A Higher Credit Grade Does Not Mean a Lower Interest Rate
How much Maclear’s A-to-AAA credit grades actually spread the interest rate
A credit rating in P2P lending needs a closer reading. Maclear’s internal credit grade does not form a steadily rising ladder of average rates as grades decline.
| Credit grade | Projects | Share of sample | Average annual loan rate | Average debt-to-equity | Average loan-to-collateral: fraction and percentage |
|---|---|---|---|---|---|
| AAA | 50 | 2.57% | 14.20% | not disclosed | not disclosed |
| AA | 148 | 7.61% | 14.93% | 0.91 | 0.69 = 69% |
| A | 1,030 | 52.96% | 15.20% | not disclosed | not disclosed |
| BBB | 661 | 33.98% | 14.84% | 3.12 | 1.05 = 105% |
| BB | 56 | 2.88% | 14.86% | 3.76 | 1.53 = 153% |
All numerical values and calculated shares in this table are based on Maclear internal data, September 2026. Snapshot: 03.09.2026; supplied project period: 13.04.2025–01.09.2026. Maclear statistics provides general platform figures; the detailed grade breakdown comes from the editorial brief and is not independently reproduced on that page.
Does a higher credit grade mean a lower interest rate on Maclear?
Not necessarily. The gap between the highest and lowest grade-average rates is one percentage point (based on Maclear internal data, September 2026). The highest mean belongs to A, rather than BB. BBB and BB sit below AA despite their lower grades.
These are group averages, not quoted rates for every claim. Within-grade dispersion and rate weighting are not disclosed.
What debt-to-equity and loan-to-collateral ratios reveal that the rate doesn’t
Debt-to-equity compares debt with equity. With positive equity and consistent accounting definitions, a higher ratio means more debt relative to the equity base. It does not measure capacity to make the next payment.
For debt-to-equity ratio loan evaluation, check the financial statement date and the definition of debt. Negative equity requires separate interpretation.
What does a high debt-to-equity ratio mean for a graded loan?
It signals greater leverage relative to positive equity. The reported AA average is 0.91, against 3.76 for BB: roughly four times as high (based on Maclear internal data, September 2026). This comparison concerns group means, not every borrower within either group.
Loan-to-collateral compares loan amount with the stated collateral valuation. AA averages 69%, BBB 105% and BB 153% (based on Maclear internal data, September 2026). Above unity, the loan exceeds that valuation; below unity, the valuation exceeds the loan.
Neither relationship establishes realizable proceeds. Valuation basis and enforceable priority require the individual documents.
Why the risk premium shows up in deal structure and not in the coupon
Here, “risk premium in deal structure” means structural exposures differ sharply while mean coupons remain close. This is an interpretation, not proof that weaker coverage compensates investors. Maclear’s public scoring guidance says grading influences offered rates; these group averages do not test that policy.
The dataset identifies neither Maclear’s pricing model nor adequate compensation for each exposure. It cannot establish why a borrower received a particular rate.
When comparing a credit grade, P2P lending investors therefore need the underlying ratios alongside the coupon. Similar rates can accompany quite different balance sheets and collateral coverage.
What the current letter grade scale covers — and what it replaced
Is the A-to-AAA scale used for every project in the portfolio?
No. The supplied letter-graded sample contains 1,945 projects spanning 13 April 2025 to 1 September 2026, with observed grades AAA through BB (based on Maclear internal data, September 2026). The brief describes a historical 1–10 numeric scale (based on Maclear internal data, September 2026), not current grading.
The sample’s endpoints are not the complete published framework. Maclear’s borrower scoring system extends from AAA to D and considers financial, qualitative, coverage and liquidity factors. Grades can be updated; the snapshot does not identify the grading date for each project.
The whole-book figures cover 2,147 projects: average annual rate 15.01%, range 13.5%–19.5%, and average term 12.1 months, ranging from 2 to 16 months (based on Maclear internal data, September 2026). They include historical projects and must not be treated as statistics solely for the letter-graded sample.
What this data does not tell you about default risk
Does a lower credit grade mean a higher default rate on Maclear?
This snapshot cannot answer that question. It supplies no repayment-failure or recovery outcomes broken down by grade. Financial ratios describe exposures; turning them into an observed probability requires outcome data and an appropriate observation period.
Independent borrower counts and shared-borrower exposures are not disclosed. Missing AAA and A ratios cannot be inferred.
A letter credit grade summarizes assessed borrower and deal characteristics, not a repayment promise; this snapshot shows differences in debt load and collateral coverage without measuring repayment-failure probabilities.
What to check on a loan card instead of comparing rates by grade
Start with debt-to-equity, loan-to-collateral, their definitions and valuation dates. Then read the borrower’s financial information, repayment schedule and documents. How to evaluate a P2P loan involves the specific exposure, rather than assuming the grade average describes the claim being offered.
For loan-to-value ratio crowdlending comparisons, confirm the denominator before comparing figures. Collateral mechanics belong in What Backs a Maclear Loan: Collateral and LTV in Real Deals; enforcement is covered in Crowdlending Recovery Process and Collateral Explained.
Maclear AG is a non-banking financial intermediary under Swiss rules and a member of PolyReg, a self-regulatory organization (SRO). Membership does not guarantee loan performance; this analysis recommends no particular claim.
Frequently asked questions
Does a higher credit grade mean a lower interest rate on Maclear?
Not necessarily: the supplied grade-average rates are not monotonic. They range from 14.20% for AAA to 15.20% for A (based on Maclear internal data, September 2026). A lower grade therefore does not automatically bring a higher mean coupon in this sample. Individual claims still require their own assessment; these averages are not pricing rules.
What actually differs between a Maclear loan’s credit grades?
The disclosed group averages differ substantially in leverage and collateral coverage. AA averages debt-to-equity of 0.91 and loan-to-collateral of 0.69, compared with 3.76 and 1.53 for BB (based on Maclear internal data, September 2026). These describe different structural exposures, without establishing the eventual outcome of any loan or isolating every input to Maclear’s grading process.
Does Maclear’s data show a default rate by credit grade?
No: the supplied snapshot contains no repayment-failure or recovery statistics broken down by credit grade. That limitation applies to this analysis, rather than claiming Maclear publishes no information about individual cases. A group’s financial ratios cannot establish an observed repayment-failure probability without linked outcome data, consistent definitions and an appropriate observation period.
Which credit grading scale does Maclear currently use?
Maclear publishes a letter-based framework extending from AAA to D. The supplied sample covers only AAA through BB: 1,945 projects from April 2025 onwards (based on Maclear internal data, September 2026). The brief describes an earlier numeric system for historical projects. The sample’s narrower range should not be mistaken for the full current framework.
What should an investor check instead of comparing interest rates across grades?
Check the individual loan’s debt-to-equity and loan-to-collateral figures, including their definitions, dates and valuation basis. Read the borrower information and contractual repayment schedule alongside them. Group averages show where the supplied sample differs; they do not replace assessment of the offered claim. Collateral valuation and legal enforcement require separate review of the relevant documents.
Maclear AG is a Swiss peer-to-peer (P2P) lending and crowdlending platform, headquartered in Switzerland. The company acts as a financial intermediary in the non-banking sector and is a member of PolyReg SRO, in accordance with Swiss financial regulations, particularly regarding AML, KYC, and GDPR. Maclear provides individual and qualified investors access to carefully selected business loan opportunities, with integrated risk assessment, a Provision Fund, and a Secondary Market for liquidity.
The content of this article is provided for informational and educational purposes only. It does not constitute investment, financial, tax, or legal advice. Peer-to-peer (P2P) lending and crowdlending investments carry a risk of partial or total loss of capital. Past performance does not predict future results. Liquidity on a secondary market is not guaranteed. Readers are encouraged to conduct their own research and consult qualified advisors before making any financial decisions. The availability of products and services may be restricted in certain jurisdictions.