Peer-to-peer lending sites: MSE guide discussion

bluenun

I'm in same boat. I email them & they got back confirming I've qualified & due the money.
Problem is now theres a decent queue to release cash. 

Yes and you cannot start the withdrawal process until the bonus has been paid.

Nardge

Thrugelmir said:

__cookiemonster__ said:

I have a few k spread around three or four P2P sites. 
This is probably a totally naive comment, but I hope the PSP firms are considering giving their borrowers a repayment holiday (perhaps a bit like the government is giving mortgage payers). I would much rather extend the periods of the loans I have provided than drive a good number of businesses to the wall. 

P2P creditors will rank well down the list of companies liabilities one suspects. 

Meaning what exactly? I don't understand

Albermarle

Nardge said:

Thrugelmir said:

__cookiemonster__ said:

I have a few k spread around three or four P2P sites. 
This is probably a totally naive comment, but I hope the PSP firms are considering giving their borrowers a repayment holiday (perhaps a bit like the government is giving mortgage payers). I would much rather extend the periods of the loans I have provided than drive a good number of businesses to the wall. 

P2P creditors will rank well down the list of companies liabilities one suspects. 

Meaning what exactly? I don't understand

He means that if a SME has borrowed money from a peer to peer company and then the borrower goes bust/into administration .
Then the P2P loan will not normally be near the top of any creditor list . It will depend on the terms of the loan though. If the P2P loan is secured as first charge on a properly valued property then hopefully most of the loan can be recovered . However if it is an unsecured loan , or a personal guarantee , then probably a lost cause.

ZeroSum

bluenun said:

I'm in same boat. I email them & they got back confirming I've qualified & due the money.
Problem is now theres a decent queue to release cash. 

Yes and you cannot start the withdrawal process until the bonus has been paid.

There's nothing to say that. The bonus is paid after money has been invested for 12 months not 13.

bluenun

Oh, is that correct? I cannot find the terms and conditions from when I made the deposit.
Have you started the withdrawal process yet?

masonic

bluenun said:

Oh, is that correct? I cannot find the terms and conditions from when I made the deposit.
Have you started the withdrawal process yet?

Here are the terms of the £50 RAF offer (now expired), I don't think much has changed since you took up the offer:

https://www.ratesetter.com/mgm-terms

soulsaver

masonic said:

bluenun said:

Oh, is that correct? I cannot find the terms and conditions from when I made the deposit.
Have you started the withdrawal process yet?

Here are the terms of the £50 RAF offer (now expired), I don't think much has changed since you took up the offer:

https://www.ratesetter.com/mgm-terms

Well if those were the terms at the time (correct as I recall) bluenun ain't getting a bonus on their £500 investment.

masonic

soulsaver said:

masonic said:

bluenun said:

Oh, is that correct? I cannot find the terms and conditions from when I made the deposit.
Have you started the withdrawal process yet?

Here are the terms of the £50 RAF offer (now expired), I don't think much has changed since you took up the offer:

https://www.ratesetter.com/mgm-terms

Well if those were the terms at the time (correct as I recall) bluenun ain't getting a bonus on their £500 investment.

As far as I can tell, there were two offers available around this time last year. One was £100 for a £1000 investment direct from the RS website (as can be seen here, wait for page to fully load), and the RAF offer which at that point was £100 for £1000 also, as can be seen from posts around the time from the referrer's board and the Monevator weekly newsletter. So I think you are right.

keyboardworrier

There's mention of a £500/£50 bonus on one of those referral websites from March last year so it's not completely outside the realms of possibility that was the offer...

"RateSetter is currently offering an incentive to new investors on its website. People who invest £500 or more for a year will receive a £50 bonus, while those who invest £10,000 or more for a year will receive a £150 bonus."

I'm surprised they haven't got even more generous offers at the moment, it might help their liquidity issues.

masonic

This just goes to highlight the importance of keeping a copy of relevant T&Cs when taking up an offer, as they can be impossible to find a year later. That offer probably was available, but it wasn't advertised by banner on the homepage like the previous one, and few here would have taken that up over the RAF offer with a more generous overall return (than the £500 investment, I can't imagine many thought £150 for £10k was worth it).