Peer-to-peer lending sites: MSE guide discussion

Zero_Sum

keyboardworrier wrote: »

Lending Works lowered the rates to prop up their provision fund, something to be aware of.

I suspect ratesetter have done the same

firestone

nickelchick wrote: »

Does anyone have any recommendations for a P2P lender now Landbay has closed that side of the business? I always found them reliable and they've given back all my money so am looking to put it somewhere else!

See it as only an answer to your question and not a recommendation then Octopus Choice may be the nearest thing to Landbay (and a pretty big parent company over seeing it)

DiggerUK

Moneything goes tits up, and still there are those willing to ignore the blindingly obvious. Their parting message is an essay why money should not be invested in P2P.
https://www.moneything.com/

Quite why their site has to remind the chumps "As with all peer-to-peer loans, our products place capital at risk. You may not get back the full amount you lend and/ or the interest you expect.

That has to be the finest example of what not to do with a stable door. I have no sympathy..._

masonic

masonic wrote: »

Who's next? MoneyThing?

At least this one is an orderly wind-down before the company goes bust.

firestone

with it being nearly a year to the day that the BAE pension fund invested £200m in p2p or among others even the likes of safety first CGT having p2p investments in their portfolio it could be a case of your in p2p without even knowing it

cfw1994

Anyone here use Kuflink?
Just had this email from them:

The new Financial Conduct Authority (FCA) rules around appropriateness come into force on 9th December 2019. Please note from Monday you will no longer be able to make any further investments until you have successfully completed the appropriateness test on the platform.

The test is designed to protect lenders by ensuring they understand the products and associated risks. You’re required to complete six questions correctly which clearly demonstrate your ability to make properly informed choices about investments.

Should you fail the test, you’ll be provided with further opportunities to pass.
Additional resources have been made available online to assist investors with understanding peer-to-peer lending and the risks associated with it.

Feels very “last minute.com”, giving us 3 days to click a link and do whatever it says......I’d put it down to phishing, but the email sender looks genuine.

Perhaps to do with the bit I read on the MSE P2P front page about “From December, new peer-to-peer investors can't put in more than 10% of their investable assets”.

I’ve tweeted them to ask what is going on.....

AdrianC

cfw1994 wrote: »

Anyone here use Kuflink?

No, but...

Just had this email from them:

The new Financial Conduct Authority (FCA) rules around appropriateness come into force on 9th December 2019. Please note from Monday you will no longer be able to make any further investments until you have successfully completed the appropriateness test on the platform.

The test is designed to protect lenders by ensuring they understand the products and associated risks. You’re required to complete six questions correctly which clearly demonstrate your ability to make properly informed choices about investments.

Should you fail the test, you’ll be provided with further opportunities to pass.
Additional resources have been made available online to assist investors with understanding peer-to-peer lending and the risks associated with it.

Feels very “last minute.com”, giving us 3 days to click a link and do whatever it says......I’d put it down to phishing, but the email sender looks genuine.

It's legit. All the platforms are doing it.

And it's hardly a showstopper - as it says, you only need to do it before you put any new funds in. And if you miss the 9/12 deadline, you'll still be able to do it later, you just won't be able to put new money in until you do.

Are you still putting new funds into P2P...?

quirkydeptless

cfw1994 wrote: »

Anyone here use Kuflink?
Just had this email from them:

Did it and passed the test!

cfw1994

AdrianC wrote: »

No, but...


It's legit. All the platforms are doing it.

And it's hardly a showstopper - as it says, you only need to do it before you put any new funds in. And if you miss the 9/12 deadline, you'll still be able to do it later, you just won't be able to put new money in until you do.

Are you still putting new funds into P2P...?

Haven’t put more in recently....& our numbers are teeny tiny compared with other investments.
Kuflink *appear* to be very well run....but perhaps Lendy/Moneything and others did up to the end!
Still claim to have not lost a penny of investors money (no longer on their front page, but commented on TrustPilot to confirm that), and still have their own “skin in the game” of loans out.

Are you not? Do Kuflink concern you?

AdrianC

I have no opinion on Kufflink - they're not a platform I've ever really looked at in any detail.

But I'd put more credence to a political manifesto than Trustpilot.