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Post by failedtheturingtest on Sept 8, 2018 15:28:48 GMT
I'm looking for platforms offering lenders relatively quick access to their capital while still giving good rates of return. I'm looking for something that pays more than instant-access accounts with low rates like RateSetter's rolling account at 3.1%, but doesn't tie up capital for a year or more. I know most platforms support selling loans on a secondary market, perhaps with penalties, but I'm looking to set up a pool of funds that I can dip into and out of a few times per year without the extra step of dealing with the secondary market. So I suppose my criteria are: interest rate 5% or more, and capital tied up for no more than six months.
My current shortlist is:
Assetz Capital 30-day access account: 5.1%
May have to wait up to a month for a withdrawal but in 'normal market conditions' funds are supposedly released within a month.
Unbolted: 8.4% (approx.)
Loans are six months long, so lenders should (on average) be able to get half of their capital back within three months and all of it back within six.
Do any of you have recommendations for similar accounts?
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IFISAcava
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Post by IFISAcava on Sept 8, 2018 15:41:59 GMT
I'm looking for platforms offering lenders relatively quick access to their capital while still giving good rates of return. I'm looking for something that pays more than instant-access accounts with low rates like RateSetter's rolling account at 3.1%, but doesn't tie up capital for a year or more. I know most platforms support selling loans on a secondary market, perhaps with penalties, but I'm looking to set up a pool of funds that I can dip into and out of a few times per year without the extra step of dealing with the secondary market. So I suppose my criteria are: interest rate 5% or more, and capital tied up for no more than six months. My current shortlist is: Assetz Capital 30-day access account: 5.1% May have to wait up to a month for a withdrawal but in 'normal market conditions' funds are supposedly released within a month. Unbolted: 8.4% (approx.) Loans are six months long, so lenders should (on average) be able to get half of their capital back within three months and all of it back within six.Do any of you have recommendations for similar accounts? will be less because a significant number of loans go over term and/or need to be auctioned; i'd say a third within 3 months and two thirds within 6 more realistic. More importantly, those figures will only apply after you have reached the investment total you want, which will take several months. I wouldn't use Unbolted unless you were happy to tie money up for a year. Look also at: Growth street (5.3%, 30 day terms) and Lending Works (6%, immediate access with 0.6% penalty)
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Greenwood2
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Post by Greenwood2 on Sept 8, 2018 15:48:18 GMT
Bondmason (not exactly P2P read their description), spread over lots of platforms and non P2P platforms. Fee (beware fee is included in taxable interest) but no fee to withdraw, withdrawal easy for non distressed loans about 8% gross. 5k minimum. I'm actually running down mainly due to being irritated by unexpected exposure to Col. I may go back.
Growth Street a bit over 5%. Monthly contracts, no withdrawal fee. Possible cash drag on monthly repayments, but recently been only a day or so.
Edit Crossed with above, also cash drag on Bondmason may be unexceptable for short term.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Sept 8, 2018 16:46:47 GMT
There is also Octopus Choice. Low platform risk as owned by very large company, and low loan risks as mainly residential mortgages, barring a housing crash. They have never so far lost any capital or any interest on any loan. But rate is correspondingly low.
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Post by Ace on Sept 8, 2018 18:21:25 GMT
I agree with the above suggestions. LW and GS would be my choice.
Of the two, I favour LW 5 year term for the higher rate. I find that a little over 2% of my investment is repayed each month as most loans are amortized, so easy to retrieve some cash fee free by turning reinvestment off. The 0.6% access fee is fairly reasonable if you need access sooner.
Welendus could also be worth a look. Unsecured loans at 5 to 15% with a average term of around 100 days. You select the rate according to your risk appetite. There's a PF that refunds when loans are either 7, 14 or 30 days late; the choice is yours. You can split your investment into chunks of at least £100 and select different rate ranges for each chunk.
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Post by df on Sept 8, 2018 18:40:21 GMT
There is also Octopus Choice. Low platform risk as owned by very large company, and low loan risks as mainly residential mortgages, barring a housing crash. They have never so far lost any capital or any interest on any loan. But rate is correspondingly low. I'm not with Octopus, so I don't know, may be it is possible to earn 5% there, but the advertised rate is around 4%.
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Post by df on Sept 8, 2018 18:52:28 GMT
I'm looking for platforms offering lenders relatively quick access to their capital while still giving good rates of return. I'm looking for something that pays more than instant-access accounts with low rates like RateSetter's rolling account at 3.1%, but doesn't tie up capital for a year or more. I know most platforms support selling loans on a secondary market, perhaps with penalties, but I'm looking to set up a pool of funds that I can dip into and out of a few times per year without the extra step of dealing with the secondary market. So I suppose my criteria are: interest rate 5% or more, and capital tied up for no more than six months. My current shortlist is: Assetz Capital 30-day access account: 5.1% May have to wait up to a month for a withdrawal but in 'normal market conditions' funds are supposedly released within a month. Unbolted: 8.4% (approx.) Loans are six months long, so lenders should (on average) be able to get half of their capital back within three months and all of it back within six.Do any of you have recommendations for similar accounts? will be less because a significant number of loans go over term and/or need to be auctioned; i'd say a third within 3 months and two thirds within 6 more realistic. More importantly, those figures will only apply after you have reached the investment total you want, which will take several months. I wouldn't use Unbolted unless you were happy to tie money up for a year. Look also at: Growth street (5.3%, 30 day terms) and Lending Works (6%, immediate access with 0.6% penalty) Certainly, Unbolted is not really designed for quick withdrawal purposes. If I had an urge to withdraw my p2p funds, Unbolted would be the last on my list.
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Post by df on Sept 8, 2018 19:22:59 GMT
I agree with the above suggestions. LW and GS would be my choice. Of the two, I favour LW 5 year term for the higher rate. I find that a little over 2% of my investment is repayed each month as most loans are amortized, so easy to retrieve some cash fee free by turning reinvestment off. The 0.6% access fee is fairly reasonable if you need access sooner. Welendus could also be worth a look. Unsecured loans at 5 to 15% with a average term of around 100 days. You select the rate according to your risk appetite. There's a PF that refunds when loans are either 7, 14 or 30 days late; the choice is yours. You can split your investment into chunks of at least £100 and select different rate ranges for each chunk. I'm not sure how Welendus quick withdraw works in practice. I keep adding, never attempted to withdraw from live loans. In theory is should be quick and easy, but it does depend on current investor's demand (i.e. if there is a shortage of investment appetite it can be difficult to sell loans). Out of platforms I know - I think AC 30-Day, GS and LW fit failedtheturingtest criteria best.
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benaj
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Post by benaj on Sept 8, 2018 19:27:55 GMT
For funds less than less than £1500, it's TSB classic plus, 5% interest, instant withdrawal without worries.
getchip app based e wallet offer up to 5% if you have 5 friends to join using your referral code. Topping up is slow 6 top up per month, max £100 a time. but withdrawal is instant.
Not worried about 100% withdrawal, say 80% and need it quick, I say funding circle, Conservative account return is 5% and classic return is 6-7%. No selling fee, and loans are sold pretty quickly. No provision fund on FC, so understand the risk before you INVEST.
If you are prepared for higher risk, Ablrate is another good choice as long as the loan is not suspended in the SM market.
To be honest, if I need money quickly, then the money would usually come out from the lowest return account like a current account.
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Post by Proptechfish on Sept 8, 2018 19:45:38 GMT
I agree with the above suggestions. LW and GS would be my choice. Of the two, I favour LW 5 year term for the higher rate. I find that a little over 2% of my investment is repayed each month as most loans are amortized, so easy to retrieve some cash fee free by turning reinvestment off. The 0.6% access fee is fairly reasonable if you need access sooner. Welendus could also be worth a look. Unsecured loans at 5 to 15% with a average term of around 100 days. You select the rate according to your risk appetite. There's a PF that refunds when loans are either 7, 14 or 30 days late; the choice is yours. You can split your investment into chunks of at least £100 and select different rate ranges for each chunk. I'm not sure how Welendus quick withdraw works in practice. I keep adding, never attempted to withdraw from live loans. In theory is should be quick and easy, but it does depend on current investor's demand (i.e. if there is a shortage of investment appetite it can be difficult to sell loans). Out of platforms I know - I think AC 30-Day, GS and LW fit failedtheturingtest criteria best. Took me two days to un-assign an investment, another two days to withdraw to a bank account
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Post by df on Sept 8, 2018 20:13:54 GMT
For funds less than less than £1500, it's TSB classic plus, 5% interest, instant withdrawal without worries. getchip app based e wallet offer up to 5% if you have 5 friends to join using your referral code. Topping up is slow 6 top up per month, max £100 a time. but withdrawal is instant. Not worried about 100% withdrawal, say 80% and need it quick, I say funding circle, Conservative account return is 5% and classic return is 6-7%. No selling fee, and loans are sold pretty quickly. No provision fund on FC, so understand the risk before you INVEST. If you are prepared for higher risk, Ablrate is another good choice as long as the loan is not suspended in the SM market. To be honest, if I need money quickly, then the money would usually come out from the lowest return account like a current account. Don't know if opening multiple accounts is still possible with TSB, but I have three and could have had four if I was a bit wiser at the time. I like the recent rise from 3% to 5%, feels like trowing the stone to new movement of some banks offering vouchers instead of cash as incentives. FC advertised return figures are only theoretical. I've never tried Conservative (had a thought about it though), but have doubt about 5% as achievable rate.
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Post by Proptechfish on Sept 8, 2018 20:39:17 GMT
For funds less than less than £1500, it's TSB classic plus, 5% interest, instant withdrawal without worries. getchip app based e wallet offer up to 5% if you have 5 friends to join using your referral code. Topping up is slow 6 top up per month, max £100 a time. but withdrawal is instant. Not worried about 100% withdrawal, say 80% and need it quick, I say funding circle, Conservative account return is 5% and classic return is 6-7%. No selling fee, and loans are sold pretty quickly. No provision fund on FC, so understand the risk before you INVEST. If you are prepared for higher risk, Ablrate is another good choice as long as the loan is not suspended in the SM market. To be honest, if I need money quickly, then the money would usually come out from the lowest return account like a current account. Just look at this account, £500 p/m min deposit, 5% on a max of £1500. Means your annual return would be somewhere around 1.25%, unless i've misunderstood, thats a very sneaky way of wording it.
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benaj
Member of DD Central
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Post by benaj on Sept 8, 2018 20:50:16 GMT
For funds less than less than £1500, it's TSB classic plus, 5% interest, instant withdrawal without worries. getchip app based e wallet offer up to 5% if you have 5 friends to join using your referral code. Topping up is slow 6 top up per month, max £100 a time. but withdrawal is instant. Not worried about 100% withdrawal, say 80% and need it quick, I say funding circle, Conservative account return is 5% and classic return is 6-7%. No selling fee, and loans are sold pretty quickly. No provision fund on FC, so understand the risk before you INVEST. If you are prepared for higher risk, Ablrate is another good choice as long as the loan is not suspended in the SM market. To be honest, if I need money quickly, then the money would usually come out from the lowest return account like a current account. Just look at this account, £500 p/m min deposit, 5% on a max of £1500. Means your annual return would be somewhere around 1.25%, unless i've misunderstood, thats a very sneaky way of wording it. This is the beauty of a current account, I take out money when the account is over £1500. £500 in and £500 out the same day. Because I signed up early this year, I also get £5 for 2 DDs and £5 for 20 x contactless transactions, that's £15.85+ earning a month for £1500 deposit. Of course, the £10 bonus for DD and contactless won't be paid in 2019 I think.
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Post by Proptechfish on Sept 8, 2018 21:04:40 GMT
Ah i see, i was looking at it as a savings account, now thats got me thinking ...
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elliotn
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Post by elliotn on Sept 9, 2018 1:05:31 GMT
If there’s a drop in sentiment SMs could freeze but I’ve previously got £ out very quickly for free from OC, Lb, AC access accounts and quick enough for a fee from RS/Z (LW works on same principle). As an aside, SMs currently zippy would include PL & LLI, the latter typically has 6m residential bridging loans which match Unb timelines and offers some property (although T&Cs have changed to allow extensions rather than on platform refinances so potential for delays, as with defaults on Unb although the auctions to sell off are fairly regular).
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