Free €20 to invest in loan on NeoFinance, you only need to deposit €0.01

NeoFinance is a Peer2Peer lending platform from Lithuania. If you open an account and deposit €0.01, you get € 20 free to invest in loans. Deposits are free of charge and there is a withdrawal fee of €0.29.

You can invest through a Provision Fund. When a borrower misses payments, NeoFinance will use the funds collected in the provision fund to cover the payments you would otherwise not get. You can also invest without the fund and take the risk of delayed payments or defaults.

1. Open an account: https://www.neofinance.com/en/registration/investor?ref=79434 (ref) neofinance.com (non-ref, no €20). The verification process consists of taking a selfie and a photo of your ID or passport. In my case this was approved within 5 minutes.
2. You now get a Lithuanian IBAN (bank account number). Transfer €0.01 to your new IBAN. When the transfer hits your NeoFinance account the €20 will be added instantly.
3. The minimum investment per loan is €10. The maturities of most loans are rather long 24+ months, but they also offer loans with shorter maturities. I tried to invest the money with the Auto Invest function using these settings for all "creditworthiness ratings", but the demand for the short term loans is so high that even with Auto Invest I couldn't get my money invested in one, so I ended up choosing a 24 month loan. Unfortunately, you can only sell your loan on the secondary market if you have a portfolio of at least € 500.

Let me know if you have any questions.