P2P: MoneyThing

gt94sss2

TheShape wrote: »

Am I required to have deposited funds available before I can see loan availability?

No

My account has been activated but as far as I can tell there is no loan availability and nothing available on the secondary market.

I can see that there is a pending loan available from 24/02/17 but nothing else.

You're correct - that's all there is at the moment.

taylornj

You have to wait for loans to appear. There was some on the secondary market today, I know because I sold some loans to move out into a loan elsewhere.

You need to look at the p2pindependentforum.com there, they said a new loan could be added to the pipeline this week.

If this does happen it will be a larger loan, I'm waiting on this, once the details are available, then I will look at loan and decide on how much I want and can bid add funds for that, plus some additional funds as many will swap loans with the new one so there will be activity on the secondary market and chance to pick up loans.

Things move very fast on MoneyThing what I put on the secondary market today, was gone in seconds. There is just a lack of loans.

The loan you see in the pipeline, is a small £25 maximum bid, it's also a renewal, which means of the £60k loan there might be 99% that renew, that could leave around £600 of loan available, at £25 that's about 24 people. The best thing is to look in the morning on the day and see how much is available. Then be prepared you could need to be very fast refresh the page dead on 4pm, hit invest and enter your bid 5-10seconds and the loan will be gone.

I've given up on these and will just wait for the larger loans were you don't need to rush.

TheShape

I'm not going to be around all week anyway so I'll forget that one (the 24th).

I'd missed the pipeline thread at p2pindendentforum.com (found it now) so I'll keep an eye on it.

I was hoping to see a bit more available as I'd found it relatively easy to get invested at Ablrate.

I'll be looking at some of the other platforms when I'm back home anyway (diversification) and am wondering which to look at next.

masonic

Worth noting that MoneyThing has just announced it has gained full FCA authorisation. Hopefully an IF ISA will not be too far behind, but it is looking like it won't be before the end of this tax year.

Flobberchops

I see the MT site has had a visual revamp. Looks OK.

bigadaj

masonic wrote: »

Worth noting that MoneyThing has just announced it has gained full FCA authorisation. Hopefully an IF ISA will not be too far behind, but it is looking like it won't be before the end of this tax year.

They have indicated a period of several months, so may be lucky to be in place for the end of the next tax year!

To offer a decent if isa they'll have to do something about deal flow and liquidity in the platform though, it's a great platform but just too few deals.

masonic

bigadaj wrote: »

They have indicated a period of several months, so may be lucky to be in place for the end of the next tax year!

To offer a decent if isa they'll have to do something about deal flow and liquidity in the platform though, it's a great platform but just too few deals.

I'm hoping their 'several months' is a cautious estimate. They'll probably get their ISA manager status from HMRC by the end of next month and at that point it is entirely down to them how soon they can launch.

It's certainly been quiet of late, although I've been able to invest an additional £2k in the platform since the start of this year in addition to reinvesting proceeds from repaid loans. That doesn't include today's offering, which I'm passing up.

With the move out of loans secured on race cars and the planned repayment of all of the AE loans at the end of July, there is going to be a lot of money looking for a new home in the coming months, so hopefully things will pick up.

takesyourchances

Along with Collateral I am also slowly building up Moneything as well, with just new on MT I was mainly looking for new loans appearing recently and only just noticed how the secondary market can be bought on the site, so I will spread a few low amounts across several over these to get some more built up while waiting on new loans appearing.

How have any of you found building up a spread on this site?

These are two new recent P2P platforms for me and spreading out along with Ratesetter, Funding Circle and Zopa so far.

Thanks

nushnush

i am pretty well spread on MT and didnt find it that hard, if it helps ive just checked and a fair bit available just now, several loans but small amounts

takesyourchances

nushnush wrote: »

i am pretty well spread on MT and didnt find it that hard, if it helps ive just checked and a fair bit available just now, several loans but small amounts

Thanks for that, I have only really got a good look on the site today so see how the secondary market works now. I have deposited some funds so once they appear in my account I will try and spread it across some of the available loans at the moment and that will help increase the spread.

Thanks for your reply!