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Post by Duane Dibley on Jun 26, 2018 11:41:13 GMT
Looking for alternative platforms that offer similar products to RS.
- ISA
- Provision fund or similar
- Interest rates 3-6%
I've tried Lending Works and Assetz Capital 30 day account but are there any others?
Thanks.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 26, 2018 12:40:04 GMT
Looking for alternative platforms that offer similar products to RS. - ISA - Provision fund or similar - Interest rates 3-6% I've tried Lending Works and Assetz Capital 30 day account but are there any others? Thanks. Octopus Choice maybe, c4%, no PF but OC has 5% skin the game, ISA avaliable, exit is subject to demand but is usually within 24hrs as OC basically buy you out.
Think there maybe a referral scheme, £25 amazon GC each.
OC are a branch of a multi-billion investment fund
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ashtondav
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Post by ashtondav on Jun 26, 2018 13:03:34 GMT
Lending works has both a PF and insurance in case of borrower unemployment, sickness etc. It pays 6% on 5 year money and the charge for selling out is 0.6% (at least I think that’s the fee). Waaaaaay smaller though so the platform risk is higher, maybe.
AC pays over 6% but it’s fire and forget accounts offer inadequate diversification and a provision fund that will only benefit your grandchildren! Their 30 day account is good value though.
cant think of anything else with a PF. You could go higher up the risk threshold. My experience with Fundingsecure is you might get lucky and achieve 6%
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benaj
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Post by benaj on Jun 26, 2018 15:54:27 GMT
Looking for alternative platforms that offer similar products to RS. - ISA - Provision fund or similar - Interest rates 3-6% I've tried Lending Works and Assetz Capital 30 day account but are there any others? Thanks. The closest thing to RS is AC QAA / 30DAA. Lending works 5 year pays 6% on new loans, and extra interest on older loans. New account holders may experience cash drag, mine was 11 days for 2k lending.
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Post by Ace on Jun 26, 2018 17:45:30 GMT
Looking for alternative platforms that offer similar products to RS. - ISA - Provision fund or similar - Interest rates 3-6% I've tried Lending Works and Assetz Capital 30 day account but are there any others? Thanks. Growth Street offers a rolling monthly account at 5.3%, but don't have an ISA up and running yet.
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Post by df on Jun 26, 2018 17:58:07 GMT
Looking for alternative platforms that offer similar products to RS. - ISA - Provision fund or similar - Interest rates 3-6% I've tried Lending Works and Assetz Capital 30 day account but are there any others? Thanks. Growth Street offers a rolling monthly account at 5.3%, but don't have an ISA up and running yet. Also Landbay. Interest is lower, 3.15-3.45%, but it is relatively safe (no defaults, PF is in place and it has been operating for about 4 years).
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puddleduck
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Post by puddleduck on Jun 26, 2018 18:04:27 GMT
Looking for alternative platforms that offer similar products to RS. - ISA - Provision fund or similar - Interest rates 3-6% I've tried Lending Works and Assetz Capital 30 day account but are there any others? Thanks. Growth Street offers a rolling monthly account at 5.3%, but don't have an ISA up and running yet. I would have suggested Growth Street, but a concern I have is the defaults, as the moment it seems the provision fund is being topped up possibly by the owners, but at some stage I imagine they are going to get fed up with making donations to cover other businesses who fail to pay their debts. And no ISA. Personally I think looking at provision funds give a false sense of security and is a poor choice for investment criteria - I think if the owners of Growth Street had'nt been topping it up, it would have been close to depleted. Ditto Ratesetter - they had to bail out there PF due to some stupendously bad lending decisions last year.
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Post by Duane Dibley on Jun 27, 2018 12:44:09 GMT
Octopus Choice maybe, c4%, no PF but OC has 5% skin the game, ISA avaliable, exit is subject to demand but is usually within 24hrs as OC basically buy you out. Think there maybe a referral scheme, £25 amazon GC each. OC are a branch of a multi-billion investment fund
Looks like Octopus Choice and Landbay are the only other similar alternatives at the moment, until Growth Street have an ISA at least. I'm surprised to be honest, I would have thought that if P2P is to have a viable long-term future then it is these types of lower risk alternatives to mainstream banking that would be the way to go, rather than the higher risk 12%er platforms that, in my opinion at least, have had their day in the sun and are now on the decline. Octopus Choice seems to be most similar to AC's Property Secured Account, although a little lower rate and the 5% co-investment rather than the provision fund, so should ensure a nice bit of platform diversification. Though I am rather concerned about the amount of diversification a lump-sum transfer would receive on the platform, 10% seems way too much, so I suppose spreading it between two or three deposits would at least ensure a more desirable 5% or less. Thanks all for the suggestions.
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Post by df on Jun 27, 2018 12:47:32 GMT
Growth Street offers a rolling monthly account at 5.3%, but don't have an ISA up and running yet. I would have suggested Growth Street, but a concern I have is the defaults, as the moment it seems the provision fund is being topped up possibly by the owners, but at some stage I imagine they are going to get fed up with making donations to cover other businesses who fail to pay their debts. And no ISA. Personally I think looking at provision funds give a false sense of security and is a poor choice for investment criteria - I think if the owners of Growth Street had'nt been topping it up, it would have been close to depleted. Ditto Ratesetter - they had to bail out there PF due to some stupendously bad lending decisions last year. Apart from founder contribution PF is topped up from borrowers' payments. It may give a false sense of security, but overall PF works well across platforms and many investors prefer some sort of protection is exchange for lower returns.
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