hendragon
Member of DD Central
Posts: 631
Likes: 619
|
Post by hendragon on Jan 4, 2017 9:31:10 GMT
just had an e-mail from TMP. My first loan has repaid and they have aproached me for feedback on how the process worked, improvements etc. Good to see a new P2P platform taking positive steps to get the views of its investors.
|
|
|
feedback
Jan 4, 2017 11:14:59 GMT
via mobile
Post by wickedxuk on Jan 4, 2017 11:14:59 GMT
I have withdrawn my funds now as I got impatient and had opportunities to invest elsewhere. So in over a week non of my money got lent out. Maybe when it picks up a little over the coming months I will head back in but for now I wanted to use them funds elsewhere.
I requested a withdrawal yesterday and its not in the bank yet (I'm not concerned but worthy of note that they have had over 24hours and no withdrawal actions have been conducted).
|
|
hendragon
Member of DD Central
Posts: 631
Likes: 619
|
Post by hendragon on Jan 4, 2017 12:24:25 GMT
the slow lending speed was one thing I did point out to TMP. I think I will wait for a while to see if things improve.
|
|
david42
Member of DD Central
Posts: 419
Likes: 346
|
Post by david42 on Jan 4, 2017 19:25:04 GMT
I requested a withdrawal yesterday and its not in the bank yet (I'm not concerned but worthy of note that they have had over 24hours and no withdrawal actions have been conducted). When I withdrew some money from The Money Platform last November it arrived in my bank account the next day.
|
|
11025
Member of DD Central
Posts: 718
Likes: 829
|
Post by 11025 on Jan 7, 2017 14:07:38 GMT
Got bored hanging around and withdrew my funds and it was available within a day
I have one eye out to see how this goes for the future but atm it is a bit slow
|
|
michaelc
Member of DD Central
Posts: 4,866
Likes: 2,762
|
Post by michaelc on Jan 7, 2017 22:51:18 GMT
Likewise. Despite having offers in all of the 250 categories for around 6 weeks, nothing got lent out beyond my initial two loans (that were made around the time the platform launched maybe 6-8 weeks ago?)
|
|
jimc99
Member of DD Central
Posts: 284
Likes: 115
|
Post by jimc99 on Feb 5, 2017 7:27:48 GMT
Not being a big hitter I baulk at the £250 minimum loan I have to offer to an individual borrower.
I'd feel far more comfortable lending £25 to 10 borrowers.
I realise that it's early days and the site is still unknown to most potential borrowers, but is this something that might be introduced in the future?
Thanks and all the best to Kev.
|
|
elliotn
Member of DD Central
Posts: 3,063
Likes: 2,681
|
Post by elliotn on Feb 5, 2017 8:29:06 GMT
I registered in the hope that WestonKevTMP might persuade TMP to move to a fractional lending model as Kev advocated on RS. Potential game changer on lender demand side although would need to be matched by borrower volumes.
|
|
|
Post by Reged on May 15, 2017 10:48:00 GMT
Seems to me the platform is struggling to gain traction with borrowers. I put in a trial £1k split into four at minimum rates and have had just one bite in three weeks, which lasted for all of three days earning me a little under £2. Given the relatively high risk of this kind of loan that is an abysmal return, given that the money could be getting me at least £10 a month interest on far safer platforms. I shall be withdrawing my funds at the end of the month if there is no improvement. The system needs changing too to some kind of pooled lending with random amounts.
|
|
|
Post by WestonKevTMP on May 20, 2017 9:36:45 GMT
I registered in the hope that WestonKevTMP might persuade TMP to move to a fractional lending model as Kev advocated on RS. Potential game changer on lender demand side although would need to be matched by borrower volumes. This is planned....
|
|
|
Post by WestonKevTMP on May 20, 2017 9:44:25 GMT
Seems to me the platform is struggling to gain traction with borrowers. I put in a trial £1k split into four at minimum rates and have had just one bite in three weeks, which lasted for all of three days earning me a little under £2. Given the relatively high risk of this kind of loan that is an abysmal return, given that the money could be getting me at least £10 a month interest on far safer platforms. I shall be withdrawing my funds at the end of the month if there is no improvement. The system needs changing too to some kind of pooled lending with random amounts. Agree on all fronts. There will eventually be a pooled lending system, but this will take time to develop. And when it is in place, I hope we will continue to offer the " roller coaster if P2P lending" product... Borrower demand has been very strong as on average we get ~2,000 applications per month. The " issue" has been our prudence and selectivity. In the first 6 months of any loan launch or switching on of new sources, the risk quality can be disproportionately poor. But we are now in a more stable position and expect loan volumes to grow from here... Kevin. P.S. apologies about the early repayment of the loan. This is a common occurrence in the short term lender market, especially when there are no financial penalties. However I think we've probably had more than our fair share, as customers have been testing the platform. Borrowers in this market tend to stick with one platform and multi-use, far more than traditional 3-5 year loan market.
|
|
michaelc
Member of DD Central
Posts: 4,866
Likes: 2,762
|
Post by michaelc on May 20, 2017 13:41:52 GMT
Good to hear there are plans for pooled investment. I wonder if there are any plans to adjust the current structure whereby TMT gets all of their interest/fee regardless of when the loan was repaid. In Reged's two day case, he got some pocket change for putting up all the money, but the platform got all of their fee as if the loan had run to term.
|
|
|
Post by WestonKevTMP on May 21, 2017 11:39:57 GMT
Good to hear there are plans for pooled investment. I wonder if there are any plans to adjust the current structure whereby TMT gets all of their interest/fee regardless of when the loan was repaid. In Reged's two day case, he got some pocket change for putting up all the money, but the platform got all of their fee as if the loan had run to term. Agreed, the issue now is where one person's loan is repaid early meaning the lender didn't get much interest, another lenders goes to term and they get the full interest. Or even defaults. Averages never tell the true story, and of course the half that have the negative experience tend to talk about it more... ...hence the plan for the pool product alongside what is now the pure 1-2-1 P2P product. Funnily enough perhaps the only pure P2P offering in this crowded market. The details of the pool are not finalised, so I'd be interested in people's thoughts (perhaps that's a separate thread) but the pooled product in development is a forecasted annualised return. So issues of time spent monies inactive or early repayment will not be an issue for the individual, as this will be shared across the pool. Kevin.
|
|
kevinkelly
Member of DD Central
Posts: 96
Likes: 37
|
Post by kevinkelly on May 27, 2017 21:35:47 GMT
...hence the plan for the pool product alongside what is now the pure 1-2-1 P2P product. Funnily enough perhaps the only pure P2P offering in this crowded market. Kevin. I'm delighted to learn that your pure P2P product will continue (although I might change my mind after getting hit with a default or several)
|
|