P2P: MoneyThing

masonic

elephantrosie wrote: »

how do i check if the borrower has another loan on MT?

As a first approximation, the sequence of letters at the start of the loan reference corresponds to an individual borrower.

elephantrosie

i guess there is no loan out next week as well?

masonic

elephantrosie wrote: »

i guess there is no loan out next week as well?

The Preston caravan park loan looks promising - here are the last two updates:
[Update 14/04/2017] – Likely to be announced this Tuesday to go live on Wednesday.
[Update 21/04/2017] – Our apologies for the delay - likely to drawdown early next week.

The same is true for the Plymouth student apartments:
[Update 14/04/2017] – Expected to be announced Tuesday or Wednesday to go live Wednesday or Thursday.
[Update 21/04/2017] – Drawdown delayed - expected early next week.

So hopefully we'll have two new loans next week. Unfortunately patience is a much needed virtue in the world of P2P.

taylornj

Any one interested in Money Thing, a new loan tomorrow means there is activity on the secondary market, as people get funds ready for tomorrow bid (note the time change for this one to 10am from the normal 4pm).

All the loans I put up for sell had been sold prior to posting, so not trying to sell my own loans.

TheShape

I really wish that loan parts were automatically consolidated on Moneything. After a bit of FFF on the SM I end up with bits and pieces of loans. I've got 64 pieces of 43 loans. Been a good couple of days on the SM with the new loans coming through.

elephantrosie

taylornj wrote: »

Any one interested in Money Thing, a new loan tomorrow means there is activity on the secondary market, as people get funds ready for tomorrow bid (note the time change for this one to 10am from the normal 4pm).

All the loans I put up for sell had been sold prior to posting, so not trying to sell my own loans.

May I ask why do you want to sell your loans?

taylornj

elephantrosie wrote: »

May I ask why do you want to sell your loans?

As a new loan is available, I'm at the limit of the amount I want to hold at Money Thing. That means replacing loans with a short term coming to an end with the new loan with a longer term at the same rate in this case.

elephantrosie

does 12% interest rate for an 18 month loan term mean 12% per year or 12% in 18 months?

AlanP_2

elephantrosie wrote: »

does 12% interest rate for an 18 month loan term mean 12% per year or 12% in 18 months?

Per year, so pays out 1% per month in interest payments.

taylornj

elephantrosie wrote: »

does 12% interest rate for an 18 month loan term mean 12% per year or 12% in 18 months?

All rates are per year, otherwise how are you going to compare them but the rate isn't the same as 12% on a bank account. You need the AER.

£100 invested return £12 over 12months, but payment frequency is every month so it's £1/month, and if the £1 is reinvested in the same 12% loan next month you get £1.01 so the AER is 12.6825%.

For 18months loan term you would get 18% or £18 per every £100, without re-investing. Re-investing you would get £19.61 (this might round up).

At money thing it's slightly more complex take February with 28 days, a loan that pays on the 31st of each month, is paid early on the 28th. Some loans might terminate early and pay interest up to a given day in the future. The AER only applies if you can re-invest and there might not be loans available to re-invest and have to wait to re-invest.

The simplest is to just use the 12% but be aware that only applies when comparing like for like 12%pa interest only loan with a payment frequency of monthly.

Lendy, Collateral pay the interest at the end of each month, so you can't re-invest until then. Ablrate pay interest like Money Thing on a given day of the month, but Ablrate has more complex loan type than interest only loans, amortising loans which pay back capital as well as interest. Comparing 12% vs 12% of different loan type and payment methods gives an approximate guide only.