P2P newbie

george278

Hi,

Just dipped my toe into P2P with a small investment with Ratesetter. Deposited the money, £2000, into the 1-year scheme, using my bank card. I’m assuming I do not have to do anything further, they will automatically match me with loans? Please advise if this is not the case.
Also, how long does this matching usually take.
Thanks in advance.

bigfreddiel

I just did the same, full instructions on the Ratesetter web. Check it out as to what you need to do next and report back here what you did please

Cheers fj

george278

Made this post as I phoned Ratesetter to ask and as they did not answer after a couple of minutes I hung up.

However, they have phoned me back, without me leaving a message and confirmed that I do not need to do anything further.

My loans were matched in about 30 minutes.

So far, very impressed with their service. :T

MarkFromCornwall

You can get a better rate if you click on the 'Are you a RateSetter expert? Set your own rate here' link (but it will take longer for your money to be matched)

bigfreddiel

george278 wrote: »

Made this post as I phoned Ratesetter to ask and as they did not answer after a couple of minutes I hung up.

However, they have phoned me back, without me leaving a message and confirmed that I do not need to do anything further.

My loans were matched in about 30 minutes.

So far, very impressed with their service. :T

I agree, good service, but you can get a better rate for very little extra risk, if you set up your loans yourself, it's not hard.

Cheers fj

SailorSam

This is a long thread all about Peer to Peer lending. You may find some useful information on it.

https://forums.moneysavingexpert.com/discussion/4313323

george278

After the positive experience of using Ratesetter I decided to diversify by investing £2000 with Zopa, in their Access account. Money was in my Zopa account on Sunday afternoon. By the end of Monday, they had matched £120 to loans. They have now matched a total of £220. At this rate it will be a month before all my investment is lent out.

Is this normal?

Ratesetter leant the same amount out, £2000, in less than an hour.

bigfreddiel

Funding circle is also very slow in matching borrowers to your deposit, could also take a month by the current rate, for £1500 worth.

Cheers fj

bigadaj

george278 wrote: »

After the positive experience of using Ratesetter I decided to diversify by investing £2000 with Zopa, in their Access account. Money was in my Zopa account on Sunday afternoon. By the end of Monday, they had matched £120 to loans. They have now matched a total of £220. At this rate it will be a month before all my investment is lent out.

Is this normal?

Ratesetter leant the same amount out, £2000, in less than an hour.

Why are you putting your capital at risk for a few per cent interest?

george278

bigadaj wrote: »

Why are you putting your capital at risk for a few per cent interest?

As the money I've invested so far is less than 1% of my portfolio I don't think that I'm taking too big a risk.

I have cash sitting in my current account and I'm keen to diversify into an alternative to stocks and bonds, where the bulk of my money is.

bigfreddiel

bigadaj wrote: »

Why are you putting your capital at risk for a few per cent interest?

So Bihari, what would you do?