tino shows a default or delayed rate of around 25%. That means your returns are not risk free.

That doesn't matter, because for the highest rated loans (Buyback and PG) Twino guarantee payments even in the case of defaults or delays.

That just shifts your risk to whether or not Twino succeeds. This may be lower risk than the original loans, but it is still risk.

That's not what "guaranteed" means.

In what sense? The company guarantees you will get paid back for the loans at 11%. For higher rates there is risk, but that isn't what I'm talking about.

"Guarantees"

Just like the "guarantees" Bernie Mandoff made to his "investors."

The money has to come from somewhere and the underlying assets producing returns are speculative.

If the underlying assets don't produce enough return for the company to offset losses, then that guarantee is worth the paper it's written on.

Like I said, they have solid financials. The loans they sell are at much higher rates.

Their "solid financials" don't change the fact that their "guarantee" is entirely based on speculative investments. If the returns are lower than expected they can't fulfill the "guarantee."

I say this as someone who invests in P2P loans. They are speculate investments.

Man, you really don't like this company for some reason. It's more like a bank than a pyramid scheme, except they have higher reserves. Sure, theoretically something could happen and all their customers may default on their loans, but by your logic even cash is "speculate" because your house could burn down.