Crowdlending, in one sentence
Crowdlending — or interest-bearing participative lending — is a financing model in which retail investors lend money directly to a company, a real-estate developer or a farming operator through a digital platform. In return, they receive interest throughout the term of the loan and recover their capital at maturity.
Born in the United States in the mid-2000s with Prosper and LendingClub, the model spread to Europe from 2014. The European ECSP regulation, fully in force since late 2023, marked a maturity milestone: platforms operating in the Union must now be licensed by their national regulator (in France, the AMF) and comply with a common set of prudential, disclosure and governance rules.
What crowdlending is NOT
It is neither a savings account, nor a guaranteed investment, nor equity. Capital is never protected by a guarantee fund such as the FGDR. The advertised yield is gross, before tax and before defaults.
How it works, step by step
- 1
The borrower files an application
An SME, developer or operator submits a detailed project: amount, duration, use of funds, guarantees offered.
- 2
The platform analyzes and scores
Financial analysis, risk scoring, legal review. Only 1 in 10 to 20 projects passes the filter on selective platforms.
- 3
The project goes live for funding
Investors subscribe in a few clicks, typically from €10 to several thousand. Fundraising lasts from a few minutes to a few weeks.
- 4
Funds are paid to the borrower
Once the target is reached, the money is released and the loan contract takes effect.
- 5
Repayment on schedule
Monthly (principal + interest), quarterly or bullet depending on the project. The platform passes the cash flows back to investors.
The six main crowdlending families
Not all participative loans are alike. Each category has its own yield/risk profile, average duration and specific guarantees. Crowdscope groups the tracked platforms into six categories.
Multi-originator marketplaces (Mintos, PeerBerry…). Yields 10-14%, short durations, buyback guarantees.
Loans to developers or property traders. 8-10%, 12-24 months, mortgage or surety.
Consumer credit repackaged as securities. 10-14%, 6-18 months, originator guarantee.
Financing for VSBs/SMEs (working capital or growth). 5-9%, 24-48 months, director's surety.
Farms and sustainable food. 5-7%, 36-60 months, equipment/land pledge.
Solar, wind, biomass, forestry. 5-7%, 24-60 months, long-term offtake contracts.
Yields, risks and liquidity: the real equation
The yield advertised by platforms is almost always an indicative gross yield. To estimate what you will actually pocket, subtract three lines: taxation (30% flat tax), the default rate observed on the platform, and the opportunity cost of uninvested funds (cash drag).
- · Gross yield 5% to 14%, above savings accounts
- · Low entry ticket (from €10)
- · Real economy: you know what the money funds
- · Partial decorrelation from listed markets
- · Capital loss risk, with no guarantee fund
- · Illiquidity: money locked until maturity
- · Frequent delays (especially real estate)
- · 30% taxation that cuts into net yield
European and French regulatory framework
Since November 2023, any platform operating within the Union must hold the ECSP (European Crowdfunding Service Provider) license. In France, the license is granted by the AMF after the opinion of the ACPR. This license requires: minimum own funds, a conflict-of-interest policy, a key investment information sheet (KIIS) for each project, a suitability test for non-sophisticated investors and a €1,000 per-project cap for them (unless they explicitly opt out).
Non-EU platforms (Mintos in Latvia under Investment Firm status, PeerBerry, Swaper, etc.) operate under different regimes (FCMC, IBF, or unregulated). This does not disqualify them, but investors must factor it into their platform-risk scoring.
The 5 KPIs to check before lending
| Indicator | Why it matters |
|---|---|
| Default rate | Share of projects not repaid. Prefer < 5% over the platform's long-term history. |
| Net IRR | Real yield after defaults and tax. Often 2 to 3 points below the headline gross figure. |
| Guarantees (collateral) | First-rank mortgage, director's surety, pledge, buyback. A guarantee is only worth as much as it is enforceable. |
| LTV (real estate) | Loan-to-Value: amount lent / asset value. Below 65%, a comfortable safety margin. |
| Track record & age | A platform with 8+ years of history and several economic cycles under its belt is more reliable than a 2023 startup. |
Red flag
A yield above 12% with no real guarantee and no solid track record should be interpreted as a very high risk, not as a good deal.
Taxation: the flat tax and its alternatives
Interest received from crowdlending is classified as fixed-income investment income. The default regime is the Single Flat-rate Withholding (PFU), a.k.a. flat tax, at 30%:
- · 12.8% for income tax
- · 17.2% for social contributions (CSG/CRDS)
Taxpayers whose marginal income-tax bracket is zero or 11% can opt for the progressive scale via the dedicated box on their tax return. This option is global and applies to all investment income for the year.
Worked example. On €1,000 of interest received, the flat tax takes €300. The net yield in your pocket is €700.
Crowdlending vs other investments
| Investment | Gross yield | Capital risk | Liquidity |
|---|---|---|---|
| Livret A | 1.7% | None (guaranteed) | Immediate |
| Life-insurance euro fund | 2.5–3.5% | Very low | Few days |
| Global equity ETF | 7–9% (long term) | High, volatile | Daily |
| Yield SCPI | 4–6% | Medium | Low (months) |
| Real-estate crowdlending | 8–10% | High | None (12-24 months) |
| P2P marketplace | 10–14% | Very high | Low to medium |
Building a crowdlending strategy
- Cap your overall exposure. Most advisors recommend not exceeding 5 to 10% of your financial wealth in this asset class.
- Diversify across at least 20 to 30 projects. A portfolio concentrated on 3 or 4 deals is statistically very exposed to individual default.
- Mix categories. Combine real estate, P2P and energy to dampen sector correlation.
- Spread over time. Investing €100 per week for a year protects better than a single €5,000 ticket.
- Pick 2 to 3 platforms rather than just one, to dilute operator risk.
Compare platforms in two clicks
Crowdscope screens every player on 8 public and verifiable criteria. No commercial ties.
See the rankingFrequently asked questions
What is the difference between crowdfunding and crowdlending?+
Crowdfunding is the generic term for participative financing. It covers four families: donation, reward, equity (crowdequity) and interest-bearing loans. Crowdlending refers only to that last category: a contracted interest-bearing loan between retail investors and a borrower (SME, real-estate developer, energy operator).
What yield can I expect from crowdlending in 2026?+
Based on data aggregated by Crowdscope, the median gross yield observed in Europe sits between 8% and 11%. Short-term real estate ranges from 8% to 10%, renewables from 5% to 7%, P2P consumer-lending marketplaces from 10% to 14%. These yields are gross: subtract taxation (30% flat tax) and any defaults.
Is capital guaranteed?+
No, never. Crowdlending is a risk investment. If the borrower defaults, you may lose all or part of the lent capital. Some platforms offer guarantees (mortgage, surety, buyback), but none fully removes the risk. Diversifying across at least 20 to 30 projects is the best protection.
What is the minimum investment?+
The minimum ticket varies widely by platform: €1 on Bondora or La Première Brique, €10 on most Baltic marketplaces, €100 to €1,000 on French real-estate platforms like ClubFunding or Raizers.
How is crowdlending taxed in France?+
Interest received is by default subject to the Single Flat-rate Withholding (PFU) of 30%: 12.8% income tax and 17.2% social contributions. Lightly taxed taxpayers can opt for the progressive scale on their annual return. Platforms domiciled outside the EU generally do not apply withholding tax: it is up to the investor to declare.
What happens in case of a payment delay?+
A delay is not a default. Most real-estate projects experience at least one extension. The platform launches a recovery process and, if guarantees exist (mortgage, surety), may enforce them. A default is only recognized after 6 to 12 months without payment.