Afranga review

Table of contents

Afranga's loans list with zero loans available
Afranga's primary market is often empty

Afranga's overview

Afranga was founded by Bulgarian loan originator StikCredit. This peer-to-peer lending platform provides medium and long-term consumer loans which currently have a 12% annual interest rate – a figure similar to many competitors -. A buyback guarantee A buyback guarantee is a guarantee provided by the platform or a loan originator. If repayment of a loan is delayed by more than a given delay (usually 30 or 60 days), the platform or loan originator will buy back the loan. The guarantee may cover only part of the capital, or in a much more interesting case, both the capital and accrued interests. As the conditions vary from one platform to another, it’s very important to check this point. is provided; it triggers after 60 days.

My opinion on Afranga

When Afranga was launched, the very high interest rates – up to 18% – made this platform stand out. However, things have changed fast as the platform grew increasingly popular among investors. This success lead to reduced interest rates and a loans supply too small to absorb the demand for loans.

Interest rates now seem to have bottomed at 12%. At this level, there’s no great difference between Afranga and most competitors.

I thus view Robocash as a much better choice, as it offers the save level of interest rates while being more reliable – although there’s no denying that Afranga has a much better interface -. Even when it comes to complementing Robocash, I currently prefer to invest at Esketit, which offers similar or better interest rates than Afranga but doesn’t suffer from liquidity troubles.

Detailed ratings

Actual performance

After roughly half a year on Afranga, this portfolio’s performance stands above 12%. However, with the reduced interest rates, I expect my returns to decrease slightly towards 12%.

Loans liquidity

New loans are often bought by auto-invest as soon as they appear, leaving nothing for manual investments. Fortunately, many loans are available on the secondary market with a tiny premium.


The portfolio’s statistics are both complete and visually pleasant.

Transparency & reliability

StikCredit is a reliable loan originator, and the relationship between StikCredit and Afranga is crystal-clear.

Website ergonomics

The ergonomics of Afranga‘s website is on a par with Lendermarket‘s, which says a lot.

Afranga's pros & cons


  • Reliable loan originator
  • Extremely user-friendly interface


  • Cash drags are extremely frequently
  • Interest rates have decreased a lot and are now comparable to what most competitors offers

Loans characteristics

Loans durations

Medium-term : one month to one year

Long-term : more than one year

Loans kinds


Minimal investment


Buyback guarantee

Buyback guarantee available


EUR – Euro

Overview of Afranga's loans

Afranga offers only consumer loans in Euro. They all yield interests monthly.

Interest rates on the platform used to be as high as 18%. Unfortunately, they have now decreased to a much more common 12%. Robocash – which is considered as a very reliable loan originator – offers roughly the same level of interest rates for medium and long-term loans. It’s also lower than at Lendermarket, and similar to Esketit‘s loans from Spain – although this platform also offers loans from Jordan with 14% interest rate -. To wrap it up, interest rates don’t stand out anymore, but they still stand at an interesting level given the loan originator’s reliability.

Very short-term loans aren’t available. Indeed, loans terms currently range from six months to two years. Interestingly, StikCredit’s website mentions payday loans as one of their two main kinds of products, but it looks like they decided not to list them on Afranga.

It’s also worth noting that geographical diversification is non-existent, as StikCredit only operates on the Bulgarian market.

The minimal investment is €10, a very standard amount for P2P loans.

Loans volume

Initially, loans supply wasn’t a concern. However, the investors base has grown very quickly. As a result, the available loans list is often empty.

Afranga's loans list with zero loans available
Afranga's primary market is often empty

Indeed, although new loans are added to the platform daily, they’re all bought by auto-invest. It is thus nearly impossible to invest manually on the primary market. On the other hand, the secondary market usually has plenty of available loans, as we’ll shortly see.

The platform has acknowledged the issue with the loans supply, but they obviously don’t want to increase the loans volume at the expense of the portfolio’s quality. They managed to grow their portfolio size by 15% by December 2021, which is a first step towards a better liquidity.

Buyback guarantee

In a rather standard way, the buyback guarantee provided by StikCredit covers both principal and accrued interests. It triggers after 60 days, which seems to have become the de-facto trigger delay.

Platform’s transparency and reliability

In terms of transparency and reliability, Afranga sets the bar very high. Indeed, StikCredit is regarded as a reliable originator, and the ties between Afranga and StikCredit are straightforward.

Afranga’s background and team

Afranga was founded in early 2021 by Bulgarian originator StikCredit. This is the continuation of a trend already observed in 2020. Other platforms related to a single lending group include :

Platform’s websiteLoan originator
MonceraPlacet Group
RobocashRobocash Group
KvikuKviku Group

The relationship between the platform and the originator isn’t always crystal-clear. For example, the only structural relationship between Lendermarket and CreditStar is that they have the same beneficial owner. Ties between Moncera and Placet Group also used to be rather loose. Indeed, the platform was started by two former employees but there was no formal link between the two entities until Placet Group bought the platform in late Summer 2021.

On the other hand, it’s straightforward to understand the link between Afranga and StikCredit. As stated in an interview with Afranga’s COO, they’re the same legal entity. Afranga’s name also appears in a very prominent way on in StikCredit’s most recent annual report :

Loans descriptions

In addition to the loan’s structure and repayment schedule, Afranga discloses basic information about the borrower.

Mintos investors will notice that this screen looks very similar to its equivalent at Mintos. It’s also the case for several other pages on the website.

Loan originators reliability

I will never emphasize it enough : it’s critical for P2P investors to focus on loan originator’s reliability. Many originators on Mintos were of dubious quality, which causes sometimes large losses for investors. If the marketplace successfully recovered the whole capital invested in Aforti after long legal proceedings, the recovery rate for former originator E-cash was a pitiful 35%. In other words, investors lost two thirds of the invested amount !

Annual report for fiscal year 2020 is available for download on Afranga‘s website. It show a profit of 4.5 million BGN, which is roughly equivalent to 2.4 million euros. It’s a 40% increase compared to the 2019 figure, in spite of the Covid epidemics !

Many competitors have their financial reports audited by a reputable audit firm. For example, Placet Group’s report was audited by Ernst & Young, while the audit for Robocash‘s annual report was conducted by KPMG. On the contrary, although StikCredit’s report underwent an audit, it was done by a lesser known firm.

Investors who don’t want to analyze financial reports will appreciate the great work by ExploreP2P, which provides ratings for most loan originators. Their most recent rating for StikCredit is 65 out of 100. It’s definitively lower than the rating for Robocash (81) or Moncera‘s Placet Group (79) but comparable to many competitors such as Esketit, ViaInvest, Lendermarket or Kviku which all have ratings between 60 and 65.

Reporting & statistics availability

Unlike most competitors, Afranga doesn’t have a dedicated page for statistics such as funded volume or investors count. The only public figure was a post in April 2021, celebrating their first million in outstanding investments.

However, statistics for StikCredit’s portfolio are available. In addition, the funded volume provided by P2PMarketData reached eleven million euros. Because the platform has been operating for a very short time, this figure is much lower than for basically all competitors.

Finally, even unregistered users can access the list of available loans.

Track record

As a recent platform, Afranga doesn’t have much track record. On the other hand, StikCredit has been operating since 2013.

Platform's features

Early exit

Early exit available

Investing methods


Manual investing

Manual investing

As noted earlier, because of the imbalance between the loans supply and demand at Afranga, there’s often no loan available to invest manually. It’s thus more than recommended to use the auto-invest – although even this won’t prevent you from having idle funds -.

I used to invest manually when I started investing on the platform and the process is trivial. There’s a wide array of filters available :

  • Loan’s interest rate and duration
  • Listing date
  • Available amount
  • Loan status and type

In addition, it’s possible to exclude loans already invested in – which I recommend, in order to increase diversification -.


I always recommend P2P investors to switch to automatic investing. Indeed, it will save time and reduce the probability of making mistakes.

It’s possible to have several strategies, although most investors probably won’t use this feature.

The available filters are similar to those for manual investing. In addition, it’s necessary to configure the portfolio’s size as well as the reinvestment option.

The number of matching loans is displayed, which is very handy.

As noted above, the demand for loans on the platform greatly exceeds the supply. As a result, cash drags are common. However, it looks like the current algorithm used by the auto-invest could be improved in order to be more fair, which should result in most investors having more funds invested.

Secondary market

With the notable exception of Lendermarket, most competitors provide a way for investors to exit their loans early. For example, Robocash has a free secondary market, and Moncera provides a “One-click exit” feature, for a small fee (0.5%).

Afranga‘s secondary market was unveiled in September 2021. With more than three thousand loans for sale, it brings some very welcome additional liquidity to the platform.

It’s possible to sell loans with a discount or a premium. Loans with a premium lower than 0.5% are extremely common, which partly compensates the lack of liquidity on the primary market. I seldom buy loans on the secondary market on other platforms; however, I often resort to doing so at Afranga.

There’s no fee for using the secondary market, either for the buyer or the seller.

I noted a few glitches on the secondary market’s screen; mostly the fact that investing sometimes fails after I confirm the transactions – probably due to the high level of activity on the secondary market, cause by the lack of loans on the primary market -. In addition, using the secondary market requires several clicks and confirmations; it feels less fluid than the rest of the website.

Website’s ease of use



Funding methods

Available languages & translations quality

Afranga‘s website is currently only available in English. The translation’s quality is excellent.

Afranga's registration process

Registering with Afranga is very quick. The KYC check requires investors to upload a copy of an identification document, which got validated nearly immediately in my case. As pointed out by one reader, the process has evolved and now also requires a selfie with the document.

Account funding and funds withdrawal

Currently, it’s only possible to fund your investor’s account via a SEPA transfer. Funds as usually available the next business day.

Withdrawals are free. I didn’t withdraw any money yet (quite the opposite, in fact) so I don’t know how quickly such requests are processed.

Website’s design and ergonomics

As already noted, Afranga’s overall design has many similarities with Mintos’ website. However, I find Afranga‘s screens more readable.

Overall, the website is very pleasant to use. It’s fast, easy to navigate, and provides basically every feature a P2P investor may need.

There’s still room for improvement in technical terms, though. Signing-in sometimes fails for no apparent reason, and several investors complained about primary or secondary market filtering / sorting not working correctly.


Afranga‘s dashboard provides detailed portfolio statistics. In addition, the usual array of reporting features such as the investments list and account statement are available.


The FAQ A FAQ is simply a compilation of Frequently Asked Questions is detailed enough to be helpful. In addition, the “How it works” page provides a brief overview of the investing process.

Communication & support

Afranga doesn’t communicate much; however, investors will be notified of important milestones or new features by e-mail.

The platform’s Facebook page similarly feels rather empty. Indeed, the last post was published in April 2021 !

On the other hand, StikCredit’s business development manager Svetlin Sabev is very active on Afranga discussion group on Telegram – a bit like Rita for ReInvest24‘s group. It’s the best place to ask questions or provide feedback regarding the platform.

Official Afranga pages on social networks


Afranga‘s support can be reached by phone or email.

Actual performance of my Afranga portfolio


At the end of February 2022, the XIRR for my Afranga portfolio was 12,53%.

After roughly one semester on the platform, the performance for this portfolio is getting closer to its theoretical value, in spite of the cash drags. It's already among the highest ones for P2P platforms.

Don't hesitate to read my most recent crowdlending portfolio review for detailed platforms performance comparison as well as historical performance.

For a detailed comparison of the different p2p-lending marketplaces, check out this article.

Portfolio creation date

I created my Afranga portfolio in March 2021

Afranga's main competitors

Afranga's facts & figures


Shumen, Bulgaria

Founding year


As of August 2021

Who can invest at Afranga

Any individual investor who is at least 18 years old, has a citizenship in an EU/EEA country, a bank account in a EU/EEA country, and resides in a country that is considered to have an equivalent AML/CFT system to those of the European Union. In order to be able to add funds to your account, you must pass our verification process.

Afranga's FAQ

In conclusion...

Because of the decreased interest rates and insufficient loans volume, I reduced the rating for Afranga from four stars to three and a half. I still appreciate the platform's reliability, but in the short-term I'm more likely to invest at Esketit, which doesn't suffer from cash drags.


Please note that this review may contain affiliate links. It means that I will earn a commission if you decide to invest after clicking through the link – at no additional cost to you, of course -. Please understand that I have experienced all of these companies, and I recommend them because they are helpful and useful, not because of the commissions I make if you decide to invest through my links.

1 thought on “Afranga review”

  1. Hi,
    Considering the Afranga’s registration process, now you must upload both a copy of an identification document, and a picture with a selfy and your ID.


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