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CashCredit
Bulgaria
Cash Credit Mobile EAD makes small instalment loans in Bulgaria from 61 offices, most of them with a guarantor. Mintos investors lend it money and earn interest. Our memo scores it 56 out of 100, a C, and puts the chance it fails to pay within a year at about 4.5%.
Cifras clave
- Tipo medio
- 9.99%
- media, no garantizada
- Cartera de préstamos
- €5,690,000
- Desde
- €50
Capital en riesgo. El tipo está pactado, no garantizado: si un prestatario incurre en impago, puede perder una parte o la totalidad de su dinero.
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IA 56 MediaNuestra IA da a este proyecto 56 de 100: Media. Cómo funciona la puntuación de la IA
Información, no asesoramiento personalizado de inversión. La puntuación IA valora los documentos que publica la plataforma, puede equivocarse y no predice la rentabilidad.
Análisis de la IA
IALender memo · CashCredit · Bulgaria
CashCredit: how likely is it to fail to pay its lenders?
Cash Credit Mobile EAD is the Bulgarian lender Mintos investors know as CashCredit — small instalment loans of about €420 on average, up to €5,000, from 61 offices, most of them requiring a guarantor. This memo asks one question: what is the chance it fails to pay its lenders back in the next 12 months, and why.
THIS IS NOT FINANCIAL ADVICE. This memo was prepared with the help of AI from publicly available documents. It is general information for education only — not a recommendation to buy, sell or hold anything, and it does not take account of your circumstances. Figures may contain errors; check them against the original documents. Investing through P2P platforms can result in the loss of all money invested.
Our score
56/ 100
C Watch
ABCDE
about 4.5%that it fails to pay in the next 12 months — about 1 in 22
no second numberthe guarantee comes from an unrated sister, not a rated parent
Where that sits on our scale
A C allows 6% of a portfolio. Bulgaria is a C country on our scale and would allow 15%, which does not bind, so 6% is the figure. These caps are a convention of our scale, applied to every lender we cover. They are not advice about your money.
Well capitalised and getting smaller — and a draft law is aimed at the way it lends
The cushion is the good news, and it is real. Owners' money is €3.79m against €6.85m of assets — 55% at the end of 2024 and 53% by September 2025. Very few lenders in this series are funded that way. The qualification is size rather than proportion: 55% of a small balance sheet is still only €3.79m.
The direction is the worry. Of every €100 of revenue the company kept €23.79 in 2023, €12.92 in 2024 and €8.67 in the first nine months of 2025. Profit fell 53% between the two audited years, from BGN 1.09m to BGN 0.52m, and nine months of 2025 brought BGN 0.29m. Revenue fell too. Running the business now takes about €70 of every €100, against €54.68 in 2023.
Late loans tripled in five quarters — from 3.2% of the book more than ninety days late in June 2024 to 9.5% in September 2025. The reported cost of bad debts did not rise with them, and the reason is the next paragraph.
The credit risk of this book sits with a sister company. Cash Credit EAD guarantees most of the loans, and CashCredit books no loss on a loan it treats as fully guaranteed. At the end of 2024 that sister owed it BGN 21.0m of overdue guaranteed instalments, up from BGN 18.2m a year earlier — 283% of CashCredit's own equity on its own. It is set off against BGN 25.4m that CashCredit owes the sister. The same company also guarantees CashCredit's obligations to the Mintos issuer. It is unrated, it is small, and it is already carrying this book's losses.
And a draft law is aimed at exactly how this company lends. Most of its loans require a guarantor and some of its branches are franchises. The bill passed committee at first reading on 16 September 2026, and on 9 October the governing side set out the amendments it will table between the readings: a ban on the franchise model, fees abolished where they are used to get round the cost cap, and a borrower who was not properly assessed repaying only the principal, with no interest. None of it is law yet.
Six things would stop us scoring at all and send the answer straight to E — a default, a missed payment to a platform, a regulator pulling a licence, an auditor doubting the company can continue, a broken promise to a lender, or accounts we cannot rely on. None of them applies to this company — but section 4 explains how close one comes. Two things would pull the answer the other way, a guarantee from a stronger owner or a credit rating. Neither applies. There is a written guarantee, but it comes from an unrated sister company rather than a rated parent, so it earns no uplift under our method and there is no second number on this page.
💶Financial strengthB
Owners' money is 55% of assets. But profit has more than halved since 2023 and interest cover has fallen to 1.6 times, or 1.7 with depreciation added back.
📉Loan bookD
Loans over ninety days late went from 3.2% to 9.5% in five quarters. The low reported losses rest on a sister's guarantee.
🇧🇬Country: BulgariaC
Grade C (3.30 out of 5). The euro since January 2026, a 52% cost cap, and a new consumer-credit law in parliament.
⚖️Group and other risksE
The whole book's credit risk sits with an unrated sister; there are errors in the audited notes; and the draft law targets guarantors and franchises.
The audited 2025 accounts were due on 30 September 2026 and we could not find them.They would be the first audited by Grant Thornton, which replaces the registered auditor who signed 2022 to 2024. We searched on 13 October 2026 and found nothing published; that is not the same as establishing they do not exist, but the date has passed. Everything newer than December 2024 in this memo is unaudited — and those nine-month figures carry their own problems: the profit statement is headed only "2025" and sets nine months against the full year 2024, and the equity statement dates the September 2025 balance "2024".
Gross, the claim on the sister company is almost four times the cushion. Net, it is nothing.CashCredit's claims on Cash Credit EAD come to BGN 27.8m — 375% of equity — against BGN 27.6m it owes the same company, leaving a net BGN 0.2m, or 3%. We accept the netting, because these are servicing and guarantee-settlement balances rather than loans and the auditor accepted them presented net, so our connected-lending veto does not fire. If that set-off failed, or the balances turned out to be lending, the gross figure would break the 50% line more than seven times over. The company's low reported losses depend on the offset holding and on the sister staying solvent.
Mintos money now exceeds the company's own.Mintos funding rose from BGN 4.0m in 2023 to BGN 6.4m — about €3.3m — by September 2025, and the platform showed €5.7m outstanding on 5 November 2026, against €3.79m of owners' money: 1.5 times. Mintos itself cut the buyback-strength part of its score on 9 July 2026 for "higher funding diversification risk", and that is the same observation.
Why this number matters
Every investment carries risk, and risk is not really a letter or a mark out of ten. It is two plain questions: how likely is it that this company fails, and how much of your money would you lose if it did. Put those together and you can see whether the reward is worth it.
For CashCredit: Mintos showed an average investor rate of 10.0% a year on 5 November 2026. On our reading the chance of the company failing in the next twelve months is about 4.5%. If about 1 in 22 lenders like this one fail in a year and about 70% of the money is gone when they do, the risk costs about 3.2% a year, and about 6.8% is left once the risk is paid for. That is our arithmetic on our own scale, and you are entitled to disagree with the scale; what you should not do is read the 10.0% on its own. One thing the arithmetic cannot price is the draft law, because nobody knows what will be in it.
Three things worth holding on to
1. A thick cushion on a small balance sheet is still a small cushion
55% of assets is excellent. €3.79m is not much money. Both sentences are true and the second is the one that matters if something large goes wrong.
2. Reported losses and actual arrears have come apart
Loans more than ninety days late tripled while the bad-debt charge stayed near zero. That is the guarantee working as designed — and it moves the question from this company to its sister.
3. A law that is not law yet is still worth reading
The amendments announced on 9 October would ban the franchise model and strip out fees used to get round the cap. CashCredit uses franchises and guarantors. Nothing has been voted.
What it is
A registered non-bank lenderOn the Bulgarian National Bank's register under article 3 of the Credit Institutions Act. Bulgaria only, 61 offices — some of them run as franchises — with about 25% of its loans in Sofia.
What it sells
Small instalment loansAbout €420 on average, up to €5,000, at an annual cost of up to 50%. Most require a guarantor, which is the feature the draft law would restrict.
How big
€7.26m of loansBGN 14.2m at September 2025. Revenue was BGN 4.02m — about €2.05m — in 2024, down from BGN 4.60m.
Who owns it
Cash Credit Invest Holding ADThrough Cash Credit Bulgaria EOOD, and controlled by Georgi Boyanov Krumov and Plamen Vasilev Petrov. The owner changed in December 2022 from a Cayman Islands company.
Platform
Mintos, as "CashCredit (BG)"The notes are in euros and are issued by SIA Mintos Finance No. 5. You do not lend to CashCredit directly.
How much is actually lent
€5.7mOutstanding on 5 November 2026 on the platform's own figure.
Rate and protection
10.0%, buyback plus a sister's guaranteeA 60-day buyback, a pledge, and Cash Credit EAD guaranteeing CashCredit's obligations to the Mintos issuer — expressly not the issuer's obligations towards investors.
The platform's own score
Mintos Risk Score 6.6As we read it on 5 November 2026. Mintos last updated it on 9 October 2026, up from 6.4, when the portfolio-performance part rose; it had cut the buyback-strength part on 9 July 2026. That is Mintos's number, not ours.
El análisis completo cubre al prestatario o la empresa, la garantía, el flujo de caja, los riesgos y un veredicto. Inicie sesión para leerlo.
Información, no asesoramiento personalizado de inversión. La puntuación IA valora los documentos que publica la plataforma, puede equivocarse y no predice la rentabilidad.
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