Peer-to-peer lending sites: MSE guide discussion

Froggitt wrote: »

If, for example, you have your £20k ISA allowance to invest, Kufflink have a 5% cashback through Quidco. Thats a grand.

Ah didn't know there was cashback on these type of accounts. I have opened a kuflink now and invested £500, but gone through a referral to get an extra £100 which i suppose I am 20% up already on my investment (plus the referral is giving me an extra £75 back too from their share).

firestone wrote: »

There is an auto invest and monthly plan product from Octopus Choice which i would assume with regards platform safety to come from one of the bigger companies in this field due to the relative size of the parent company(but there is still the general risk of this market) and the fact they have been in investments for quite a while running funds/VCT & recently Octopus cash a savings product in partnership with some challenger banks.Could be worth some research if interested but would only consider P2P for a small part of your pot

I use Octopus Choice, rates average around 4%, usually slightly above.

Easy to sell out if you need money, I took 5 figures out last year due to concerns about diversifications (too much money spread over too few loans) and I had the money back within 48 hours.

However 4% ish is fairly low, Assetz Capital have a property fund that targets 5.5% doing much the same thing.

I use OC mainly as I like to spread my money around multiple sites

I had money in Octopus Choice but removed it, after thinking about it for a little while I didn't like the fact I was only getting 4%. I understand they have 5% skin in the game but Kuflink at the time had 20% and was paying 6-7%. Now Kuflink have 5% skin across all loans and a 20% "guarantee" which should cover capital+interest in the event of default.

Gspree wrote: »

Can anyone recommend the best P2P cashback offers for new investors currently? Aside from the Kufflink and Ratesetter as I've picked up their bonuses already.

(I'm leaning towards Lending Works as they're offering £50 cashback on a £1k+ investment and they seem a stable platform with decent interest rates).

Thanks

Landbay may be worth looking into, that offers a £50 bonus too. You have to invest £5k to get it. One great thing about that platform is that your money earns interest whilst it's sat in the investment queue in the form of cashback.

Anyone know the latest on Collateral following the legal case at the end of April?

Is it worthwhile emailing them and registering as an investor? They mention doing that in a pdf I read.

Surely we will not have to do that to get whatever is due to us.