Peer-to-peer lending sites: MSE guide discussion

msallen

firestone wrote: »

Thought from the P2P indie forum that Kuflink had no skin in the game now with new loans going forward...

No they changed position following the reaction to the change - see p2pindependentforum.com/post/265788/thread.

I'm still not adding any new funds there at present though.

bxboards

firestone wrote: »

Thought from the P2P indie forum that Kuflink had no skin in the game now with new loans going forward hence the 100% availability.And the 20% "guarantee" is in the form of a provision fund.
would agree about Landbay and their cashback on queue being good but they do seem to be funding new money quicker over the last year and have just joined the L&G mortgage panel among others which should help.

I use Landbay, however the rates are even lower than Octupus Choice!

I invested when you could get the 50.00 for depositing 1k, I would not have bothered putting in 5k for figures that hover around 3.5% at best.

Platform does seem fairly low risk, but I believe without FSCS protection 3.5% ballpark for P2P is too low for the risk - a Tesco bank account will pay 3% as a comparison.

masonic

fun4everyone wrote: »

Is it worthwhile emailing them and registering as an investor? They mention doing that in a pdf I read.

Surely we will not have to do that to get whatever is due to us.

I see no value in doing so at this stage. Very likely they will have a more accurate record of our position from the platform database and any claim that differed from their records would require supporting evidence, which might require you falling back to bank statements showing the relevant transfers and not accounting for any interest earned/reinvested.

I'd rather they used their time as efficiently as possible.

bxboards

Assetz Capital are now offering very decent rates for their instant access (in normal market conditions!) and 30day accounts - the quick access account now pays 4.1% and the 30 day account pays 5.1%

Psyduck1980

AdrianC wrote: »

Honestly? That seems a very dangerous way of picking a platform.


"I don't care if the rates are terrible for the risk, look at the shiny pen the nice salesman gave me!"

I would have thought that disregarding cashback and referrals from the decision making process completely is equally foolhardy.

pjcox2005

bluenun wrote: »

I was referred to Kuflink and Have invested £500.

Hopefully receive my £100 bonus in 14 to 21 days.

In the meantime I have a choice to invest my £500 in either "Select invest" which pays up to 7.2% P/A but is riskier than the other 2 options.
"Auto invest" or "IFISA" both pay the same 3.99% P/A for a 1 year investment.

For such a small investment of £500 I do not think it is worth investing in the IFISA as I will not be paying any tax on interest this year.
I am veering towards the Auto invest option as the higher risk Select invest would only be an extra £16 P/A maximum.

Any thoughts?

In your first line do you mean you've deposited £500 or invested £500, if you haven't invested anything yet then I'd go autoinvest as the full £500 has to be invested I believe within 24 hours of any initial amount so picking specific investments can lead to be a bit of uncertainty on the bonus qualifications.

masonic

pjcox2005 wrote: »

In your first line do you mean you've deposited £500 or invested £500, if you haven't invested anything yet then I'd go autoinvest as the full £500 has to be invested I believe within 24 hours of any initial amount so picking specific investments can lead to be a bit of uncertainty on the bonus qualifications.

Is that right? If so, it's probably a good thing I'm investing my £500 into just one 6 month loan. Not that I'd recommend that course of action to others who may not already have an extensive P2P portfolio and who may not have done the necessary DD.

Psyduck1980

pjcox2005 wrote: »

In your first line do you mean you've deposited £500 or invested £500, if you haven't invested anything yet then I'd go autoinvest as the full £500 has to be invested I believe within 24 hours of any initial amount so picking specific investments can lead to be a bit of uncertainty on the bonus qualifications.

I'm not 100% sure that's right. I think you can deposit less than £500 when you set up your account but, in order to qualify for the incentive, you need to ensure you top it up to a minimum of £500 within 24 hours. Either way, I don't think the 14-21 day "clock" starts ticking until you actually invest the money you have deposited.

Alexland

Psyduck1980 wrote: »

I'm not 100% sure that's right. I think you can deposit less than £500 when you set up your account but, in order to qualify for the incentive, you need to ensure you top it up to a minimum of £500 within 24 hours. Either way, I don't think the 14-21 day "clock" starts ticking until you actually invest the money you have deposited.

When I read their terms I didn't really see the point so just made an initial bank transfer of £500, which they confirmed they received about an hour later so logged back in and invested the same day. There are not many Select Invest properties so to spread the money better I used Auto Invest for a year. A few percent interest doesn't make a lot of difference as I am mainly interested in the cashback.

Alex.

Psyduck1980

I see RateSetter have reduced their 1 year rate to a paltry 3.2%, which is pretty offensive for a P2P platform. I think it was at least half a percentage point higher just a week ago - does that mean they are "paying" for the referral fees by reducing the interest rates they offer?

I'm still intending to sign up this week as circa 13% is too good not to invest. That said the name of the platform indicates investors have some control over their percentage returns (and their risk appetite). How does this work? Could I invest in the everyday 1 year market and "insist" on 3.7%? Would like position lead to my funds being unmatched? Any advice would be greatly received.