P2P lending Wellesley &Co.

1kevfp

Thanks Roly79

They sounded quite good and professional on the phone, I am a former Pru financial consultant so know the risks with this type of investment, the ipad mini I know is just a sweetener but non the less a nice one,( well done selling it as well ��)

K

Missus_Hyde

1kevfp wrote: »

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

Hi K,

Please see my reply to another thread about Wellesley here.

It's early days yet and I've found them so far, so good, although I did have to ring them and remind them about the ipad mini (they were very helpful and the whole thing was set up seamlessly.):o

agent69

1kevfp wrote: »

They seem quite "safe" as far as P2P can be

How have you come to that conclusion?

bowlhead99

1kevfp wrote: »

I am considering using Wellesley for P2P lending at 4.10% over 18 months. They seem quite "safe" as far as P2P can be

I haven't checked the facts but going by the comment in the OP, if it's true that they have only had a retail offer of P2P lending since November 2013, then they won't have a single customer who has successfully made a loan for a period of two years or more and had it pay out the full initial projected amount of principal and interest.

Therefore it is quite difficult to infer that they are quite safe compared to others in the sector, though it's perfectly possible that they *seem* 'quite "safe" as far as P2P can be'

As they're offering over 4% for 18 months (plus an iPad) and bank base rate is only 0.5% (without an iPad), you have to assume there is quite a bit more risk involved and obviously you don't get FSCS protection on the amount you deposit or the return it generates, because it's not classified as a 'deposit'.

1kevfp wrote: »

I am a former Pru financial consultant so know the risks with this type of investment

A background in the investment industry is quite useful when evaluating lending proposals, though I assume your role at Pru didn't involve advising on P2P lending opportunities to consider all the risks from all the angles.

Still, you seem to have the right attitude in treating the iPad as just a sweetener - makes it more pleasant to take the investment opportunity if it's right for you, but can't in itself make the investment opportunity right for you because the sum invested is much greater than the value of the iPad. The free gift is simply the icing on the cake, but if the cake is made out of poison you probably shouldn't buy it for dinner just because you like the taste of icing.

The p2p forum mentioned above is more specialised than this place so will help get a good range of views.