MT
P2P Blogger
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Post by MT on Dec 16, 2019 23:10:58 GMT
Evening all,
It's split into three categories and is written to be used as a starting point when looking to understand which P2P platforms are out there and the high level differences between them.
Keen to hear any feedback on what's useful, not useful, or any errors spotted.
Will be looking to keep this up to date as/when platforms make changes e.g. to target interest rates.
Thanks, Matt
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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 Dec 17, 2019 1:02:44 GMT
Evening all,
It's split into three categories and is written to be used as a starting point when looking to understand which P2P platforms are out there and the high level differences between them.
Keen to hear any feedback on what's useful, not useful, or any errors spotted.
Will be looking to keep this up to date as/when platforms make changes e.g. to target interest rates.
Thanks, Matt
Ultimate guide ... that's bold.😁 First impression looks good. Quite a few platforms listed are not peer to peer lenders Lendinvest is an AIF, BridgeCrowd offers unregulated bridging loans, Abundance debentures, Market Invoice unregulated invoice finance, none have P2P permissions with consequences for tax relief. AC is property backed platform. It offers business loans but only property backed so might be in wrong section.
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Greenwood2
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Post by Greenwood2 on Dec 17, 2019 7:38:35 GMT
You can still set your own interest rates on RS.
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MT
P2P Blogger
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Post by MT on Dec 17, 2019 7:48:53 GMT
Thank you both for your feedback - really appreciate that.
I have amended the name of the article to remove 'ultimate' for starters and will go through the FCA register later this evening to remove those without P2P permissions. Will drop those into a separate article.
With regards to RateSetter - Greenwood2, thank you. I had seen all of the communication about the new Access, Plus and Max accounts, but did not realise that investors still had the option to set their own rate. I have now amended the website to reflect.
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Post by Ace on Dec 17, 2019 8:10:32 GMT
The "My Investments" section looks rather outdated. Not least because it mentions Landbay without noting that it's now closed to retail lenders, and accounts in AC that are in rundown. A clear update date at the top would be useful.
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MT
P2P Blogger
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Post by MT on Dec 17, 2019 8:20:37 GMT
The "My Investments" section looks rather outdated. Not least because it mentions Landbay without noting that it's now closed to retail lenders, and accounts in AC that are in rundown. A clear update date at the top would be useful. Thank you for the feedback. I've added a 'last updated' comment at the top. The Landbay commentary did refer to the fact that I'd withdrawn all funds, but have now added a comment that the platform is now closed to new Retail investors. Similarly, I've added a comment with regards to the AC GBBA and Property-secured accounts now being closed to new investment. The pie chart at the top was updated within the last month, but have amended as of today's date.
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ashtondav
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Post by ashtondav on Dec 17, 2019 8:28:32 GMT
Perhaps not highlight LW’s “high charge” of 0.6%, when ZOPA’s charge is 1%.
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Post by Ace on Dec 17, 2019 8:37:53 GMT
Perhaps not highlight LW’s “high charge” of 0.6%, when ZOPA’s charge is 1%. There is no fee for access in LW's Flexible account; there's a 0.5% fee for access in their Growth account.
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MT
P2P Blogger
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Post by MT on Dec 17, 2019 8:50:52 GMT
Perhaps not highlight LW’s “high charge” of 0.6%, when ZOPA’s charge is 1%. Thanks ashtondav. The commentary was correct (as per Aces comment) in most places, but you caught one paragraph where the fee quoted had not been updated from the old LW terms.
Really appreciate all the input. Always the case that you think you've proofread something, someone else reads it and immediately spots the errors.
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r00lish67
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Post by r00lish67 on Dec 17, 2019 11:42:38 GMT
A bugbear of mine with the vast majority of P2P review sites:
Where is the bad stuff?
You claim to be reviewing the sites but all I see is a list of their best selling points, more a collation of facts from their own website. If I'm looking up a review for a phone, I want to see what it's really like, not just the theory of how it works and its specs, and the same applies here.
Where's the recently absented CEO, the highly illiquid SM, the duffed up provision fund, the hidden defaults in the statistics, the failed loans taken on to the balance sheet? i.e. the things that their website won't already tell me that'd be really useful to know.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Dec 17, 2019 12:36:57 GMT
A bugbear of mine with the vast majority of P2P review sites: Where is the bad stuff? You claim to be reviewing the sites but all I see is a list of their best selling points, more a collation of facts from their own website. If I'm looking up a review for a phone, I want to see what it's really like, not just the theory of how it works and its specs, and the same applies here. Where's the recently absented CEO, the highly illiquid SM, the duffed up provision fund, the hidden defaults in the statistics, the failed loans taken on to the balance sheet? i.e. the things that their website won't already tell me that'd be really useful to know. I agree with the sentiment, but it's a bit much to put that all on MT IMO. So how to get this vital bad stuff up there? Maybe have a comments section where anyone can add factual as opposed to opinionated items? Might have to be monitored. Or people could post suggested comments on this thread for him to add if he saw fit.
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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 Dec 17, 2019 12:53:23 GMT
Thank you both for your feedback - really appreciate that.
I have amended the name of the article to remove 'ultimate' for starters and will go through the FCA register later this evening to remove those without P2P permissions. Will drop those into a separate article.
With regards to RateSetter - Greenwood2, thank you. I had seen all of the communication about the new Access, Plus and Max accounts, but did not realise that investors still had the option to set their own rate. I have now amended the website to reflect.
I wouldn't necessarily remove them just highlight they are different & outside the narrow definition of true P2P given by the FCA P2P permission. Buy2letcars is another one that I'm not sure has the permission. P2P can be quite nuanced & even a platform with the permission may be offering non a36h products. eg bonds. Couple of other points ... Moneything listed but link goes nowhere. OC first loss held by a related company not OC itself. No P2P platform has skin in the game as FCA don't permit it, always via a related party.
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benaj
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Post by benaj on Dec 17, 2019 13:10:14 GMT
It's all about cashback for P2P lending. All reviews are written for the platforms offering cashback / referral.
Great for friends & families who have never invested in P2P lending and looking to maximise the current cashback offers of £355 with just £10k investment (assuming minimum cash drag, 0 risk and 0 losses).
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Post by dan1 on Dec 17, 2019 23:04:13 GMT
Compare the "risk" when seeking affiliate income (cost of a domain/hosting) to that of actual lending - it really is a no-brainer  And I speak as someone who has done fairly well from cashback. |
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pom
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Post by pom on Dec 19, 2019 11:14:04 GMT
Compare the "risk" when seeking affiliate income (cost of a domain/hosting) to that of actual lending - it really is a no-brainer And I speak as someone who has done fairly well from cashback. Specially if you can get others to fact check it all...
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