Swaper Review

Loan Originator Marketplace in EUR and GBP

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Total Funded:


Average Return:


Swaper is an Estonion P2P lending platform founded in 2016. The platform offers a marketplace for investments in short-term unsecured consumer loans from Central and Eastern European countries. The loans are originated by Wandoo Finance Group, the parent company of Swaper. 

Borrowers will request an unsecured loan between 50 EUR and 1,500 EUR from one of the loan originators owned be Wandoo Finance and, after having been issued, the loan will become available for investors on the Swaper platform. Investors on the platform can benefit from a 30-day Buyback Guarantee and an Auto Invest feature

Business:Short-term unsecured consumer loans
Founder:Marina Tjulinova
Countries:Poland, Spain
Awards:BankingCheck Award 2019, Wealth&Finance Fintech Award 2019
Reports:2019 (PDF)

Office location in Tallinn

Table of Contents

Swaper Pros & Cons



Characteristics of Loans

Interest Rates

14% – 16%

Loan Durations

Up to 1 Month



Buyback Guarantee

Minimum Investment ⇙


Loans on Swaper

On Swaper’s P2P marketplace, registered users can invest in short-term unsecured loans from Poland and Spain. The loans are pre-funded by Swaper’s parent company Wandoo Fincane. Interested investors who are curious about the platform and want to try it out can easily do so since registering does not require much capital; you can start investing with as little as 10 EUR.

The screenshot below gives you an insight into how to the available loans on the platform are presented.

Lending Process

The lending process on Swaper is rather straightforward: all loans on the platform are originated by Wandoo Finance, who offers short unsecured 30-day loans to borrowers. Once a loan has been issued by the loan originator, it will become available for investors on the platform.

Investors can choose between two ways of investing on the platform:

  1. Manuel investing
  2. Automatic investing

With manual investing, the investor manually selects and invests in individual loans. With automatic investing, the investor is setting up an Auto Invest portfolio that will automatically invest in loans that become available on the platform. We will go through both manual and automatic investment further down in this article.

Platform Fees

There are currently no fees on Swaper; neither opening an account nor adding or withdrawing funds are subject to a fee. The same goes for selling loans on the Secondary Market. However, Swaper does mention that the 100% discount they currently offer for selling loans on the Secondary Market may change in the future.

Loyalty Bonus

Swaper offers a Loyalty Bonus for registered users with large portfolios. In order to become eligible for the bonus, investors should invest more than 5,000 EUR over a period of three months. The Loyalty Bonus add an additional +2% return on all investments, thus increasing the fixed annual rate from 14% to 16%.

Investment Returns

All loans on the platform are listed with a fixed annual rate of 14% (16% if you receive the Loyalty Bonus). The annual interest rate is the gross rate that is paid to investors over the course of a year, however, it is paid out on a monthly basis as soon as the borrower repays the loan that you have invested in. Each loan on the platform has its own individual payment scheduled, and investors will receive repayments accordingly.

Buyback Guarantee on Swaper

As is the case with other P2P lending marketplaces, the repayment of loans depend on the individual borrowers and investors might risk lending money to borrowers who cannot pay the money back.

The fact that the loans offered on Swaper’s platform are unsecured comes with an additional risk since no asset as collateral have been put in place to ensure repayment. That said, Swaper mitigates this additional risk factor by offering a Buyback Guarantee on selected loans.

Swaper offers a Buyback Guarantee for the loans listed on the platform that will step into force if a borrower becomes late with a repayment by more than 30 days. In this case, Swaper’s Buyback Guarantee will repurchase the claim that the investor has with the borrower and compensate the investor for not only the amount of money initially invested, but also the accrued interest, i.e. the interest that the investor would otherwise have received from the borrower.

What Happens If The Loan Originator Or Swaper Goes Bankrupt?

Investing always comes with a risk, and those who are not willing to take that risk should reconsider whether investing is really their thing. One of the risks of investing in P2P lending platforms is that these platforms – just like any other businesses – can go bankrupt due to, for instance, financial reasons. If this happens to a peer-to-peer lending marketplace such as Swaper, the question stands: 

What will happen to my invested money?

In order to answer this question, it is necessary first to have a look at the platform’s investment structure, which can be either direct or indirect.

Direct Investment Structure

With the direct investment structure, investors lend money directly to borrowers (through the platform, obviously), and they claim rights against the borrower directly. 

Indirect Investment Structure

With the indirect investment structure, you lend money through partners of the platform, the so-called loan originators, who will ultimately lend your invested money to the borrower. In other words, investors are indirectly investing in loans through loan originators and they hold no direct claim for the borrower of the loan.

The investment structure on Swaper is indirect, but unlike other platforms such as PeerBerry and Mintos, Swaper does not collaborate with external loan originators; the platform only presents loans originated by Wandoo Finance Group. They do so in order to better manage the risk and ensure a high level of control and insight into the loans that become available on the platform.

If Swaper for some reason will go out of business, the claims that investors buy against borrowers will not be affected. This ultimately means that the investor still has the right to claim his/her loan.

The platform’s procedure in case of bankruptcy is to have their bankruptcy administrator manage the repayment process of outstanding loans – much like any other platform.

Assets as Collateral

The loans offered on Swaper’s platform are unsecured consumer loans and, therefore, no asset as collateral is provided. Swaper implements other risk reducing measures such as a full Buyback Guarantee.

Platform Features

Manual Investing

On Swaper you can choose to invest your money manually in the individual loans on the platform or through the Auto Invest feature which automatically invests your money in available loans that match your selected criteria. We will dive into the Auto Invest feature in the section below, but first we will look into the manual investing.

Manual investing on Swaper is really easy, and you can even start investing with as little as 10 EUR, which makes this platform ideal for beginners.

Here is the process:

  1. You simply create an Investor Account
  2. Choose your base currancy (EUR or GBP)
  3. Transfer money to your account
  4. Start investing

For more information about how to transfer deposit to your Investor Account, please see the paragraph below “Deposit and Withdrawal Process”.

Automatic Investing

As soon as you have successfully transferred money to your Investor Account, you can create your Auto Invest portfolio. This automatic investing feature will automatically invest in loans both on the primary and secondary market based on a range of criteria selected by you, the investor.

Note: Even though you create an Auto Invest portfolio, you can still manually invest in loans that become available on the platform.

To create your first Auto Invest portfolio, you go to your investor overview screen and choose the Create Portfolio feature, and you will see this:

Here, you can select your preferred criteria for which loans the feature should automatically invest in.

  • “Portfolio size” lets you choose the desired amount of your Auto Invest portfolio (there is no maximum, just type in the amount you wish to invest, but remember once it reaches your set amount your Portfolio will stop. Swaper advises to set it higher than your planned investments).
  • The “Portfolio term” which is the validity period for the Auto Invest portfolio.
  • The “Annual Interest” rate which should just be left at 14% since that is the fixed rate for all loans.
  • “Maximum investment in one loan” is the maximum amount of money the feature will invest in one single loan, starting from 10 EUR.
  • The “Remaining principal amount” determines how much money in a given loan should still be available for investment.
  • “Loan terms in months” defines the maturity of loans that should be selected for automatic investment.
  • The “Don’t invest if balance is under” feature allows you to keep a certain balance on your account by setting a rule that says that no investments will be made if the account saldo is below the indicated amount.
  • Under “Countries”, investors can choose countries where the loans have been originated.
  • By turning on “Reinvest”, the earned interests will be reinvested into new loans.
  • If you choose to turn on “Extended”, you agree to invest in loans that have been deferred, which normally is an indicator that borrowers experience difficulties in repaying loans.
  • When turning on “Delayed”, your Auto Invest portfolio will invest in loans where borrowers are late with their payments of interests and principals.

Please be aware that if you do not make any adjustments to your portfolio, the automatic investment will be realised based on the default criteria which are:

  • Maximum investment of 500 EUR in one loan
  • Investment in any loan term
  • Investment in any country
  • Reinvestment of money
  • Investment in extended and delayed loans

These default criteria have been set to maximize the number of loans that will be invested in and are not necessarily beneficial for you as an investor. Especially the last mentioned default criteria, investing in extended and delayed loans, can be quite risky.

Early Exit – Swaper's Secondary Market

If you need an early exit on Swaper, you can easily sell your outstanding loans back to the Secondary Market on Swaper. You just go to “My Investments”, and from here you simply choose what loan(s) you want to sell. Swaper offers the opportunity to sell only a smaller fraction of the loan instead of selling all of the loan.

At the moment, selling loans on the secondary markets is free of charge. However, this action might be subject to a small fee in the future.

Nice to Know for Investors

Registration Process on Swaper

Registering on Swaper is fairly easy; all you have to do is, of course, meet with their requirements for becoming a user on the platform and upload a few documents for the purpose of verification.

The requirements for registering as a new user on the platform are the following:

  • Be at least 18 years old
  • Be a citizen or resident of a European Economic Area (EEA) country
  • Have a bank account in an EEA country
The documents you will be asked to upload are the following:
  • A valid copy of your passport or personal ID*
  • An invoice issued by a government authority, financial institution or utility company presenting your full name and address

If you are a investing as a company, you will be asked to upload these documents:

  • A valid cop of your personal ID*
  • The company’s registration documents, i.e. documents with registration number, legal address, legal representatives, and beneficial owners
  • Most recent financial statements, e.g. balance sheet and profit/loss statement 

* Depending on your country of residence, your personal ID can be your national identification number, your passport number,  or a national ID card. 

If you do not have time to upload the documents when you register or if you simply prefer to do it later, you can always go to “My Profile” when you are logged on to he platform and upload the documents here. However, please note that you will not be able to make any transfers to your account until you have uploaded the required documents and Swaper has verified your identity.

The entire registration process is very fast; normally you do not have to wait more than one day to get your account verified, and it all happens via email.

Deposit & Withdrawal Process

Adding funds to your Swaper account is easy and can be done either by making a normal bank transfer or by using Transferwire. Investors can transfer any currency to their Swaper account, but currencies that are not EUR or GBP will be converted.


  • You cannot transfer money to your account until your registraiton has been verified by Swaper
  • The first transaction after your registration has to come from your personal bank account (or company account)
Withdrawals from your Swaper account can be realized whenever you want to the bank account listed in your investor profile. After making a withdrawal request, the the money will be transferred from your Swaper account to your bank account within two working days for payments within the Eurozone, depending on what time of the day you are making your request. Transfers outside of the Eurozone might take a little longer.

Funding Methods for Swaper

Swaper Tax

Swaper does not make any tax deductions from the interest you receive as an investor. Hence any tax filings and related payments are the responsibility of the individual investor. If you have questions regarding taxes on the profit received, please contact your local state revenue service.

Swaper FAQ: “Do I have to pay taxes on the returns I receive?”

Contact Swaper Support

Swaper’s customer service can be contacted either by email or phone. Below, you can find their contact information, address, and opening hours for support:

Contact information
Email: info@swaper.com
Phone number: +37 26 000 393

Street: Viru valjak 2
City: 10111 Tallinn
Country: Estonia

Opening hours (GTM +2)
Monday: 09.00-18.00 
Tuesday: 09.00-18.00
Wednesday: 09.00-18.00
Thursday: 09.00-18.00
Friday: 09.00-18.00
Saturday: Closed
Sunday: Closed


Who Can Invest on Swaper?

To become an investor you need to be at least 18 years old, be a resident of a European Economic Area (EEA) country and have a bank account in a bank situated in an EEA country. An individual is recognized as a resident if he or she is a citizen, has a residence permit or is registered as a tax payer in an EEA country.

Swaper FAQ:Who can invest?

How Is Swaper Regulated?

Swaper is a P2P platform based in Estonia and, thus, their services fall under the legislative acts of the Republic of Estonia. However, Swaper is not supervised by any Financial Supervisory Authority, and the platform is, in this sense, not a regulated financial institution, which means that your investments by no means are guaranteed. In this regard, investors should be aware that the claim rights against the borrowers offered for purchase by Swaper cannot be considered securities.

Swaper Statistics

Founded: 2016
Total investments: €158 million
Total returned to investors: €2.1 million
Number of investments: 515044
Average loan amount: 302.65 €
Average investor funding: 631.39 €


Please note that this overview may contain affiliate links. It means that a commission is earned if you decide to invest after using the link – of course without additional costs to you. The information on this site does not constitute investment advice and is solely to give you a simple and easy overview of the platform. Always conduct your due diligence and consult your financial advisor before making any investment decisions.

* Historical return is not a guarantee of future return. The number is directly from the platforms website Swaper.com return calculator on the last update of this article: June 25, 2020.