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Post by veganline on Jul 20, 2017 9:08:14 GMT
If that is the case why are the rates so high? And why are the expected defaults so high? The cost of ... credit reference checks ... same for a 4 week loan ... as a 5-year loan. Just an idea for Money Platform with no need to reply. Your applicants can get free Callcredit data via Noddle.co.uk , which is the same thing. If you asked each applicant to provide a cut-and-paste of their noddle report, then you'd have something to go-on before paying for Equifax (or further Callcredit) data. I don't know exactly what I mean in detail - just an idea off the cuff.
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hendragon
Member of DD Central
Posts: 631
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Post by hendragon on Jul 20, 2017 18:16:50 GMT
In November 2016 I posted that I was starting with TMP and would report conclusions. Well here they are.
I have made 9 loans 7 for the minimum and 2 for £500.
All loans have repaid. Most repaid early, one very early and one was a late repayment.
Loans have not been that plentiful, but in fairness I have never had more than £500 on offer at anyone time.
Return On Capital Expended has been roughly 10%. To my mind not bad for 8 months.
Customer service and engagement from TMP has been good and a sensible question has always got a sensible answer.
TMP need a geater number of loans, easier ways for lenders to diversify, and a minmum return however quickly the loan repays. In fairness TMP are in the process of changing and improving so I will be interested to see where they get to.
They have satisified my p2p mantra in that they have made me a profit, not lost any of my money and nearly always paid me on time.
Finally I am in the happy position of being able to leave my profit in TMP for re-investment and be able to withdraw my capital. If TMP get to where I think they would like to get to, I will certainly re-invest .
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Post by WestonKevTMP on Jul 24, 2017 5:58:46 GMT
Just an idea for Money Platform with no need to reply. Your applicants can get free Callcredit data via Noddle.co.uk , which is the same thing. If you asked each applicant to provide a cut-and-paste of their noddle report, then you'd have something to go-on before paying for Equifax (or further Callcredit) data. I don't know exactly what I mean in detail - just an idea off the cuff. I know you said not to respond, but anyways... This approach sort of already exists. The big comparison sites like MoneySuperMarket and the money managers like ClearScore and Noddle collect your credit history. These sites already know the lender credit policy, and pre-calculate something called your eligibility. The eligibility should be 0% or 100% but because lenders often use manual underwriting (whose decisions are variable) or different data to that available from the credit search (e.g. number of dependents, salary), it's often a fuzzy logic number in the middle. For example, "you are 70% eligible"). In fact they rarely say 100% even with caveats because the Compliance teams never like to guarantee anything. That said, despite the costs, the lenders always re-run their own searches. Mainly because it's cheap, they use a different bureaux, different data (e.g. financial associates) , or Compliance (yep, those guys again) require you to run your own checks and not rely on third party provided data. There are firms that provide what you're describing, one I'm involved in is called the 'Affordability Passport's, check it out here: castlightfinancial.com/our-products/affordability-passport/Kevin.
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