Loanpad P2P - Reviews, experiences, info or updates, post them here. I'm having a dabble.

Aceace

Sea_Shell said:

I see from their latest e-mail update that they are going to be having a 9th lending partner on board soon.

There is currently £2.63M of liquidity on the platform.


Also, I note from the dashboard that they now have 3553 lenders (with an average investment of £14,319).

Up from 3400 on 28th December 21, and 3300 on 6th December 21


They do seem to be going from strength to strength.   Long may it continue! 


From a personal point of view, I have decided to set up my 60 day withdrawal requests on an an 8 week rolling basis, for 1/8th of my holding at the time, which I set up and then cancel on a weekly basis.   Takes less than a minute to do, and if I forget, no harm done, other than maybe a couple of days interest.

Yes, I use rolling weekly withdrawals to get early access too. It works very well on Loanpad. I've been doing it for a couple of years now. 

I think you've made a slight miscalculation. You need a 9 week period, rather than 8, if you don't want to have a missing week, as 8 * 7 days doesn't quite reach 60 days.

Personally, I use a 10 week period as its simpler to calculate, and it allows you to let one week's withdrawal in the period complete without having to miss a week. 

Sea_Shell

** Update **

Loanpad now have 3604 lenders, and are now showing 9 lending partners.

132 live loans

They have just under 2% of liquidity available (£1M against £52M of loans)

Aceace

Sea_Shell said:

** Update **

Loanpad now have 3604 lenders, and are now showing 9 lending partners.

132 live loans

They have just under 2% of liquidity available (£1M against £52M of loans)

Good spot. I missed the extra lending partner on my daily platform check. I wonder who it is. 

Glad to see someone else is keeping an eye on them. 

Aceace

Perversely, I'd quite like to see a loan on Loanpad get into serious difficulties to see how the platform handles it. 

Not that it would matter much. A total loss on a single average loan would amount to the loss of under 10 weeks interest in the premium account. 

Sea_Shell

I asked Loanpad if they could tell me what their split was between the Standard and Premium Account holdings.

Although they wouldn't confirm exact % splits, they did say that the majority of funds are in the Premium (60 day notice) account.

So I guess that's anything from 51% to 100% 

where_are_we

I was impressed with my IFISA transfer of "cash not earning interest" (due to a slow down in borrowing) in my Assetz Capital IFSA to my Loanpad IFISA. It was completed in a couple of days.

Sea_Shell

I've just noticed loan #9436180 is in default.   However, they are not having to use the ICF as the interest is being covered by their lending partner. 

They have a 50% LTV on this.   I'm not worried, as my exposure is only £21, which is only about 2 months worth of interest. 

It is one loan out of 131. 

Will continue to keep my eye on the website.

Sea_Shell

I've just noticed today, whilst setting up one of my weekly scheduled withdrawals, that I'm now being given the option of instant access, but for a fee of 0.50% (on the amount requested I assume?)

It's the first time I've noticed that, as up until now it's said something like "available on application".

Is it because I've been with them X months or something, or has the platform itself changed recently?

@Aceace
Maybe you know?


Also, I wonder if their interest rates might start to climb that little bit further?

Aceace

Sea_Shell said:

I've just noticed today, whilst setting up one of my weekly scheduled withdrawals, that I'm now being given the option of instant access, but for a fee of 0.50% (on the amount requested I assume?)

It's the first time I've noticed that, as up until now it's said something like "available on application".

Is it because I've been with them X months or something, or has the platform itself changed recently?

@Aceace
Maybe you know?


Also, I wonder if their interest rates might start to climb that little bit further?

The 0.5% instant access fee on Premium Account withdrawals has been a feature since before I started lending there (Sep 2019). It's not related to any personal account status, as the setting is always the same on the various accounts that I manage. I believe the intention was to have it enabled whenever there was sufficient liquidity to allow it. However, there doesn't seem to be (or hasn't until now) anything automatically set up to control its setting. I suspect that it's always been available on request (apart from a short time during Covid perhaps when liquidity was very tight), but can't be sure as I don't know anyone that has ever requested it. 

I did point out to them a while back that they might be able to attract more funds if they did make it obviously available more often. And after doing so they did keep it set to available for a while, but it then reverted back. My suspicion is that they only bother to enable it when someone asks, but again, I've no evidence to back that up. It's never really concerned me personally, as the rolling withdrawal technique is perfectly adequate for my needs, but I do think they are missing a trick in not making the platform even more attractive. 

I do suspect that rates might have to rise soon to keep the platform attractive in the light of increasing FSCS protected rates, but I have no insider knowledge on that. 

Sea_Shell

@Aceace
Thanks for your insights, as always.  

Am I right in thinking that £X in the standard account, for any longer than 6 months, and it might as well be kept in the Premium Account and a fee paid IF needed.

eg £2000 in standard, earns 3% pa, so £60.
£2000 in Premium, earns 4% pa, so £80, so £20 more per year.
£2000 in Premium, but fee of 0.5% payable if needed instantly = £10, which would have taken 6 months to earn.


So once you've covered the potential fee, after 6 months, with the extra interest, you're still "winning", over having kept it instant access?