P2P lending Wellesley &Co.

Missus_Hyde

I've never tried P2P lending, but it sounds rather intriguing and I wondered if anyone had any experience (good or bad) of Wellesley & Co?

Apparently they lend on property and have a fund of their own capital which they invest as well as providing a cushion against non payers. They have been doing P2P since November 2013, they have a rather swish website and some good reviews on Trust pilot. They offer interest of 6.32% on a five year investment and are very clear about the risk involved.

I'm considering investing a small amount initially, to test the water. Am I completely on the wrong track, or is this as beneficial as it sounds?

masonic

It would be worth you comparing them to Ratesetter - longer established and much larger platform, rates are somewhat higher at the moment and they also have a provision fund, but RS loans are not asset backed.

Wellesley is one I might consider when I feel the need to diversify to a new platform, but so far I haven't done much research. It is probably the lowest risk peer to business platform available at the moment. There are higher risk/reward options available in the asset backed arena, so it depends exactly what you want.

Broken_Biscuits

following on from the above, if you look at ratesetter now you may think the rates are not so good. There's a cashback offer that is crippling the markets. Wait 2 weeks and it should be back up at the 6.5 - 6.8% it was at before the offer. Currently at about 6% or less in the 5 year now.

Futuristic

It was good a week or two ago, I'm sitting on 6% for 3yrs. Just need to wait a bit and keep checking every few days as it does vary a lot by the day.

Missus_Hyde

Thank you so much for your helpful and informative answers.

I'm just considering my options at the moment, but did want to know if there were any known problems (apart from the obvious risk if a lender defaulted) to trap the inexperienced/unwary.

Everything I've heard so far about Wellesley & Co seems quite good.

masonic

It would be worth you also checking out http://p2pindependentforum.com/, where there are discussion boards for each of the P2P platforms.

Jsscmm

masonic wrote: »

It would be worth you also checking out http://p2pindependentforum.com/, where there are discussion boards for each of the P2P platforms.

You may even find some familiar names over there!

One other thing worth checking is if you are lending to the platform or the individual people/businesses. Wellesley do both from what I recall, with their different products. In theory if the platform goes bang you may have more chance of getting some of your money back with true p2x. Please DYOR though.

organum

Missus_Hyde wrote: »

I've never tried P2P lending, but it sounds rather intriguing and I wondered if anyone had any experience (good or bad) of Wellesley & Co?

I have money invested and it works well for me. I am considering further investments.

1kevfp

I am considering using Wellesley for P2P lending at 4.10% over 18 months. They seem quite "safe" as far as P2P can be - they have an ipad mini on offer as well which doesn't seem a bad deal, anyone used them lately ?

Thanks

K

colsten

If I wanted an ipad mini, I'd buy one.

Roly79

1kevfp I received my Ipad mini last week (sold it last week as well !!!). So far website really good. My offer did not track through moneysupermarket for whatever reason, however I emailed them after a week or so, within an hour had a response and the ipad was in the post with apologies so was very impressed with that. I also did just the 18month saving.