experienced investors will appreciate the platform’s intuitive design and accessibility, ensuring a seamless investment experience.

However, investors should also be mindful of Esketit’s limitations, including its relative newness to the market and the limited liquidity of its secondary market. These factors, while not dealbreakers, do necessitate a careful investment strategy.

Recommendations for Potential Investors

Based on this comprehensive analysis, the following recommendations are offered to those considering Esketit as part of their investment portfolio:

1. Diversify Your Investments: While Esketit offers attractive returns, it’s wise to diversify your investments across different platforms and asset classes to mitigate risk.
2. Start Small: For those new to P2P lending, consider starting with a smaller investment to familiarize yourself with the platform and its features.
3. Utilize Auto-Invest: Take advantage of Esketit’s auto-invest feature to automate your investment strategy, saving time and potentially optimizing your returns.
4. Stay Informed: Regularly review your investments and stay updated on any changes to the platform’s policies or the broader P2P lending market.
5. Consider Liquidity Needs: If immediate access to your investment is a priority, carefully consider the potential limitations of the secondary market before investing.
6. Risk Assessment: Continuously evaluate the risk-return profile of your investments on Esketit, keeping in mind your overall investment goals and risk tolerance.

Final Thoughts

Esketit offers a promising opportunity for investors to achieve higher returns compared to traditional savings and investment options. With its focus on security, transparency, and user satisfaction, it stands out as a viable choice and one of the best p2p lending provider for those looking to explore the benefits of P2P lending. However, it’s crucial for investors to conduct their own due diligence, considering both Esketit’s strengths and the inherent risks associated with P2P lending. By approaching investments on Esketit with a strategy that aligns with their financial goals and risk tolerance, investors can effectively navigate the opportunities and challenges presented by the platform.