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  • FIRST POST
    jamesd
    P2P: MoneyThing
    • #1
    • 2nd Aug 16, 7:29 PM
    P2P: MoneyThing 2nd Aug 16 at 7:29 PM
    This is a discussion for things specific to the MoneyThing peer to peer lending platform, to make it easier to find those as distinct from more general P2P discussions. More discussion is available at the P2P Independent Forum MoneyThing section.

    MoneyThing does a range of lending types that often avoid the ubiquitous property development loans seen in the P2P world at the moment but still does many of those. Interest rates are typically 12% but have ranged from 10-15%. All loans are secured on some sort of physical asset.

    The platform received full FCA approval in March 2017, replacing its former interim approval.

    As of 1 April 2017 there have been no defaults but eventually this is sure to change since it's a fact of life with lending.


    TOPICS: generic P2P, Ablrate, Lendy (formerly Saving Stream), MoneyThing.
    Last edited by jamesd; 16-04-2017 at 11:22 PM.
Page 4
    • taylornj
    • By taylornj 27th Apr 17, 1:11 PM
    • 146 Posts
    • 70 Thanks
    taylornj
    does 12% interest rate for an 18 month loan term mean 12% per year or 12% in 18 months?
    Originally posted by elephantrosie
    All rates are per year, otherwise how are you going to compare them but the rate isn't the same as 12% on a bank account. You need the AER.

    100 invested return 12 over 12months, but payment frequency is every month so it's 1/month, and if the 1 is reinvested in the same 12% loan next month you get 1.01 so the AER is 12.6825%.

    For 18months loan term you would get 18% or 18 per every 100, without re-investing. Re-investing you would get 19.61 (this might round up).

    At money thing it's slightly more complex take February with 28 days, a loan that pays on the 31st of each month, is paid early on the 28th. Some loans might terminate early and pay interest up to a given day in the future. The AER only applies if you can re-invest and there might not be loans available to re-invest and have to wait to re-invest.

    The simplest is to just use the 12% but be aware that only applies when comparing like for like 12%pa interest only loan with a payment frequency of monthly.

    Lendy, Collateral pay the interest at the end of each month, so you can't re-invest until then. Ablrate pay interest like Money Thing on a given day of the month, but Ablrate has more complex loan type than interest only loans, amortising loans which pay back capital as well as interest. Comparing 12% vs 12% of different loan type and payment methods gives an approximate guide only.
    • elephantrosie
    • By elephantrosie 30th Apr 17, 11:58 PM
    • 232 Posts
    • 62 Thanks
    elephantrosie
    i am a novice investor and moneything is my first investment. I like the ease of usage, customer feedback and track records. I am looking for similar p2p platforms.

    please recommend.
    • nushnush
    • By nushnush 1st May 17, 10:27 AM
    • 70 Posts
    • 42 Thanks
    nushnush
    i am a novice investor and moneything is my first investment. I like the ease of usage, customer feedback and track records. I am looking for similar p2p platforms.

    please recommend.
    Originally posted by elephantrosie

    ablrate, collateral, unbolted are all worth a look, all platforms are a little different to each other though.
    • Flobberchops
    • By Flobberchops 1st May 17, 12:32 PM
    • 476 Posts
    • 325 Thanks
    Flobberchops
    I am looking for similar p2p platforms.
    Originally posted by elephantrosie
    I second Ablrate as a good second choice. The rates and security are similar but you'll find Ablrate has a more readily available secondary market - my one and only criticism of MoneyThing is that you'll often be in the situation of having funds sitting around with nothing to spend it on.
    • elephantrosie
    • By elephantrosie 1st May 17, 10:06 PM
    • 232 Posts
    • 62 Thanks
    elephantrosie
    i have no issue with MT. i managed to get many loans off the secondary market and two new loans last week.

    i have just set up a ratesetter account and going to invest 500 quids in it because although the rate is lower, i want to see how it is like.

    tried to set up ablrate account and the phillips from the company is really rude. i wonder how their customer service is like?
    • nushnush
    • By nushnush 2nd May 17, 11:55 AM
    • 70 Posts
    • 42 Thanks
    nushnush
    i have no issue with MT. i managed to get many loans off the secondary market and two new loans last week.

    i have just set up a ratesetter account and going to invest 500 quids in it because although the rate is lower, i want to see how it is like.

    tried to set up ablrate account and the phillips from the company is really rude. i wonder how their customer service is like?
    Originally posted by elephantrosie

    i use ratesetter but without the startup bonus i wouldnt.
    • bigadaj
    • By bigadaj 2nd May 17, 6:12 PM
    • 8,930 Posts
    • 5,666 Thanks
    bigadaj
    i use ratesetter but without the startup bonus i wouldnt.
    Originally posted by nushnush
    I used them for a year and then shut the account in receipt of the bonus.

    To get back to the thread name over on the p2p independent forum the Moneything representative was sounding out demand for a very much larger potential loan. Feedback was there was a lot of pent up demand given low deal flow and the fact that some of the other platforms are looking a bit dodgy and an overall chasing of returns me at they should be able to fill it, we'll wait and see.
  • jamesd
    MoneyThing have said that after initially deciding not to introduce an ISA soon they will be reconsidering that decision next week on the basis of feedback from existing lenders. No actual decision yet, though.
    • chucknorris
    • By chucknorris 5th May 17, 5:23 PM
    • 8,769 Posts
    • 13,080 Thanks
    chucknorris
    MoneyThing have said that after initially deciding not to introduce an ISA soon they will be reconsidering that decision next week on the basis of feedback from existing lenders. No actual decision yet, though.
    Originally posted by jamesd
    I'm very interested in Moneything, but we are currently on the lookout to buy a new home (for cash) and we will be temporarily keeping our existing home for a few months (while we repair/refurbish it. So money is probably going to be quite tight until we at least find our new home (it might not extend to our full budget). But I'm very likely to get involved with P2P (for a small percentage of my portfolio) quite soon.
    Chuck Norris can kill two stones with one bird
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  • jamesd
    The ISA has been raised in priority but isn't imminent.

    Meanwhile with a new loan at 12% for 1.625 million to go live later today there's much more opportunity than usual to buy loans on the secondary market. I took the opportunity to swap most of my 11% money for 12% and 13% while adding in some loans I wasn't part of originally.

    There are a couple of loans described as due to repay imminently. The student accommodation one is currently live on Collateral and will be repaid once it fills there, the restaurant and hotel is being bought so will be repaid once that deal completes. Either could fall through but might be useful if you want to put in some money that will probably be repaid in a few weeks at most.
    • elephantrosie
    • By elephantrosie 17th May 17, 7:11 PM
    • 232 Posts
    • 62 Thanks
    elephantrosie
    jamesd- i thought MT does not do 13% interest rate loan?
    I am constantly dreaming of retirement and financial independence.
    I would like to have enough money to open an animal farm and a charity vegetarian restaurant.
    I am good with savings, but not investments. I am a keen learner, but can be disappointed by my laziness.
    • Flobberchops
    • By Flobberchops 17th May 17, 7:28 PM
    • 476 Posts
    • 325 Thanks
    Flobberchops
    jamesd- i thought MT does not do 13% interest rate loan?
    Originally posted by elephantrosie
    Well, you're wrong There were two sets of loans last year with 13% rates. 12% is the "standard" but I've seen rates from 10% to 13% - even 18% if we count one loan that went into late repayment.
  • jamesd
    They usually don't but occasionally there are exceptions where some aspect of the deal makes that seem sensible. It's usually likely to be better not to pick one of those unless you know the reason for that rate. One example was the A/B loan tranche loan where the 13% people take a loss before the 10% people take any loss.
    • takesyourchances
    • By takesyourchances 17th May 17, 10:13 PM
    • 369 Posts
    • 202 Thanks
    takesyourchances
    With the property loans both on Moneything and Collateral, it is interesting to see some of the large sums being invested by people.

    Out of interest, what is the largest sum anyone has invested in a single loan on MT for example?

    It is taking me a little time building my loans up, slowly getting there to diversify, but I know I am a little overweight percentage wise in certain loans for the amount invested with a platform, example out of 2000 slowly building on MT, I have loans from 50 per loan to a 250. This is just to get started but I am aware I want to diversify better and I guess that will come as the loans increase in amounts and I add more to my loan list.

    Thanks.
    • TheShape
    • By TheShape 17th May 17, 11:37 PM
    • 856 Posts
    • 599 Thanks
    TheShape
    I currently have 3340 lent at Moneything. My largest single loan 400, my smallest, 2. The largest combined loan amount to an individual borrower is 766, which I hadn't realised was quite so high. That is made up of lots of smaller parts which is why I've not noticed. Diversifying on MT can be difficult as the same loans appear again and again on the SM so you need patience waiting for different loans to appear. Fortunately, new loans stimulate a lot of SM activity.
    • takesyourchances
    • By takesyourchances 17th May 17, 11:54 PM
    • 369 Posts
    • 202 Thanks
    takesyourchances
    I currently have 3340 lent at Moneything. My largest single loan 400, my smallest, 2. The largest combined loan amount to an individual borrower is 766, which I hadn't realised was quite so high. That is made up of lots of smaller parts which is why I've not noticed. Diversifying on MT can be difficult as the same loans appear again and again on the SM so you need patience waiting for different loans to appear. Fortunately, new loans stimulate a lot of SM activity.
    Originally posted by TheShape
    Thanks for the reply, actually I have a few of the Manchester Hall loans so they will add together combined too as made up of lots of smaller loans.

    Understand what you are saying it needs patience, I got a couple more in recent days with the activity on the SM and I put a bit into the new property loan too. I have been using Ablrate SM market buying up bits of mostly non property loans in 50 lots, so far invested about 600 there and will plug away with it as well.

    I will be working things the same idea as yourself and waiting for different loans to appear and the same on the other platforms.

    I can't remember if it was Collateral or Moneything in the recent investments tonight I saw 9000 put into one of the property loans which brought me to post this. I know that there are some high amounts going on, that was the highest I saw in a check so far on a loan I put into.

    Thanks again.
    • TheShape
    • By TheShape 18th May 17, 12:47 AM
    • 856 Posts
    • 599 Thanks
    TheShape
    I think Collateral had an investment of 75k in the new Student Accommodation loan.

    Talking of secondary markets, Collateral currently has the most secondary market availability in terms of numbers of loans available that I've ever seen. Lots of jewellery available but I have no funds available on the platform (doubt anyone will be processing my deposit at 1am). I assume someone is making funds available for the new loan.

    Edit: Plenty of loans available on the Moneything SM that I'm not invested in but waiting for a deposit to be processed there also. Really missed out tonight.
    Last edited by TheShape; 18-05-2017 at 1:00 AM.
    • elephantrosie
    • By elephantrosie 18th May 17, 1:11 AM
    • 232 Posts
    • 62 Thanks
    elephantrosie
    takesyourchances and theshape- where else do you guys invest?
    I am constantly dreaming of retirement and financial independence.
    I would like to have enough money to open an animal farm and a charity vegetarian restaurant.
    I am good with savings, but not investments. I am a keen learner, but can be disappointed by my laziness.
    • elephantrosie
    • By elephantrosie 18th May 17, 1:11 AM
    • 232 Posts
    • 62 Thanks
    elephantrosie
    I think Collateral had an investment of 75k in the new Student Accommodation loan.

    Talking of secondary markets, Collateral currently has the most secondary market availability in terms of numbers of loans available that I've ever seen. Lots of jewellery available but I have no funds available on the platform (doubt anyone will be processing my deposit at 1am). I assume someone is making funds available for the new loan.

    Edit: Plenty of loans available on the Moneything SM that I'm not invested in but waiting for a deposit to be processed there also. Really missed out tonight.
    Originally posted by TheShape
    are there new loans coming up on collateral soon?
    I am constantly dreaming of retirement and financial independence.
    I would like to have enough money to open an animal farm and a charity vegetarian restaurant.
    I am good with savings, but not investments. I am a keen learner, but can be disappointed by my laziness.
    • takesyourchances
    • By takesyourchances 18th May 17, 5:46 PM
    • 369 Posts
    • 202 Thanks
    takesyourchances
    takesyourchances and theshape- where else do you guys invest?
    Originally posted by elephantrosie
    My P2P investments I am building up at present across Moneything, Collateral and Ablrate.

    I also have money with Funding Circle, Ratesetter and Zopa but at present not adding any more to these but building and focusing on the above 3. My total P2P is just over 10K at present so far.

    are there new loans coming up on collateral soon?
    Originally posted by elephantrosie
    There are two new jewellery loans today on pre-fund which I just added to both of these.

    I think Collateral had an investment of 75k in the new Student Accommodation loan.

    Talking of secondary markets, Collateral currently has the most secondary market availability in terms of numbers of loans available that I've ever seen. Lots of jewellery available but I have no funds available on the platform (doubt anyone will be processing my deposit at 1am). I assume someone is making funds available for the new loan.

    Edit: Plenty of loans available on the Moneything SM that I'm not invested in but waiting for a deposit to be processed there also. Really missed out tonight.
    Originally posted by TheShape
    75K is certainly a large investment chuck in one loan I missed the late night movement on the secondary market, but got the two new funds on Collateral today on pre-fund and couple of property loans repaid so added those into one of them and new funds into the other.

    The debit card is very good on Ablrate for instant funding (too good ) which I have used on the SM there.
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