Peer-to-peer lending sites: MSE guide discussion

fun4everyone

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

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

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

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?

Rheumatoid

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.

jamesd

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

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

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

nushnush

Rheumatoid wrote: »

As well as 'er indoors I have a son with a bank account and no money living with me

OMG you can keep the extra account then lol, i am happy to do without.

masonic

Rheumatoid wrote: »

As well as 'er indoors I have a son with a bank account and no money living with me

Strictly if you've been paid money into an account that he legally owns, he does have some money.