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The traditional yearly update on the loan portfolio is ready!
The overall picture is similar to the previous one. Returns are maintained and risk remains under control.
1. Average return on the whole portfolio
The average return since the platform's inception remains the same as last year at 6.5%.
2. Net profit
The accumulated profit reached almost 3.5 million BGN.
"Loss on sale of bad loans" has increased slightly, but remains a small fraction compared to the interest earned.
Yes, it might look unpleasant to see once a couple of months a transaction giving a loss on a piece of loan... But the important point is to look over the long term: this graph shows how Klear P2P lending model is sustainable.
3. Investors by level return
Most investors have a return between 5% and 7%. It is important to note that in 2025, the return indicator also includes the effect of withholding tax on interest income, which was not included before.
4. Return vs number of loans invested in (for investors not actively trading on the secondary market)
Beyond a diversification level of 200 loans, the return is very stable oscillating slightly around 6%.
As you can see, again only 1 investor had a negative return, and the obvious reason is almost no diversification.
Nota bene:
To consider if an investor is actively trading in the secondary market, we look at his purchases and sales on the secondary market, more precisely if he’s buying or selling at a discount/premium quite different from the recommended KIP. If the difference between the actual and recommended prices represents more than 10% of the earned interest, he is classified as actively trading on the secondary market.
Besides, we count only investors who have earned at least 1 BGN of interest.
5. Return vs number of loans invested in (for investors actively trading on the secondary market)
Transacting on the secondary market offers opportunities to earn up to 12% but it is riskier. There is higher volatility when transacting actively on the secondary market.
6. Time to sell
On average, since the beginning of the platform, an investor can sell more than 94% of his portfolio within 5 days.
This indicator has been very stable over the years, even showing a slight improvement, indicating quick access to liquidity.
7. Risk levels by vintage of production
Short-term indicator R2-6
It’s a short-term indicator to assess at an early stage the quality of a new vintage.
We look at loans financed having reached more than 30 days delay in the first 6 months of their life (among all loans from a vintage with at least 6 months of life)*.
| Period | Financed* | Incidents | R2-6 % |
|---|---|---|---|
| 2016 S2 | 77 | 3 | 3.9% |
| 2017 S1 | 168 | 3 | 1.8% |
| 2017 S2 | 173 | 4 | 2.3% |
| 2018 S1 | 183 | 0 | 0.0% |
| 2018 S2 | 188 | 1 | 0.5% |
| 2019 S1 | 213 | 5 | 2.3% |
| 2019 S2 | 259 | 4 | 1.5% |
| 2020 S1 | 175 | 2 | 1.1% |
| 2020 S2 | 203 | 2 | 1.0% |
| 2021 S1 | 212 | 3 | 1.4% |
| 2021 S2 | 257 | 0 | 0.0% |
| 2022 S1 | 371 | 9 | 2.4% |
| 2022 S2 | 288 | 5 | 1.7% |
| 2023 S1 | 277 | 6 | 2.2% |
| 2023 S2 | 322 | 4 | 1.2% |
| 2024 S1 | 372 | 6 | 1.6% |
| 2024 S2 | 443 | 1 | 0.2% |
| 2025 S1 | 319 | 3 | 0.9% |
| ALL | 4 510 | 61 | 1.4% |
The average value of 1.4% is slightly lower than last year, indicating that new loans funded in the second half of 2024 and the first 6 months of 2025 are slightly lower risk than average.
How to read it:
For example, among all the loans financed in the first semester of 2025, 319 had at least 6 months of history and among them 3 reached at least 30 days delay (equivalent to 2 installments in delay), which is 0.9%.
1 Year risk indicator R3-12
We look at loans having reached more than 60 days delay (equivalent to 3 installments in delay) in the first 12 months of their life, among all loans from a vintage with at least 12 months of life.
| Period | Financed* | Incidents | R3-12 % |
|---|---|---|---|
| 2016 S2 | 77 | 3 | 3.9% |
| 2017 S1 | 168 | 6 | 3.6% |
| 2017 S2 | 173 | 9 | 5.2% |
| 2018 S1 | 183 | 3 | 1.6% |
| 2018 S2 | 188 | 2 | 1.1% |
| 2019 S1 | 213 | 5 | 2.3% |
| 2019 S2 | 259 | 7 | 2.7% |
| 2020 S1 | 175 | 3 | 1.7% |
| 2020 S2 | 203 | 4 | 2.0% |
| 2021 S1 | 212 | 3 | 1.4% |
| 2021 S2 | 257 | 0 | 0.0% |
| 2022 S1 | 371 | 7 | 1.9% |
| 2022 S2 | 288 | 3 | 1.0% |
| 2023 S1 | 277 | 7 | 2.5% |
| 2023 S2 | 332 | 7 | 1.7% |
| 2024 S1 | 372 | 8 | 2.2% |
| 2024 S2 | 344 | 2 | 0.6% |
| ALL | 4 092 | 79 | 1.9% |
The loans financed in 2024 are of better than average quality.
Conclusion
Klear's portfolio remains stable - low risk, predictable returns.
2025 was a year of change, but our model has shown resilience.
We enter 2026 with the same approach that has always driven us: to be a partner you can rely on - transparent, easy, fair.
Thank you for your trust!
