Peer-to-peer lending sites: MSE guide discussion

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  • fun4everyone
    fun4everyone Posts: 2,340 Forumite
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    Landbay have launched their p2p ISA. Rates there however are pretty poor. Minimum investment £5000, Maximum £15,240 (Isa Limit)

    Link to their FAQ on it
    https://landbayhelp.zendesk.com/hc/en-us/sections/201806609-Innovative-Finance-ISA-IFISA-?
  • jamesd
    jamesd Posts: 26,103 Forumite
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    Worth noting that someone elsewhere mentioned it being at least two months since any of their money had been lent at Landbay from their own non-ISA account. With no interest paid until money has been lent the lost interest could be signuficant.
  • masonic
    masonic Posts: 23,372 Forumite
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    edited 20 February 2017 at 8:25PM
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    Also worth noting that it isn't a flexible ISA and they have a £50 transfer out fee.

    Turns out it is a flexible ISA, so there is an option to pull out the money while there is nothing in which to invest.
  • lilmissmup
    lilmissmup Posts: 6,884 Forumite
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    Hi, complete newbie here looking into this as got an inheritance which i need to live off for next few years but also want to invest £5k.

    Thinking rate setter 1 year as a first step with the bonus?
    Now a SAHM trying to earn some spare pennies each month
  • Rheumatoid
    Rheumatoid Posts: 890 Forumite
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    lilmissmup wrote: »
    Hi, complete newbie here looking into this as got an inheritance which i need to live off for next few years but also want to invest £5k.

    Thinking rate setter 1 year as a first step with the bonus?

    I've just opened 3 with £1k each. Went smoothly. Should return £520 after 1 year (with bonus, referrals and interest). Ok so there is a risk but I think that return is worth it. Might be more concerned if it was a major part of my portfolio though.
    16 Panel (250W JASolar) 4kWp, facing 170 degrees, 40 degree slope, Solis Inverter. Installed 29/9/2015 - £4700 (Norfolk Solar Together Scheme); 9.6kWh US2000C Pylontech batteries + Solis Inverter installed 12/4/2022 Year target (PVGIS-CMSAF) = 3880kWh - Installer estimate 3452 kWh:Average over 6 years = 4400 :j
  • jamesd
    jamesd Posts: 26,103 Forumite
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    Yes, might as well take that from them. :)

    I like Ablrate and MoneyThing for newcomers. Both friendly and helpful with easy enough fee free selling if you want to exit early and rates around 12% before allowing a couple of percent for possible bad debt.

    Faster to get invested at Ablrate via their secondary market, faster to sell tens of thousands at MoneyThing, a few minutes likely during the day and evening. Subject to change of course, but it doesn't seem likely to for a while.
  • nushnush
    nushnush Posts: 81 Forumite
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    Rheumatoid wrote: »
    I've just opened 3 with £1k each. Went smoothly. Should return £520 after 1 year (with bonus, referrals and interest). Ok so there is a risk but I think that return is worth it. Might be more concerned if it was a major part of my portfolio though.


    how do you open 3 accounts with them, i have 2 but one of those is for my other half.
    thanks
  • Rheumatoid
    Rheumatoid Posts: 890 Forumite
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    nushnush wrote: »
    how do you open 3 accounts with them, i have 2 but one of those is for my other half.
    thanks

    As well as 'er indoors I have a son with a bank account and no money living with me :D
    16 Panel (250W JASolar) 4kWp, facing 170 degrees, 40 degree slope, Solis Inverter. Installed 29/9/2015 - £4700 (Norfolk Solar Together Scheme); 9.6kWh US2000C Pylontech batteries + Solis Inverter installed 12/4/2022 Year target (PVGIS-CMSAF) = 3880kWh - Installer estimate 3452 kWh:Average over 6 years = 4400 :j
  • nushnush
    nushnush Posts: 81 Forumite
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    Rheumatoid wrote: »
    As well as 'er indoors I have a son with a bank account and no money living with me :D


    OMG you can keep the extra account then lol, i am happy to do without.
  • masonic
    masonic Posts: 23,372 Forumite
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    Rheumatoid wrote: »
    As well as 'er indoors I have a son with a bank account and no money living with me :D
    Strictly if you've been paid money into an account that he legally owns, he does have some money.
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