Peer-to-peer lending sites: MSE guide discussion

Trentenders wrote: »

The bids (left column) are what people currently want to buy loans for. The offers (right column) are what people currently want to sell loans for.

You can currently buy the following loans on the cheap (offers for less than 100%):

• Basket of British SME secured loans
• Secured Loan to Vehicle Dealerships
• Secured Bridging Loan

thanks. ablrate is so not user friendly. i almost gave up.

elephantrosie wrote: »

oh okay okay. sorry i mean 'gain on investment', rather than investment income.
so anything below CGT allowance is not taxed?

That's right; but remember it's the total capital gains from sales in a financial year, including second houses and paintings and antiques and everything else that's not exempt.

And Zopa also announced that initially it will be available only to existing customers. HMRC will probably take a few weeks and I expect that Zopa already have the technology in place so we might see it at the start of June.

jenberry wrote: »

Hi everyone,

I was wondering if you could recommend a P2P account for drip-feeding money into every month? I have a lump sum of about £1,000 and have about £500 to put away each month on top of this, ideally for instant/ rolling access or to put away for one year. Any recommendations would be very gratefully received!

Jen

Hi, I've been drip feeding Zopa (Classic) for the last 9 months or so and Fundingcircle (Autobid) for the last 3
It's early days, but I'm slightly disappointed by the returns from Zopa, and quite impressed by Fundingcircle
On the other hand Zopa email me every time they receive money from me, and update me every week - If I want to know what's going on with Fundingcircle I have to log in and find out for myself

Hope this helps

Unusually good buying opportunities at Ablrate and MoneyThing at the moment at around 12%.

Ablrate had someone who needed to sell many tens of thousands quickly and that prompted some unusually good deals on their secondary market, the odd one or two newish ones with small discounts and more older ones with lower than usual premiums. Lots available at 12% or more at the moment.

MoneyThing has two new loans of about £1.6 million and £1 million offered over the weekend at 12%. Still a few hundred thousand of those available but as usual when big loans are filling there's a lot of other loans available at 10-12% and sometimes, if you're very fast, 13%, available.

The MoneyThing opportunity will probably end tomorrow when a fairly big loan is due to be repaid; those repaid will buy up anything left available. The Ablrate opportunity will probably last a few days or maybe as long as a week before prices get back to normal. There are possible new loan offers for both places next week that might see a repeat of the chance, we'll see.

Ablrate developers are continuing to work on their ISA, still looks likely to be available in early to mid June.

Declaration of interest: I've still got a few hundred for sale at MoneyThing after swapping out almost all of my under 12% and much of my 12% for 13%. At Ablrate I have a few thousand for sale and it might be at the best price for some loans, after picking up around £10k of a 12% loan at a nearly 4% discount late last week, meaning I'm getting almost 14% interest rate on that 12% loan. No longer available, I might have been the last to buy at around that price. So in either case you might end up buying from me if I happen to be the one with the best price at the front of the queue for whatever interests you.