mary
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Post by mary on Jun 20, 2018 16:00:45 GMT
Your Money Could Do Better...Is RateSetter's come on, yet with Rolling at ~2.6% and the 1 Year at ~2.9% there are better options.
Assetz have just increased their Access Accounts to 4.1% (QAA) and 5.1% (30 day notice).
As Assetz are now one of the bigger players, and with all secured loans, I'm currently favouring them over RS at present.
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jo
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Post by jo on Jun 20, 2018 16:11:08 GMT
Your Money Could Do Better...Is RateSetter's come on, yet with Rolling at ~2.6% and the 1 Year at ~2.9% there are better options. Assetz have just increased their Access Accounts to 4.1% (QAA) and 5.1% (30 day notice). As Assetz are now one of the bigger players, and with all secured loans, I'm currently favouring them over RS at present. The fact that RateSetter has artificially engineered a reduction in rates at a time when, if not rising much, market rates are certainly not falling, gives me pause for thought about this company. 3% is my line in the sand for Rolling.
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Post by mukiwa on Jun 20, 2018 16:18:51 GMT
Thanks, I'll take a look.
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jlend
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Post by jlend on Jun 20, 2018 16:30:04 GMT
.... perhaps the RS rates will creep up over the next few months as some lenders continue to move their money elsewhere...
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copacetic
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Post by copacetic on Jun 20, 2018 21:38:38 GMT
The fact that RateSetter has artificially engineered a reduction in rates at a time when, if not rising much, market rates are certainly not falling, gives me pause for thought about this company.
Adam Smith wrote about the free market in the 18th century but every now and then someone comes along with the bright idea they can manipulate the market despite plenty of examples to the contrary in the last 200 or so years. The depression of rates will be temporary. If Ratesetter continue to attempt to force below market risk:reward rates then the correction will just be sharper when it inevitably comes.
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Post by p2plender on Jun 20, 2018 23:34:34 GMT
Was about to post same re Assetz. RS done themselves no favours here, in fact behaved quite appallingly to think peeps are interested in sub 3%. Several platforms where 4% + can be achieved for similar penalties. Bye bye RS, been nice knowing you but your greed wins.
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jlend
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Post by jlend on Jun 21, 2018 8:07:42 GMT
RS made an operating loss last year, even without the issues with the problem vehicle and adpod loans.
I am not surprised by this action, although i do not like it. Am not sure it is greed, more about limiting the losses on some of the loans they were approving.
Given that the vast majority of lenders already used the market rate, I am guessing they are not too bothered about loosing a few lenders who were getting 3% plus.
Agree rates are too low on the rolling market now given the risk of p2p lending.
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locutus
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Post by locutus on Jun 21, 2018 8:17:28 GMT
I'm normally a sticky investor in that I remain with platforms I am already familiar with. I've avoided AC until now as I always found it to be overcomplicated for my purposes. However, with the recent RS changes, I have just opened an account with AC. The point is, if someone as reluctant as I am is willing to move my cash, then I expect there will be an exodus from RS and they will soon regret their market manipulation strategy.
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locutus
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Post by locutus on Jun 21, 2018 8:18:40 GMT
Several platforms where 4% + can be achieved for similar penalties. Please can you let us know the others you're referring to. Edit: I mean instant or near instant access accounts comparable to RS Rolling or AC QAA.
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ashtondav
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Post by ashtondav on Jun 21, 2018 8:24:11 GMT
If you’re prepared to go down the size threshold then Lendingworks looks interesting.
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jsmill
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Post by jsmill on Jun 21, 2018 8:26:33 GMT
I am using Lending Works and Growth Street for the bulk of the funds previously allocated to Ratesetter. LW has a headline rate of 6% on 5 year loans with a 0.6% fee if you need to sell out before term. Currently there are queues of approx 5 days for new money which is a downside but obviously a plus for liquidity on exit. GS is a less established business although I like their model. That is offering 5.3% on true rolling 30 day loans. With the cash drag this averages to a per annum rate of 5.1-5.2% at the moment.
Not adding any more to AC as I already have a large amount with them in the manual loan select account. No judgement on their other products, just need to spread the risk.
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Post by befuddled on Jun 21, 2018 11:14:54 GMT
From RS Website
....."Investors who had opted for capital and interest to be repaid to their Holding Account prior to 6 June, will notice that now interest is being returned to the Holding Account and capital is reinvested."
What I am in fact noticing is loans prior to 6 June at 3.2% are being recycled as new loans at 2.4%...
Surely RS realise that people who loan to their platform (and P2P in general) are generally the more adventurous and money savvy and are unlikely to tolerate this.
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jlend
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Post by jlend on Jun 21, 2018 15:49:50 GMT
From RS Website ....."Investors who had opted for capital and interest to be repaid to their Holding Account prior to 6 June, will notice that now interest is being returned to the Holding Account and capital is reinvested." What I am in fact noticing is loans prior to 6 June at 3.2% are being recycled as new loans at 2.4%... Surely RS realise that people who loan to their platform (and P2P in general) are generally the more adventurous and money savvy and are unlikely to tolerate this. With 93% of their 65,000 lenders using the market rate most people were already tolerating the low rates prior to the change.
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Post by mukiwa on Jun 21, 2018 19:00:05 GMT
I had a look, but most loans are secured by property. What with property going to crash and commercial property even worse! Interest rates are going to be around 10% in 5/7 years will keep a lid on a property recovery. Not for me to be honest. I would rather be in cash tucked up in NS&I until the carnage is over.
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agent69
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Post by agent69 on Jun 21, 2018 19:32:41 GMT
What with property going to crash and commercial property even worse! Interest rates are going to be around 10% in 5/7 years Wish I had a crystal ball like yours
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