Peer-to-peer lending sites: MSE guide discussion

rwgray

DiggerUK wrote: »

Somebody at the Daily Mail is hacking this thread...

To save you reading all the guff before this bit:

(1) "Most recently, Yes-Secure, also known as Encash, closed its doors. It had pulled in more than £500,000 of savers’ cash after promising returns of up to 18 per cent. On average, investors lost a quarter of their money when it folded but eventually got it all back."

(2) "Last December, in a move to avoid another winding-up, RateSetter took over GraduRates — a peer-to-peer firm which let you lend money to post-graduate students to help them pursue studies. RateSetter called it ‘a consolidation’ and ‘a sign the industry is growing up’."

(3) "The Peer-to-Peer Finance Association insisted all its members — Zopa, RateSetter, Funding Circle, LendInvest, Madiston, Thincats, MarketInvoice, Landbay and LendWorks — had to pass tough tests to join."

Hmmm, just wondering how long MoneyThing have been around... maybe not such a bad thing that I'm finding very little to lend to there.

Rich.x

Trentenders

What's wrong with Moneything? I'm actively trying to lend more via them.

Currently 75 live loans, with 188 already completed. I think I'm right in saying no defaults to date....

arbster

Trentenders wrote: »

What's wrong with Moneything? I'm actively trying to lend more via them.

Currently 75 live loans, with 188 already completed. I think I'm right in saying no defaults to date....

Nothing is. Rich was just observing that the conventional wisdom is that long established companies with good track records are typically safer.

You know, like Exxon, Lehman Brothers, BP and Volkswagen...

rwgray

arbster wrote: »

Nothing is. Rich was just observing that the conventional wisdom is that long established companies with good track records are typically safer. You know, like Exxon, Lehman Brothers, BP and Volkswagen...

Or Deutsche Bank (not drowning, but waving rather frantically this week), or perhaps Mark Group Ltd (solar energy since 1974, but no more)...

I was just having trouble getting any money into Money Thing due to their insistence that all investment takes place at 4pm Uk time on a weekday afternoon, you know, when I'm walking home from school with the kids...

Rich.x

arbster

rwgray wrote: »

I was just having trouble getting any money into Money Thing due to their insistence that all investment takes place at 4pm Uk time on a weekday afternoon, you know, when I'm walking home from school with the kids...

New loans soon, and those will be a lot easier - the renewals generally have very little available. MT sets maximum bids for 24 hours which gives most people a chance to get in on the action.

oldwally

rwgray wrote: »

To save you reading all the guff before this bit:


Hmmm, just wondering how long MoneyThing have been around... maybe not such a bad thing that I'm finding very little to lend to there.

Rich.x

Evidently,sometime betwixt last Oct and Feb this year..........I'd never heard of them either until reading this bit today,had a quick look at their web site and on P2P forum,seem to be a bit of a "one man and a Dog", effort ,worth keeping an eye on them I guess

rwgray

Have I just had another post deleted? I have a complete copy of it, so I'm certain it didn't contain any referral links. Would it not make more sense to transfer them to this mythical "referrer's board" of which I've heard tell? MSE doesn't seem to be very searchable any more, at least not on the forums, unless you already know which forum you want - and where to find it - and you are in it already!! Anyone...?

Rich.x

masonic

Funnily enough, this "mythical" referrer's board is the first (and only) place I look if I'm after a referral because, having read the rules I agreed to when signing up, I know that offering or asking for referrals anywhere else on the site is prohibited.

I, for one, am thankful for MSE's stance on this, because it only takes a few people looking to make a quick buck to drown out productive discussion in an attempt to clamber over each other to promote their own offer. Hence, we have a referrer's board, where people can go if they want to make/receive a referral, where referrers are made to form an orderly queue, and where referrees can compare what is on offer and get the best deal for themselves (often, some are willing to refund some of the incentive they receive to the person being referred). But most importantly, it stops people derailing discussion threads in the interest of self-promotion (not that I'm suggesting that was your intention).

MarkFromCornwall

rwgray wrote: »

Would it not make more sense to transfer them to this mythical "referrer's board" of which I've heard tell?

It's not mythical. Go to the forum list...
http://forums.moneysavingexpert.com/index.php
It's the last forum in the "Who and where are you?" section.

masonic

MarkFromMullion wrote: »

It's not mythical. Go to the forum list...
http://forums.moneysavingexpert.com/index.php
It's the last forum in the "Who are where are you?" section.

I don't think he really needs help finding it. If you browse the Funding Circle thread in the referrer's board, you'll see he's been quite active there over a few years, posting as recently as July.