macq
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Post by macq on Dec 3, 2017 13:25:41 GMT
you mean they get Sunday off! Could there not be a cap on moving funds from a normal account to the ISA account?(or free  ) Yeah we're very generous like that. Seems like a tough crowd on here! We did consider removing fees for loan sales for the purpose of transferring to an ISA account, and I'm still not opposed to that, but to be honest having spoken to large numbers of lenders there wasn't as big a demand as we expected - most investors were more interested in transferring in existing ISAs from other ISA providers, so we focused on that for launch. Similarly we haven't yet released the option to reinvest repayments from Classic to ISA, as the demand doesn't seem to be there though we'll likely still release that anyway for those that would use it. Tough crowd us -anyway its good to see you finally up on a Sunday  Thanks for the feedback hopefully you will think about the fee for swapping accounts as it could be that people had other choices this year but going forward it could be an option for some and no fee may encourage it
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Post by penguin on Dec 3, 2017 16:15:38 GMT
Thanks all for your comments - that's encouraging
P
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Post by Matthew on Dec 3, 2017 16:26:00 GMT
The worst thing about LW is that this forum is so booooooring! But then I suppose boring is good. I'm going to take that as compliment Our aim is to be a 'hands off', predictable platform. Unless you're referring to my postings of course, in which case I can only apologise 
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zlb
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Post by zlb on Dec 3, 2017 21:35:15 GMT
It's an interesting question, 'is it an alternative to Zopa'. It offers up to 3 and up to 5 yr last time I looked. I asked them whether it was possible, if necessary, to withdraw sooner than the stated times. They said yes, but not recommended. Z doesn't have this time limit, but it does seem as if (when looking at Z board) that they want borrowers (who are focusing on monthly defaults) to average out monthly earnings, and treat it as almost an annual product at least. The withdrawal times on Z - they were slow (despite there being a queue of investors). Are they still slow. When one exits the 3yr product at LW - how soon before this deadline does LW stop reinvesting cash etc? We always advise lenders against entering into what is a longer term investment where we feel they are looking for an almost instant access product, for example if they need the funds on a specific date within the next 12 months. The same would apply to stocks and shares where investing for such a short time period means you’ll be attempting to time the market, which is fairly universally accepted as risky. There is technically nothing stopping you selling loans after any period of time though. On the tech side, the process is extremely quick i.e. less than 60 seconds in most cases, provided lender funds are available to match you out. Withdrawals are paid as faster payments so all in all it should be same day from end to end. Hi, yes I understood these to be the factors for a range of reasons. Is the term-end 'withdrawal' of funds (aka sale of loans) at 3 and 5 years also dependent upon the same factors, ie technology and lender funds to "match you out"? thanks
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Post by Matthew on Dec 4, 2017 9:37:26 GMT
Hi zlb It doesn't work exactly like that - rather, when you invest, for example, on the 5 year term, you'll be allocated loans with durations of 4 or 5 years. If you reinvest repayments, these are lent on new loans of up to 5 years in duration so it's effectively a rolling investment. Remember that loans are repaid in monthly instalments, so without reinvesting your on loan balance will decrease each month. If you are looking to take out your money after a certain number of years, you can either sell your current loans at that time (which is dependent on lender funds being available etc) or you can stop reinvesting some time before so that the normal repayment profile of your loans repays the full balance by that date. We also offer an income option where repayments can be repaid to your bank account every week (or month). Thanks |
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zlb
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Post by zlb on Dec 4, 2017 21:33:50 GMT
Hi zlb It doesn't work exactly like that - rather, when you invest, for example, on the 5 year term, you'll be allocated loans with durations of 4 or 5 years. If you reinvest repayments, these are lent on new loans of up to 5 years in duration so it's effectively a rolling investment. Remember that loans are repaid in monthly instalments, so without reinvesting your on loan balance will decrease each month. If you are looking to take out your money after a certain number of years, you can either sell your current loans at that time (which is dependent on lender funds being available etc) or you can stop reinvesting some time before so that the normal repayment profile of your loans repays the full balance by that date. We also offer an income option where repayments can be repaid to your bank account every week (or month). Thanks Thank you. So it works much like other unsecured p2p, (but has a PF and insurance). The main variable at the start is there being enough 3 or 5 year borrowers at the beginning, it seems. Are your borrowers only offered 3 or 5 year loans? Thank you otherwise, for transparency.
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nairda
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Post by nairda on Dec 4, 2017 21:58:19 GMT
The worst thing about LW is that this forum is so booooooring! But then I suppose boring is good. I'm going to take that as compliment Our aim is to be a 'hands off', predictable platform. Unless you're referring to my postings of course, in which case I can only apologise I think it is a compliment, and well deserved too. As for your postings .............
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Post by Matthew on Dec 5, 2017 13:31:04 GMT
Hi zlb It doesn't work exactly like that - rather, when you invest, for example, on the 5 year term, you'll be allocated loans with durations of 4 or 5 years. If you reinvest repayments, these are lent on new loans of up to 5 years in duration so it's effectively a rolling investment. Remember that loans are repaid in monthly instalments, so without reinvesting your on loan balance will decrease each month. If you are looking to take out your money after a certain number of years, you can either sell your current loans at that time (which is dependent on lender funds being available etc) or you can stop reinvesting some time before so that the normal repayment profile of your loans repays the full balance by that date. We also offer an income option where repayments can be repaid to your bank account every week (or month). Thanks Thank you. So it works much like other unsecured p2p, (but has a PF and insurance). The main variable at the start is there being enough 3 or 5 year borrowers at the beginning, it seems. Are your borrowers only offered 3 or 5 year loans? Thank you otherwise, for transparency. We actually offer loans from 6 - 60 months, it's just that we group them into two pools for lenders: Up to 3 years (6 - 36 months) and Up to 5 years (37 - 60 months). The average term across the whole loan book is about 40 months, though that's weighted by loan amount so it's skewed slightly by the larger loans typically being over longer terms. The only loans less than 12 months in duration are some retail finance (point-of-sale) loans; those accessed via the website are either 12, 24, 36, 48 or 60 months in duration. Hope this helps.
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Post by martinde21 on Dec 7, 2017 12:50:58 GMT
Hey
I'm very happy with LendingWorks. I have experience of Zopa, Ratesetter and three others too. Their "lending shield" approach to managing defaults appears well thought though. The returns on 5 yr hover between 5.3% and 5.5% which is perfectly reasonable - you are getting a higher level of default protection than with Zopa (which has very little now apart from diversification and recoveries teams on the ball). You also get capital repaid with interest and not at the end of the loan term - this means you can reinvest constantly in new loans, esp. where inflation will be higher in yrs 2+. LendingWorks is good as part of a diversification strategy where you spread your investments across multiple p2p providers.
Hope this helps as good for thought.
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Post by penguin on Dec 7, 2017 16:50:59 GMT
Thanks - have just taken the plunge
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savernake
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Post by savernake on Jan 14, 2018 17:24:56 GMT
I'm considering the LW 5yr account as an alternative to Ratesetter's 5yr offering. How long does it take to get your money lent out on LW at the moment?
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macq
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Post by macq on Jan 14, 2018 18:06:35 GMT
I'm considering the LW 5yr account as an alternative to Ratesetter's 5yr offering. How long does it take to get your money lent out on LW at the moment? wifey says its been 3 working days this week (plus 1 for payment to clear into account)
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macq
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Post by macq on Jan 14, 2018 18:21:07 GMT
I'm considering the LW 5yr account as an alternative to Ratesetter's 5yr offering. How long does it take to get your money lent out on LW at the moment? should have said was about 7 - 8 in the Autumn at times but repayments go to the front of the queue
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ozaz
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Post by ozaz on Apr 13, 2019 9:04:10 GMT
I have enough P2P investments in business and property development loans and would like to increase my holdings in personal loans. I want to use an IFISA and take a hands-off (auto-invest) approach.
Am considering Lending Works, but before I take the plunge just wondering if there are any other alternatives to Zopa worth considering?
Thanks
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pom
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Post by pom on Apr 13, 2019 11:10:24 GMT
I have enough P2P investments in business and property development loans and would like to increase my holdings in personal loans. I want to use an IFISA and take a hands-off (auto-invest) approach. Am considering Lending Works, but before I take the plunge just wondering if there are any other alternatives to Zopa worth considering? Thanks If you're looking for other alternatives you might be better off asking on the General board. Anyway for what it's worth I've been very happily ignoring my LW accounts (both regular & ISA) except for occasional checks on the balance etc for some time now. Of course that doesn't mean everything will continue to be smooth in the future, but that's P2P for you.
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