F.A.Q.

You can invest from 10 € to 500 € in one consumer loan. You can invest in crowdfunding (business) loans from 10 €, and there are no restrictions on the amount you can invest. The number of financed consumer or business loans is unlimited.

We recommend investing in small amounts in more loans to spread the risk as much as possible and to cause less damage to your loan portfolio if any borrower defaults.

The list of loans provides information about the loan and the borrower, therefore when choosing which loan to invest, we recommend paying attention to the loan amount, term and annual interest. If it is a consumer loan, you need to assess SAVY’s credit rating and insolvency risk. You will also be able to view the borrower’s age, gender, education, income duration, length of service and other criteria. If it is a crowdfunding (business) loan, you will see the name of the company, its legal form, description of its activities, financial condition, collateral, guarantees and other important information. Financing progress is also reported for all loans. Each investor has an individual investment strategy, but it is very important to periodically review it and adjust it after evaluating the results to better suit your investment goals.

The loan details provide the annual interest rate, so if the interest rate on a 12-month loan is 12 percent, the monthly interest rate is 1 percent (12 / 12 = 1).

To make it easier for borrowers, the full cost of the loan (loan amount + interest) is divided into equal monthly instalments, which are calculated on the basis of an annuity (each month the borrower repays a certain part of the loan and remains less indebted, the interest is calculated from the remaining loan amount: adding up all the interest and the loan amount – the loan price is divided by the number of months and the monthly installment is received).

Here is an example: a 100 € loan with 12 percent annual interest for 24 months. Each month the person must pay 4,71 € (4,71 x 24 = 113,04 €). In the first month, the person owes 100 €, so the monthly interest is calculated from the following amount: 100 x 1 / 100 = 1 €, which means that in that month, the person pays a monthly installment of 4,71 € – 3,71 € of the loan and 1 € of interest. The next month, the person owes 96,29 € (100 – 3,71 = 96,29 €), so in the second month the loan interest is 0,96 € (96,29 x 1/100 = 0,96 €) and from 4,71 € monthly installment, 3,75 € is for covering the loan (4,71 – 0,96 = 3,75 €). As the amount borrowed decreases each month, the share of the repaid loan is increasing, resulting in a decrease in the monthly interest.

Interest is charged at 0,05% for each day of delay – the monthly contribution received by the investor is multiplied by 0,05 and divided by 100. The number obtained is multiplied by the number of days overdue.

It is important to note that interest should be rounded to the nearest hundredth (two decimal places). We would also like to clarify that the borrower must make the payment by 5 / 15 / 25 of the month (depending on the date chosen for the payment of the instalments), but the default interest is calculated from 7 / 17 / 27 (leaving 6 / 16 / 26 if the transfer is delayed due to interbank transfers or other technical obstacles).

For example: the monthly payment is 2,68 €, the payment is 13 days late. Interest on arrears is calculated as follows: 2,68 x 0,05 / 100 x 13 = 0,01742. After rounding, we get 0,02 €.

Consequently, in this case, the 2,68 € payment, which is 13 days late, is subject to default interest of 0,02 €.

  • Register;
  • Connect an existing or create a new “Paysera” account and transfer the funds for investing;
  • Create auto-investing profiles if you wish to invest automatically;
  • For manual investing, choose loans from existing offers and invest the chosen sum;
  • Manage your investment portfolio – if necessary, sell your investments in the secondary market, reinvest your earned interest.

To secure the investing funds and to ensure that it always belong only to You, it is held in electronic money account in “Paysera”. Therefore, You will need to connect the existing account and if You do not have it, create a new “Paysera” account.
“Paysera” account is completely free, it can be created in a few minutes by completing the registration fields and by identifying your identity.

To become an investor, you have to register in the SAVY platform.
You can do it by choosing one of the 2 methods in the Investors page:

  • by using “Facebook” account;
  • by e-mail and telephone number.

“Paysera” account is completely free, it can be created in a few minutes by completing the registration fields and by identifying your identity.

All your money is in your personal “Paysera” account, and the SAVY balance shows the balance in your “Paysera” account. Generally speaking, you see as much money in your balance as you have in your “Paysera” account.

Interest received from loans is B class income and is subject to 15% income tax. Profits from secondary trading of claim rights are also classified as Class B income and are subject to 15% income tax. This excess is subject to 15% income tax.

SAVY automatically provides data on annual income received, which must be reflected in a preliminary declaration prepared by the State Tax Inspectorate (STI).

On that basis, until 1 May of the current year you must submit the STI annual income tax return form GPM308 and its annexes for the previous tax period.

  • Trading rights on the Platform is not an individual activity;
  • Profits from the purchase and sale of claims (i.e., buying and selling on the secondary market or investing in the primary market and selling on the secondary market) are Class B income. They are declared and taxed before 1 of May;
  • 15% income tax is applied;
  • Profits are taxed when the amount of the trading profit of the claim rights and the trading profit of other assets1 is more than 2,500€. This excess is subject to 15% income tax.

1Other assets are any personal assets, e.g., items, furniture, equipment, etc., excluding real estate, registered movable property and securities.

Interest must be declared under income type code in Annex P 58. The amount of interest received is indicated in the SAVY investor’s account table “My investments”, “Profitability” column “Earnings during 2016” row. This amount should be provided in Annex P of the preliminary declaration (see the example of the declaration, see page 3 of the document). The amount of fees payable will be calculated automatically by the STI system.

You can find an example of a declaration by clicking this link.

Important! In all other cases, it is not necessary to complete and declare secondary market trade data on the T form, unless you see this in the preliminary declaration.

It is necessary to check whether the data in the STI EDS system and the investor’s account match. You need to look at the line “earned interest in year X” in the investor’s account.
For different information, enter the number you see in your investor’s account on the return into the declaration.

Legal entities that have received loans from natural persons through the crowdfunding platform are obliged to submit to the State Tax Inspectorate (hereinafter – STI) a completed declaration form FR0711, in which the legal entity declares loans received from natural persons during the reporting period, each amount equal to or greater than 600 EUR, also provides data on all or part of loans repaid to individuals. However, because the data of the people investing in the loan is not disclosed to the legal entity receiving financing through the platform and there is no information necessary to fill in the FR0711 form properly, it is not necessary to provide data to the STI on loans received through the crowdfunding platform.

SAVY is the operator of the peer-to-peer lending Platform with the rights and obligations set forth in Section V of the Law on Consumer Credit of the Republic of Lithuania, it is included in the public list of operators of the peer-to-peer lending platform and consumer credit providers, and its activities are supervised by the Bank of Lithuania.

SAVY follows the Law on Consumer Credit of the Republic of Lithuania, the rules on creditworthiness assessment and responsible lending of consumer credit recipients and the requirements of other legal acts. It also reports to the Bank of Lithuania on a quarterly basis.

SAVY is the operator of the crowdfunding platform, entered in the Public List of crowdfunding platform operators, and its activities are supervised by the Bank of Lithuania.

When conducting crowdfunding activities, SAVY follows the Law on crowdfunding of the Republic of Lithuania.

The SAVY business continuity plan is coordinated with the Bank of Lithuania regulating SAVY activities. This plan sets out the measures to be taken in the event of suspended SAVY activities. You can find the plan by clicking this link.

Basic principles:

  • The issuance of new loans would be suspended;
  • The administration of loans already issued would continue with the temporary administrator;
  • The interim administrator would issue a tender for the sale of the loan portfolio, which should be settled with creditors.

The more attractive a loan – consumer or crowdfunded (business) – to investors, the faster it is financed. Depending on the amount and annual interest rate, financing can take anywhere from a few minutes to 7 days. Most attractive loans are financed automatically, so we recommend creating auto-investment profiles so as not to miss the opportunity to invest in your preferred short-term loans with high annual interest rates. The financed loan is transferred to the borrower, but the investment may be repaid if the borrower refuses the loan or no longer meets the credit criteria due to changed circumstances, such as job loss or exceeding the allowable income / liability ratio for new loans.

When logged-in to the SAVY account You can always view Your cash balance, however all your money until investing are held not in SAVY, but in personal “Paysera” account. You can always take out the money out of this account – you only need to transfer them from “Paysera” to other account. After deciding not to invest and redeem owned investments You have two possibilities. First – sell investments in the secondary market with or without discount. Second possibility – wait until the investments return to your personal “Paysera” account. If you have created auto-investing profiles, we recommend turning them off so the funds would not be invested automatically.

After deciding not to use SAVY platform anymore, You have to inform about it by e-mail address invest@gosavy.com. Depending on the number of existing investments SAVY will take necessary actions, for example disconnect “Paysera” account from the user account. In this way the Investor account in SAVY will be deactivated.

In the event of death, the investor’s funds in “Paysera” account are inherited in accordance with the law or by will. However, the heirs of SAVY may not be aware of the existing investor account, as such information is not displayed in the public registers. For the heirs to be able to take over not only the investments that have returned to the investor’s personal “Paysera” account, but also the investments that will return in the future, the investor should take care in advance to inform relatives that he has an active investor account in SAVY.

Upon payment by the Borrower, the funds are distributed to investors in the order of investment. If the funds received are insufficient to cover the full payment, the portion of the investment and interest is allocated to investors according to the size of the investment. If there are insufficient funds to cover the first investment on the list, the smaller investment below it will be covered.

Upon receipt of funds from the overdue borrower, the interest on arrears which belong to the investors is deducted first, followed by the current month’s installment.

The Investors’ Fund is a tool developed by SAVY, which allows you to invest more safely and insure against possible losses. In other words, if you invest with the Investors’ Fund, you will be compensated for the losses incurred before the compensation date from the amount of money administered by UAB “Bendras finansavimas” in the interests of the investors. The Investors’ Fund is intended for investing in consumer loans. When investing, you can choose whether you want to invest in the loan with or without the Fund.

 

If the interest is borrowed with the Investors’ Fund and the loan granted through consumer credit or crowdfunding has an annual interest rate of 14% interest or more, the Lender is paid 10% interest and the remaining interest is transferred to the Investors’ Fund.

If the loan with the Investors’ Fund and a loan granted through consumer credit or crowdfunding has an annual interest rate of 13% or less, the Lender shall be paid 4% (percentage points) lower interest and the remaining interest shall be transferred to the Investors’ Fund.

If the borrower defaults for 90 consecutive days, you will recover the unpaid part of the investment and the interest accrued within 90 days.

Reimbursement from the Investors’ Fund is automatic.

In the SAVY platform, investments with the protection of the Investors’ Fund are marked with a shield.

All investors with automatic investment profiles invest in loans according to the order of investors, i.e., after investing in an application that meets all the criteria marked by the investor, the investor makes to the end of the queue of automatically investing investors and waits in line.

All investors are in the same queue, so the order is checked by A, B, C, D, and so on. The investor profile that meets the most criteria invests first.

Even though the loan matches the selected automatic investment criteria, it is possible that not all investors whose automatic investment criteria it meets will invest in it. This is the case when the queue of a particular investor has not yet been reached.

All investors with automatic investment profiles invest in loans according to the order of investors, i.e., after investing in an application that meets all the criteria marked by the investor, the investor travels to the end of the queue of automatically investing investors and waits in line.

Even though the loan matches the selected automatic investment criteria, it is possible that not all investors whose automatic investment criteria it meets will invest in it. This is the case when the queue of a particular investor has not yet been reached.

The list of loans shows all loans that are being financed or have already been financed. Most loans are financed using an automatic investment tool. Only loans that have not been fully financed through automatic investment can be invested manually, so the creation of automatic investment profiles is a very important part of the investment strategy.