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

Sea_Shell

Maybe they need extra staff?! 😉

Data is only as good as it's accuracy.

Aceace

Proper fix is coming with the next software update, but works now if you press "Load More" at the bottom of the "Repaid Loans" tab before reordering on "Actual repayment date" column

Sea_Shell

That makes sense, thank you.  

Good job you know the ins and outs of their platform...you could get a job as their customer services!! 

Sea_Shell

I see that the average lender is getting up towards having £16,000 with LP.     I'm sure it was only about £14,500 a little while ago.

I'm guessing this is the increased confidence in them as a P2P lender platform, with each lender putting a little more in or new larger lenders signing up.  

Sea_Shell

Sea_Shell said:

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

I wrote this at the end of January 22... they are now on 3882 lenders.!

Sea_Shell

@Aceace
I've just been reading the recent discussions on the "P2P independent forum", and wonder if LP may soon be considering an uplift in their interest rates offered to us, as the margins start to widen between platform rates and their commercial rate to borrowers.  

What were they before they dropped them, and when was that, as it was before my time?

As ordinary savings rates start to creep upwards, they'll need to ensure they are offering enough "incentive" to keep lenders on the books.  

I'm happy with 3-4% at the moment, but I think it will need to start to rise soon.  

Aceace

Sea_Shell said:

@Aceace
I've just been reading the recent discussions on the "P2P independent forum", and wonder if LP may soon be considering an uplift in their interest rates offered to us, as the margins start to widen between platform rates and their commercial rate to borrowers.  

What were they before they dropped them, and when was that, as it was before my time?

As ordinary savings rates start to creep upwards, they'll need to ensure they are offering enough "incentive" to keep lenders on the books.  

I'm happy with 3-4% at the moment, but I think it will need to start to rise soon.  

There's a discussion on the last rate reduction here: https://p2pindependentforum.com/post/385655/thread

I agree that it's getting close to when they will need to raise rates to continue to attract new cash. It wouldn't surprise me if it coincided with when they release their new platform software, which has been coming for a while now. It would make sense to have a push for new cash when they release a major platform update that is more capable of handling it. The daily distribution algorithm is taking longer and longer to run, so needs replacing ASAP. 

masonic

Sea_Shell said:

I'm happy with 3-4% at the moment, but I think it will need to start to rise soon.  

The premium over an equivalent risk free savings account has certainly shrunk. With forward expectations they would need to act soon.

Sea_Shell

Aceace said:

Sea_Shell said:

@Aceace
I've just been reading the recent discussions on the "P2P independent forum", and wonder if LP may soon be considering an uplift in their interest rates offered to us, as the margins start to widen between platform rates and their commercial rate to borrowers.  

What were they before they dropped them, and when was that, as it was before my time?

As ordinary savings rates start to creep upwards, they'll need to ensure they are offering enough "incentive" to keep lenders on the books.  

I'm happy with 3-4% at the moment, but I think it will need to start to rise soon.  

There's a discussion on the last rate reduction here: https://p2pindependentforum.com/post/385655/thread

I agree that it's getting close to when they will need to raise rates to continue to attract new cash. It wouldn't surprise me if it coincided with when they release their new platform software, which has been coming for a while now. It would make sense to have a push for new cash when they release a major platform update that is more capable of handling it. The daily distribution algorithm is taking longer and longer to run, so needs replacing ASAP. 

Thanks 

So they dropped 0.5% in May 2020.

A heck of a lot has happened in the two years since!! 😲

Ooh, I wonder what the new platform software has in store!?! 🤔

Aceace

Sea_Shell said:

Aceace said:

Sea_Shell said:

@Aceace
I've just been reading the recent discussions on the "P2P independent forum", and wonder if LP may soon be considering an uplift in their interest rates offered to us, as the margins start to widen between platform rates and their commercial rate to borrowers.  

What were they before they dropped them, and when was that, as it was before my time?

As ordinary savings rates start to creep upwards, they'll need to ensure they are offering enough "incentive" to keep lenders on the books.  

I'm happy with 3-4% at the moment, but I think it will need to start to rise soon.  

There's a discussion on the last rate reduction here: https://p2pindependentforum.com/post/385655/thread

I agree that it's getting close to when they will need to raise rates to continue to attract new cash. It wouldn't surprise me if it coincided with when they release their new platform software, which has been coming for a while now. It would make sense to have a push for new cash when they release a major platform update that is more capable of handling it. The daily distribution algorithm is taking longer and longer to run, so needs replacing ASAP. 

Thanks 

So they dropped 0.5% in May 2020.

A heck of a lot has happened in the two years since!! 😲

Ooh, I wonder what the new platform software has in store!?! 🤔

Investment chunks reduced from £10 to 1p to reduce cash drag has been mentioned. As has an extra higher LTV type product.

Other than the current slowness of the distribution algorithm, there's not really much wrong with the current platform IMO. 

I'd like to see the long promised table of lending partners, so we can see our exposure to each. 

Perhaps an extra percent for those named after paying cards or marine based mollusc covers 😉