The "Bank of Dave" 5% Savings Interest? .. or not (What is this?)

quotememiserable

innovate wrote: »

Anyone from MSE on it? I'm not, and not planning to, even if there was no waiting list.

Its just a poor version of funding circle. If you want to peer to peer lending you can it there with a lot more transparency.

IronWolf

Ive watched the show and it was a bit rich of him to criticise banks for needing bailouts, and then complaining about the reserve requirements needed to set up a bank.

He just cant seem to accept that to be a bank you need reserves and just wants to plough into taking depositers money and loaning it out.

Biggles

innovate wrote: »

Doesn't he claim he has "full insurance cover" for all deposits?

That's what it said in that article, yes. But I see that, on his website, he says, "there is a 100% guarantee from Mr David Fishwick". That's not insurance cover.

cepheus

There is an article in TIM about him

Deposits earn five per cent annual interest and loans are made to small businesses and individuals, without credit checks, at between 8.9 per cent and 14.9 per cent. Fishwick has an insurance policy to guarantee deposits.
He said he would ‘never put a penny of granny’s money at risk’ and one reason there was a waiting list of investors was because he lent carefully.

But without the copper- bottomed guarantee of the FSCS, customers’ savings will be at greater risk here than in an authorised institution.

so no credit checks, doesn't that mean he will get all the rejects from the Banks, Building Societies, Credit unions and P2P outfits?

From what I saw from the TV documentary on this, he seems to use his gut instinct to judge the financial viability of his clients, is that going to be reliable? Nice chap, and I wish him luck, but it sounds all very dodgy to me!

alanq

cepheus wrote: »

so no credit checks,

That's not what BS&L said in its submission to parliament. See my earlier post.

alanq wrote: »

"Although credit history is looked at in most cases, judgements are made individually by what is in effect a Bank Manager, not by a credit-scoring computer."