Post by Greenwood2 on Dec 4, 2021 12:21:42 GMT
Dec 2, 2021 11:56:20 GMT Ace said:
Dec 2, 2021 11:18:50 GMT c64 said:
I have gotten fat and lazy relying on Zopa for personal unsecured... the twin comforts I am not going to replace easily are (a) they are relatively huge and less likely to suffer overnight platform failure having already survived GFC and Covid so far, and (b) they have bunged me an extra 1% since day one. Ah well. Time to start small again. Thanks Greenwood2 - Elfin seem a promising candidate. Usual danger that withdrawal liquidity disappears at pants-down time to the "surprise" of people expecting a glorified savings account, but hey ho. I like their narrow margin of 1.5% p.a. although I wonder if it is sustainable - Zopa is charging about 4% once everything is wrapped in (+/- depending on individual loan characterisitics). I also like the fact that they have a proven capability to survive the last 18 months. Have there been any signup cashback bungs, or any stats/loan book info to be had? Anecdotal evidence over on their thread here but precious little else. I still get an extra interest boost payment each month, but as with most things Elfin, the payments are totally opaque. There's no indication as to which of my investments it relates to.
As for any info on your loanbook, the answer is a firm no. You will have no idea which loans you are in, or how many borrowers you are lending to, or in what proportion, or what rates. You simply get an interest payment per investment each month with no way of checking that it is in any way correct. Elfin did promise that more detail would be provided in future, but the promise is well over a year old now with no increase in detail or visibility during that time.
Also, you have to wait a couple of days after each interest payment for the platform data to become self consistent. And even then the numbers seem a bit out-of-whack occasionally. E.g. my account currently says I have minus £0.42 waiting to be lent!