Kufflink P2P lending chat thread

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  • bxboards
    bxboards Posts: 1,711 Forumite
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    keyboardworrier wrote: »

    Platforms need to start behaving in a responsible manner very quickly before anything else happens.

    Agreed, but lenders who still invest when there is some fantastic crowd DD going on in several places also share part of the blame.

    For me once I saw the BVI link and attempts to sell the property previously for years below the loan value where enough. How many red flags do folks need? I think greed when some lenders see double digit interest rates outweighs commonsense.
  • masonic
    masonic Posts: 23,374 Forumite
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    bxboards wrote: »
    I can't understand how doing a selfie proves anything? Lets assume I want to withdraw a soon to maturing investment, and they tell me they need a selfie. I could literally get anyone to do that for me, withdraw the money, and never use the platform again. I can't see how an uncertified photo proves anythings.

    Often banks if they can't verify you electronically request a passport scan or drivers licence, and even request they are 'certified' by a solicitor / doctor etc who can confirm you are who you say you are. I just can't see how an unverified snap with a camera phone would carry more weight than the the above process.

    Seems like using technology for the sake of it to me, and I can see no evidence of any industry guidance requiring this right now.

    Anyhow, it's all moot at the moment, I will be doing a 5 figure withdrawal shortly, I won't be impressed if at this stage they decide to do that having been using then for 18 months prior without.
    I agree with all of that. Presumably, in Kuflink's opinion, this is equivalent to the situation where you go into a branch with ID and they can attest that the person in possession of the ID document is a true likeness of the photograph. But this could be done offline and a certified copy sent to them, as you mention is perfectly acceptable to others.

    As I've said elsewhere, it presents a significant challenge to capture and transmit the image/video in such a way that it cannot have been tampered with (e.g. offline image/video fed through virtual cam on device). They also need to protect the information and ensure it is not possible for someone to steal the data and use it fraudulently elsewhere. I suppose if they do some sort of live link where they have a conversation with you, that might work, but that's not what they are doing.
  • keyboardworrier
    keyboardworrier Posts: 192 Forumite
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    edited 28 October 2018 at 4:28PM
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    bxboards wrote: »
    Agreed, but lenders who still invest when there is some fantastic crowd DD going on in several places also share part of the blame.

    For me once I saw the BVI link and attempts to sell the property previously for years below the loan value where enough. How many red flags do folks need? I think greed when some lenders see double digit interest rates outweighs commonsense.


    I hold my hands up and say that I should have been more careful, but I believed in mass diversification at the time. The platform should be the first line of defence when it comes to DD and I hope lessons can be learnt!


    Hopefully, one of the benefits of investing with platforms such as Kuflink and Octopus Choice is that they invest with us, which I would like to believe means they do better DD in all aspects of the loan because it means their capital is also at risk.
  • Nardge
    Nardge Posts: 246 Forumite
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    Just to confirm that LTM1988 was true to his word and forwarded my share of his bonus as per the old Kuflink thread. Excellent communication throughout too :)
  • Alexland
    Alexland Posts: 9,665 Forumite
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    Kuflink have just increased their generosity for this weekend.
    For each referral, you’ll now receive:

    £250 cashback for £5000+
    £100 cashback for £1000 - £4999.99 investments
    £50 cashback for £500 - £999.99 investments

    You can now receive up to 7% interest per annum on both our Auto-Invest & IF-ISA accounts as part of our weekend rate boost.

    1 Year Fixed Term @ 5% pa
    3 Year Fixed Term @ 6.1% pa
    5 Year Fixed Term @ 7% pa
  • masonic
    masonic Posts: 23,374 Forumite
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    Worth pointing out that you can also invest in self-select loans at 6-7.2% with shorter terms than the above.
  • bxboards
    bxboards Posts: 1,711 Forumite
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    I can't really see the point in Kuflink self-select as the deal flow is good enough that you can diversify easily enough, might as well get 6.2% to 7.2% doing it yourself and not such a long lock in in most cases.

    I'm in auto-invest but only as at the time there was 3% cashback so it worked out at 6.99% for the 1 year, otherwise I used self-select. No defaults, I think their DD is generally good.

    I suspect Kuflink use the auto-accounts to effectively underwrite some loans to ensure they are funded, which is fine, but I can't any sense in doing a 3 year lock in for 7% when you can just self-select at that rate and have a much earlier exit.
  • Alexland
    Alexland Posts: 9,665 Forumite
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    bxboards wrote: »
    I suspect Kuflink use the auto-accounts to effectively underwrite some loans to ensure they are funded, which is fine, but I can't any sense in doing a 3 year lock in for 7% when you can just self-select at that rate and have a much earlier exit.

    I agree the backing data on exactly how your auto invest is invested isn't particularly clear and I have given up trying to track it. I guess they figure that they wouldn't let any customer in that product suffer a loss so it probably doesn't matter anyway so they can use the money how they please to cover their loan obligations.

    I will still be closing our accounts after the 12 months is up.

    Alex
  • masonic
    masonic Posts: 23,374 Forumite
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    bxboards wrote: »
    I can't really see the point in Kuflink self-select as the deal flow is good enough that you can diversify easily enough, might as well get 6.2% to 7.2% doing it yourself and not such a long lock in in most cases.
    Did you really mean you can't see the point in self-select, or did you mean auto-invest? The rest of the sentence seems to support the latter.
  • bxboards
    bxboards Posts: 1,711 Forumite
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    Alexland wrote: »

    I will still be closing our accounts after the 12 months is up.

    Alex

    I'll keep mine open as I invest a lot in P2P and I like to spread my money around multiple sites, Kuflink are only 1 of the 10+ sites I use.

    I think their referral scheme may only have acquired short term customers, who will exit when they can - and I can't blame them for that, as they'll come out way ahead, either 20%+ or even 50%+ up depending when they opened accounts.
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