|
Post by khampson on Jun 2, 2016 12:15:48 GMT
Hi I am looking for somewhere to lend my money and top up with around £200 per month, is MT a pleasant environment to be in ? Do they offer an auto bid sysytem or are you left to scramble for a loan share at a time of going live, also if I to sell a loan are they easy to sell? is Moneything profitable? I am looking long term 3 years plus, are repayments made each month with the option to reinvest?
Thank you
|
|
|
Post by Deleted on Jun 2, 2016 12:21:16 GMT
Money thing is very good at communicating
Its SM has no premium discount system so easy to use but not very liquid, generally only 6 months loans and holders like to hold especially if the deal extends. Generally rate is 1% per month.
4pm is the key time, no auto bid.
Enough loans for your capital, but infrequent opportunites.
I'd think MT is good for a newbie.
Profitable? Not an issue as a failing business can be profitable. The issue is has it stopped the cash burn?
|
|
SteveT
Member of DD Central
Posts: 6,873
Likes: 7,918
|
Post by SteveT on Jun 2, 2016 12:28:55 GMT
Hi I am looking for somewhere to lend my money and top up with around £200 per month, is MT a pleasant environment to be in ? Do they offer an auto bid sysytem or are you left to scramble for a loan share at a time of going live, also if I to sell a loan are they easy to sell? is Moneything profitable? I am looking long term 3 years plus, are repayments made each month with the option to reinvest? Thank you a) The MOST pleasant b) Need to bid when loans launch but Ed sets sensible bid limits on new loans which generally give you at least a couple of hours c) To date, the SM has been very liquid indeed (most things typically sell in minutes). No sale fees. d) Yes, according to a recent reply from Ed. e) Every MT loan is set up to pay interest monthly. You can reinvest or withdraw (in minutes) as you like.
|
|
|
Post by khampson on Jun 2, 2016 12:43:45 GMT
Do they have a large loan book and many new loans coming on to the market? Also how do I fund my account? Can I set up a standing order from my bank to fund it or is it card only? Thanks
|
|
davex
Member of DD Central
Posts: 81
Likes: 18
|
Post by davex on Jun 2, 2016 12:45:52 GMT
Hi I am looking for somewhere to lend my money and top up with around £200 per month, is MT a pleasant environment to be in ? Do they offer an auto bid sysytem or are you left to scramble for a loan share at a time of going live, also if I to sell a loan are they easy to sell? is Moneything profitable? I am looking long term 3 years plus, are repayments made each month with the option to reinvest? Thank you Of the 6 platforms I am in MT is by far "the best" in terms of communication and ease of lending.
|
|
SteveT
Member of DD Central
Posts: 6,873
Likes: 7,918
|
Post by SteveT on Jun 2, 2016 12:45:57 GMT
Do they have a large loan book and many new loans coming on to the market? Also how do I fund my account? Can I set up a standing order from my bank to fund it or is it card only? Thanks A fair few (100-odd but quite a few to the same borrowers; best register and take a look). See the Pipeline Loans thread for Ed's commentary on upcoming loans. Transfers by Faster Payments, credited usually in minutes (provided you also complete the deposit notification).
|
|
Jeepers
Member of DD Central
Posts: 818
Likes: 721
|
Post by Jeepers on Jun 2, 2016 14:59:30 GMT
Saving Stream used to be my favourite platform but I have to say Money Thing is now my favourite for 2 reasons:
Customer service and communication is excellent - best in the industry.
The withdrawals are processed within the hour from early morning to late in the evening.
The only areas where Saving Stream has an advantage is the 2% provision fund and all loans are 12% whereas Money Thing tend to be offering new loans at 10% which I don't feel is worth the risk and don't invest in as once the tax man has taken his slice and when you factor in the time value of money and inflation.
|
|
|
Post by khampson on Jun 2, 2016 15:23:18 GMT
Is the first £1000 tax free?
|
|
ben
Posts: 2,020
Likes: 589
|
Post by ben on Jun 2, 2016 15:31:01 GMT
Is the first £1000 tax free? The first £1000 of any saving/investment a year is tax free that includes from banks etc so I would think most on here are above that threshold, so it is not that relevent when deciding on investments.
|
|
james
Posts: 2,205
Likes: 955
|
Post by james on Jun 2, 2016 15:50:50 GMT
is MT a pleasant environment to be in ? Do they offer an auto bid sysytem or are you left to scramble for a loan share at a time of going live, also if I to sell a loan are they easy to sell? is Moneything profitable? Easy and pleasant to deal with. No auto-bidding but instead they ration how much can be invested for the first 24 hours and with the amounts you have this means that you should not have any trouble getting fully invested quite quickly. They have been profitable month on month for a few months now but their previous year accounts will still show a loss for the year.
|
|
duck
Member of DD Central
Posts: 2,586
Likes: 5,763
|
Post by duck on Jun 2, 2016 16:34:18 GMT
Is the first £1000 tax free? Yes if you are a 20% tax payer £500 if you are a higher rate payer £0 if you are an additional rate payer
|
|
|
Post by khampson on Jun 2, 2016 23:12:58 GMT
So correct me if I am wrong, do you get only interest back on the anniversary of the loan and not a set date? Thanks
|
|
james
Posts: 2,205
Likes: 955
|
Post by james on Jun 3, 2016 1:03:51 GMT
So correct me if I am wrong, do you get only interest back on the anniversary of the loan and not a set date? Thanks Usually it's the monthly anniversary of the date the loan gets completely funded. There are exceptions perhaps for some loans and there's one platform that pays all of the interest it's going to pay on the first of the month. For business loans the capital is usually paid back at the end of the loan term but there are exceptions where the loan capital is repaid just like a personal loan, some each month. For loans to consumers its usually just like a personal loan, a mixture of capital and interest each time. So be aware of possible exceptions, but that's what's usual.
|
|
jonah
Member of DD Central
Posts: 2,031
Likes: 1,113
|
Post by jonah on Jun 3, 2016 4:45:26 GMT
So correct me if I am wrong, do you get only interest back on the anniversary of the loan and not a set date? Thanks MT pays interest monthly, based on the date it goes live / should return capital, e.g. 5th of the month. If you mean capital back, as james suggested, terms on MT vary from 6 months to 5 years. Both assume that the loan goes to plan. All MT loans have done so far, but that doesn't mean that this will continue forever in this way.
|
|
|
Post by khampson on Jun 3, 2016 4:57:31 GMT
is there plenty of activity in the secondary market so I can get my funds lend out quickly around 2k in small loans to get on the ladder without waiting for new loans.
Thanks
|
|