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Peer-to-peer lending sites: MSE guide discussion
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Anyone taking a slice of the new Ablrate loan today, 15% for min 6 - 10 month term. Been awaiting the new loan line up for the LISA. Going to add into this myself.0
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takesyourchances wrote: »Anyone taking a slice of the new Ablrate loan today, 15% for min 6 - 10 month term. Been awaiting the new loan line up for the LISA. Going to add into this myself.
Im in for £100, last of the big spenders0 -
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takesyourchances wrote: »It all add's up
I am not in the big hitter category myself
I added £250 to this loan, slowly but surely building the loans up.
Seems to be going well so far this latest one with 361k invested as I post this.
I'm in for £500 via their ISA. This and the Ecopark loan are my first through Ablrate so fingers crossed it all works out.0 -
A P2P fraud warning from the FCA about a real firm "clone" using the name "Lending Stream LLC" saying it's FCA regulated when it isn't. The FCA warning includes links to check the full and interim permissions registers and those will let you check the real contact details for the firm. Also a link to some things you can do to try to protect yourself. That advice includes contacting the FCA Consumer Helpline on 0800 111 6768 if there aren't contact details in the FCA register for the real firm.
As well as what the FCA warned about, web sites using the name of a real firm but a different web address that looks similar to the genuine one can be used. That's particularly common in email-based scams, where an email can have a visible link going to the genuine site but take you to the fake one because the link used isn't the one that is shown to you.
You can also ask here if you're unsure about whether a firm is genuine.
Old news because the warning is from 12 July but the issues are ongoing, so worth a read.0 -
Funding Circle receives ISA plan manager status - IF ISA likely December/January apparently. Anyone put off an FC IF ISA in light of removal of manual lending?? Quite an array of IF ISAs on the market now, but still keen to see how the big platforms shape up with their ones..0
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The changes have removed the reason why I was considering possibly using FC, so not much prospect of me using their IFISA. The risk/return didn't appear sufficient but flipping might have been worth doing. Never really thought that was worth doing either, though.0
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gingercordial wrote: »I'm in for £500 via their ISA. This and the Ecopark loan are my first through Ablrate so fingers crossed it all works out.
Yes fingers crossed for it. I have been very happy with Ablrate. Loans are not as frequent, but quality over quantity is important.
I see Moneything has a recent default, I have £75 in that. Hopefully the recovry goes well for all investors, I have been reading on the P2P forum. As always, spread is important.0 -
takesyourchances wrote: »Yes fingers crossed for it. I have been very happy with Ablrate. Loans are not as frequent, but quality over quantity is important.
I see Moneything has a recent default, I have £75 in that. Hopefully the recovry goes well for all investors, I have been reading on the P2P forum. As always, spread is important.
Exactly , "fingers crossed". As if at 10% rate one in 10 borrowers default with no recovery one would get a big fat 0 , diversification or not. Diversification would stop one from having a 100% loss (ie getting much less than average return) but the average itself is not going to become better because of it. I must say I am not well versed in assessing the loansand when I look at loan propositions on ablrate I think "by the grace of God" as they do not look any better than other platform's' ones. Please share what makes you think they are any better. Ps - as far as I know moneything has 2 defaults.The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
Often people seem to use this word mistakenly where "quandary" would fit better.0 -
Exactly , "fingers crossed". As if at 10% rate one in 10 borrowers default with no recovery one would get a big fat 0 , diversification or not. Diversification would stop one from having a 100% loss (ie getting much less than average return) but the average itself is not going to become better because of it. I must say I am not well versed in assessing the loansand when I look at loan propositions on ablrate I think "by the grace of God" as they do not look any better than other platform's' ones. Please share what makes you think they are any better. Ps - as far as I know moneything has 2 defaults.
High returns are only available because of the risk, which is both in terms of the loans being serviced and repayment of capital, I try and mitigate the latter by only using platforms that offer secured lending.
Diversification helps because no platform has 100% defaults, they wouldn't last long. So the actual defaults are spread, and being in a selection of loans makes it far more,likely that only some of your loans will be affected. This is no different to equity or bond investment using funds.
If you don't understand or can't learn a little about this then you may be best avoiding p2p.0
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