Peer-to-peer lending sites: MSE guide discussion
Options
Comments
-
fun4everyone wrote: »I wonder if all the other platforms faced huge withdrawal rates today
I've been selling down some loans on both Ablrate and Moneything today. Sold approx £2.5k and £2k respectively so not huge amounts in the scheme of things. Others may be selling and withdrawing more
There has definitely been plenty of activity on both Secondary Markets. Bid amounts on Ablrate Secondary Market were changing regularly, suggesting people taking the bids (and beating me to some of the better ones) and Moneything has been very busy with lots of availability for loans rarely seen on the SM.
90% of my loans on Moneything are up for sale. 90% of those were already on sale for a week or two as I decided to join the sales queue. At current investment rates a few are likely to sell in days/weeks others a few months or will continue to maturity.0 -
Do you think the other platforms will be ok?
Assetz, ratesetter, zopa, lending works, landbay?0 -
Do you think the other platforms will be ok?
Assetz, ratesetter, zopa, lending works, landbay?
I think zopa and landbay are linked? As in zopa bought landbay?
None of us can know anyway. We can speculate though and from what I can gather none of these platforms have been making any money for quite some time.
I would assume the ones with full authorisation (offering an ISA is an indication of that?) should be ok with segregated client money even in the event of platform failure. I wouldn't want to be on a platform without that at the moment.0 -
Do you think the other platforms will be ok?
Assetz, ratesetter, zopa, lending works, landbay?
I only have experience of Lending Works.
Ratesetter, Zopa and Lending Works are offering, I think, consumer borrowing. Probably quite strait forward, not offering high-rates or chucking in cashback offers to attract funds. Landbay, I have no experience of. Assetz is where I almost invested before choosing Collateral:(.0 -
fun4everyone wrote: »I think zopa and landbay are linked? As in zopa bought landbay?
None of us can know anyway. We can speculate though and from what I can gather none of these platforms have been making any money for quite some time.
I would assume the ones with full authorisation (offering an ISA is an indication of that?) should be ok with segregated client money even in the event of platform failure. I wouldn't want to be on a platform without that at the moment.
Is there a list of platforms with full FCA authorization? Maybe a good idea to check so we dont worry as much.0 -
-
Assetz Capital is a profitable platform with full FCA authorisation so I am quite happy keeping my money there for the time being (It's my second largest holding after Ratesetter)
Ratesetter isn't currently profitable but the CEO says it should return to showing profits next year , I am quite comfortable with keeping money with them (Although it will be a reduced amount)
MoneyThing has a very similar business model to Collateral which worries me slightly, though they are fully authorised so if they did go bust everything would be taken care of correctly.
You can search for P2P companies and see their status here
https://register.fca.org.uk/ShPo_Homepage0 -
Administration letter for Collateral received.0
-
I'm very relieved to see that. It looks like we will not be taking 100% capital loss after all!0
-
fun4everyone wrote: »Administration letter for Collateral received.
Just seen it, look deeper now0
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards