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

Sea_Shell

I wonder if they'll react to Santander's EA account launched today at 5.2%?

They'd better sharpen their pencil.

older_and_no_wiser

...or NS&I's 6.2% 1 year fixed - which is the same as their premium account.

Sea_Shell

older_and_no_wiser said:

...or NS&I's 6.2% 1 year fixed - which is the same as their premium account.

Well, yes and no.   As the premium is 60 days notice.

Or less if you have rolling withdrawals set up! 😉

Plus the rate including compounding is slight higher still.   Not sure how much more it equates to.

older_and_no_wiser

Email from Loanpad just now saying rate are going up again:

5.50% for Classic
6.30% for Premium

older_and_no_wiser

Well, yes and no.   As the premium is 60 days notice.

Or less if you have rolling withdrawals set up! 😉

Plus the rate including compounding is slight higher still.   Not sure how much more it equates to.

I'm happy with Loanpad for now. I'll be converting my premium account to an ISA in April.

Sea_Shell

older_and_no_wiser said:

Email from Loanpad just now saying rate are going up again:

5.50% for Classic
6.30% for Premium

Beat me to it😉

Sea_Shell

Prompted by another thread ....

Do Loanpad report (non ISA) interest to HMRC?  

Or do they leave that up to the responsibility of the lender?

All my holdings are in the ISA now, but I just wondered if it could catch people out if they don't.

masonic

Historically it was necessary to inform HMRC of P2P income, as there was no mandatory reporting. I do not know if this is still the case, but as claiming bad debt relief is optional, the situation is more complex than for savings interest.

allegro120

Sea_Shell said:

Prompted by another thread ....

Do Loanpad report (non ISA) interest to HMRC?  

Or do they leave that up to the responsibility of the lender?

All my holdings are in the ISA now, but I just wondered if it could catch people out if they don't.

I don't know the answer but in my experience, with an exception of opening IFISA accounts, p2p platforms never ask for NI number so the only IDs they can use for reporting are your name, address and phone number.  Not sure if these details are enough for reporting to HMRC.

masonic

allegro120 said:

Sea_Shell said:

Prompted by another thread ....

Do Loanpad report (non ISA) interest to HMRC?  

Or do they leave that up to the responsibility of the lender?

All my holdings are in the ISA now, but I just wondered if it could catch people out if they don't.

I don't know the answer but in my experience, with an exception of opening IFISA accounts, p2p platforms never ask for NI number so the only IDs they can use for reporting are your name, address and phone number.  Not sure if these details are enough for reporting to HMRC.

Did you not get asked for your date of birth?