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

older_and_no_wiser

LoanPad have just recently put their rates up (as highlighted by @ZeroSum). However the gap now between LoanPad rates and a 1 year fix - or even to a lesser degree, an instant access account - is quite small. This make me wonder if LoanPad is as attractive as it once was. 

I opened my LoanPad account when savings rates were less than 1% return and LoadPad was offering 4%. Now savings rates are over 3% (4+% for 1 year fixes) and LoanPad is giving 4.8%. Is this difference worth the risk especially that your capital invested isn't covered by FSCS protection?

Sea_Shell

We're letting a few weeks worth of 60 day tranches cash out, to pay for some home improvements.   Rather than use "safe cash" even if this is higher % paying.

We'll take a view as to whether to put it back once a fixed rate account ends early December.

Heaven only knows where we'll be by then 😲😱

Sea_Shell

Deleted post, as answered my own question 😇

Should read their website fully before querying stuff😉🤣

As you were.

Sea_Shell

The new clutch of regular savers available at 4.5% plus, are looking a better place for some of my cash than Loanpad P2P.

LP will be paying 4.8% on their notice account from December, but with all the added risks that that entails.

We've already withdrawn £4000 from LP to pay for our house projects, and will now run down the rest to fund the RSs

I'll keep a token amount with them to keep the account active, in case the rates increase substantially in the future.

But they don't appear to be worth the risk, against protected balances.   


What are you all doing.   Sticking or twisting?

Albermarle

My main activity with P2P is with Assetz Capital ( although only a small part of overall portfolio) . As they seem to have fully recovered from/survived Covid , I had been planning to put a bit more into my IFISA with them. However same problem in that the managed/safer diversified  accounts are only paying around 4%. You can pick individual loans and here the interest rate has been increasing, but more chance of default and the chance of property developers defaulting I think is inevitably going to increase in the next year or two.
So I am not worried about them, but not really incentivised to add any more just now.

Sea_Shell

New and interesting information here...

https://p2pindependentforum.com/thread/19696/louis-schwartz

ZeroSum

Rates increasing to 4.9% in January & then 5.0% in February 

Sea_Shell

I presume everyone else has the annoying new "risk" banner stuck at the top of the webpage, despite having read it.

It doesn't seem to register as read.  I'd expect it to disappear once read.

I hope it doesn't stay there, as it takes up a third of the screen on a phone!! 😡

Sea_Shell

Loanpad have reached 4500 lenders today.   With an average investment of just over £17,000

They have 167 live loans

They now have 10 lending partners

They currently have ~£2.65m of liquidity, which equates to ~3.6%

Albermarle

Sea_Shell said:

Loanpad have reached 4500 lenders today.   With an average investment of just over £17,000

They have 167 live loans

They now have 10 lending partners

They currently have ~£2.65m of liquidity, which equates to ~3.6%

Are the returns any better than a safe savings account now? This is what has caused Assetz Capital to close down their retail lending. Customers had decided getting 4 or 5% with a risk, was just not worth it anymore.