UCGTRUST - p2p lending - possible 13% annually - any experience?

Zoea

Hi

These guys showed up in my twitter feed.

They get something like 8.6/10 on trustpilot with 10 or more reviews (not a lot).

They are offering 11.5% APR returns on investments of over £1000 for a 3 year fixed term. You can fix shorter but the interest is less. All the info is on the website and trust pilot I won't link it but I won't go over it all, it's easy to find, will take you 15 mins to fully understand.

The money is guaranteed in case the debtor defaults, by the company.

There is a referral scheme whereby if you use a referral code you get an additional 1.5% interest for the term, and the referee gets 1% of your initial deposit. So with 11.5% + 1.5% for being referred you could potentially AFAIK get 13% returns for 3 years.

Any experience with this or similar? If you already have this, I'm planning to invest a little, anyone wanna PM me a referral code?:beer:

Thanks. I know you guys don't like high interest get-rich-quick style schemes but this seems to be the real deal and it has (edit)[£^d] $133 million lent so far.:T

Best wishes
Zoea

Zoea

This is looking better and better. Had a reply to my email within an hour (out of hours):

Hi *****

Thank you for contact us.

To apply your personal referral promo code you DO NOT need first to open an account, just provide a registration and then in your UCG TRUST account you should to press on "Generate my promo code" in the "Career" section. This will be your personal promo code which can be applied to all of your deposit accounts including your first deposit account. Then go to "My deposit account" and enter this code in Investor Application Form, enter the desired amount to invest, period and currency and then transfer money to your UCG TRUST account. With the promo code your annual interest will be greater on 1,5%, so if you choose 36 months for investing you will get a fixed 13% annually. Additionally you will be credited a one-time 1% bonus of the amount of your deposit on your Career account which can be withdrawn at anytime.

Interest is accrued on a monthly basis after the 1st day of the month for the previous month and you can withdraw interest payments each month. The initial amount of your deposit can be withdrawn only at the end of investment period as early termination is not provided.!

After the period of investing is complete you can withdraw all your funds to your bank account or you can choose an option to re-invest the desired amount.

If you have any questions, please feel free to reach us anytime. Our team is always happy to explain all the details.

Kind Regards!
Anthony S.
UCG TRUST!
Support Team

taylornj

No experience with UCG Trust, my first check on p2pindependantforum.com search gives nothing.

ucgtrust.com - looks to be US based, but part uk. Strange.

Company House says formed in July 2017, but reading trust pilot people say they have been with them over one year. That doesn't add up.

Here Ablrate, Collateral, Money Thing have been covered on forums, and Lendy (Savings Stream), all these have rates in 10%-16% range so 11.5% not abnormal or exceptional, just the facts, it seems UCG Trust is rather unknown - not sure how you become a leading player in such a short period.

The FCA reference doesn't match any company, number is too short.

UCG Trust doesn't appear on the FCA register.

Then it's not £133 but $133million on the web site.

Maybe I'm having a poor search day.

If looking for P2P, look at the forums here, and on p2pindependantforum.com

Collateral new loan notice today was for 15%pa, over 4months, no bid limit. Can be traded on the secondary market, but might not be very liquid. Number of other loans available on Ablrate, Collateral, MoneyThing. But suggest read carefully each loan, and get views from p2pindenpendantforum.com first.

Zoea

Thanks for the very informative reply, but I must admit it's gone a little over my head. Are there p2p lenders out there with 16% *guaranteed* fca return? I would love that!

What should I check out? I'm not tied in yet...

thanks again taylornj

edit: I would not say they are a leading player, they have a fairly small percentage of the market at the moment.

justme111

so basically you lend your money to a borrower which is then guaranteed by a company which can disappear/ become insolvent any time taking away their guarantees with it. What does sound as a "real deal" with it ?

Zoea

justme111 wrote: »

so basically you lend your money to a borrower which is then guaranteed by a company which can disappear/ become insolvent any time taking away their guarantees with it. What does sound as a "real deal" with it ?

Well if they are FCA approved that guarantees your money right? We are checking the reference on this point (I have emailed them).

I would advise with my little experience not to be quite so overly cautious on this one. Check the trustpilot.

Thanks

justme111

thats ok then - if it has good reviews on trustpilot go and invest then. You asked a question then you started advising people not to be too cautious - thats good then. you asked the question, you then responded to it - what was the point of asking ?

Zoea

That was not my intention. I am new on these forums and have seen LOTS of good advice. I saved hundreds if not thousands thanks to these forums. I am hoping for some other good info before I invest. I am not endorsing this avenue.

Cheers.

TheShape

Zoea wrote: »

Well if they are FCA approved that guarantees your money right?

Wrong!!!!!

Thrugelmir

Zoea wrote: »

Well if they are FCA approved that guarantees your money right?

Who is funding the guarantee?

Zoea

Apparently they are not incorporated in the UK so no guarantee. Damn!