P2P: MoneyThing

Zosa wrote: »

Very quick question - I can see from just this forum post that quite a few people have signed up for this but can people just confirm that it is legit. I have signed up but it is asking for a certified copy of documents so I want to make sure this is the case before I upload anything.

Presumably when you signed up you were expecting to upload money. Why are you suddenly more troubled by uploading documents?

New loans seem to have slowed up on MT recently. I've idle funds awaiting new loans as have enough in the others. Was thinking to withdraw this money as seems slow lately for new loans.

TheShape wrote: »

Last week's Moneything Pipeline stated that there were two expected new loans due this week. Whether the materialise is another thing and I'd be inclined to withdraw pending an actual announcement.

I 'temporarily' invested my idle balance in an existing loan with the intention of selling when a new loan became available. I'm now stuck in a very long sales queue.

I withdrew tonight my idle money, this was my first withdrawal from MT and it arrived in my bank straight away so that was good. I put it into my S&S ISA, I am balancing investing in it too as I was going a bit lighter on it the last 6 months with P2P.

If new loans appear, I can always add fresh money if they seem decent.

There seems to be a very big sales queues at the moment, I don't want to add any more to current loans than I have in and awaiting fresh ones to spread things out a bit more hopefully. Recent weeks has been a bit harder with new loans across a few platforms.

I have some investment trust investments going out this week as well and don't want to take my eye of these investments either.

The slow up seemed to have come after recent defaults on MT which got me wondering too....

I've dodged having significant amounts locked up in defaults by pure luck on MoneyThing. I am starting to think that all the low hanging fruit has already been picked and the loans we're seeing now are higher risk than most realise. I am starting to think I should move money away from the platforms paying 12%+ and start to look at safer options elsewhere paying a max of around 7%

bigadaj wrote: »

There is always risk in these loans, they wouldn't be paying the rates they do if there wasn't. The whole point in lending to secured lenders is that it reduces the magnitude of losses.

There's no certainty that your 7% options will be any safer than what you currently hold of course.

Of course there is no certainty, but my favoured platform at the moment (Kuflink) takes the first 20% of any losses if they occur and I think taking an interest rate hit for that kind of security is worth it. Also Assetz Capital have the hands off account paying 7% with a provision fund.

I'll think about it some more but I have a feeling I will start to diversify away from the riskier end of P2P lending