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

Aceace

Yes, you are quite right @Sea_Shell.

I do still keep a small amount in the Standard account for more immediate access if/when the paid-for Premium account access isn't available. I've never actually withdrawn from the Standard account (other than to move cash to the Premium), as the rolling withdrawals from premium have always been sufficient for me so far.

Important to note for other readers of course, that despite the stated access time always being satisfied so far, they are not guaranteed, so shouldn't be used for emergency funds.

arsenepenguin

I have been using Loanpad for about a year and a half and can report no issues just a good rate. 
Very happy

Sea_Shell

Big new loan made the other day £2,400,000  (with an LTV of 50%)   

older_and_no_wiser

I'm with LoanPad too. I put £10K in last July into their Classic (3% interest) account. All good so far. I like the auto loan feature where interest earned gets automatically loaned out and transferred/compounded into the interest part of the account.

Aceace

older_and_no_wiser said:

I'm with LoanPad too. I put £10K in last July into their Classic (3% interest) account. All good so far. I like the auto loan feature where interest earned gets automatically loaned out and transferred/compounded into the interest part of the account.

Since you've been with them for 8 months now and not needed the cash for other things, it might be worth considering whether you really need next day access to all of the funds. You could move some of the cash to their premium account to get an extra 1% interest. Apart from the rate, the only difference between the two accounts is the access time; next day for Standard, and 60 days for Premium (neither guaranteed of course, but always met so far).

older_and_no_wiser

Aceace said:

Since you've been with them for 8 months now and not needed the cash for other things, it might be worth considering whether you really need next day access to all of the funds. You could move some of the cash to their premium account to get an extra 1% interest. Apart from the rate, the only difference between the two accounts is the access time; next day for Standard, and 60 days for Premium (neither guaranteed of course, but always met so far).

Yes, I've been thinking about doing that. It's money I won't need for a long time (I'd never put any money into P2P loans that I would need in the short term). 

Maybe just my cautious side which is stopping me. ;-)

older_and_no_wiser

older_and_no_wiser said:

Aceace said:

Since you've been with them for 8 months now and not needed the cash for other things, it might be worth considering whether you really need next day access to all of the funds. You could move some of the cash to their premium account to get an extra 1% interest. Apart from the rate, the only difference between the two accounts is the access time; next day for Standard, and 60 days for Premium (neither guaranteed of course, but always met so far).

Yes, I've been thinking about doing that. It's money I won't need for a long time (I'd never put any money into P2P loans that I would need in the short term). 

Maybe just my cautious side which is stopping me. ;-)

Oh hang on..... I've just checked my account and I'm already in the Premium one! I'm obviously not as cautious as I thought haha

Sea_Shell

I didn't have auto invest set up, as I didn't have enough to get to £10 each month, so I was just investing as and when based on what "new" money I had from there and elsewhere.

Now it would breach £10pm I've set it up to auto, into the standard, for now.

I'm assuming it does that as soon as I reach at least £10 to the penny, which may not correspond to the month end.

So the only downside is not as easily seeing what that months interest is, compared to having it pay out once a month.

Aceace

Sea_Shell said:

I didn't have auto invest set up, as I didn't have enough to get to £10 each month, so I was just investing as and when based on what "new" money I had from there and elsewhere.

Now it would breach £10pm I've set it up to auto, into the standard, for now.

I'm assuming it does that as soon as I reach at least £10 to the penny, which may not correspond to the month end.

So the only downside is not as easily seeing what that months interest is, compared to having it pay out once a month.

Yes, as soon as the uninvested cash in your account reaches £10 or more, the £10 will be invested in your chosen account. 

It only invests exact multiple of £10, so not too tricky to look through your transactions to see how many have been invested in a month. 

Sea_Shell

I'll probably just chalk up £10 per month as interest, on my other spreadsheet, but then make sure the figures tally with the end of the tax year.

Not that I'll need to pay tax on it, but I like to keep everything squared away!! 😉