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Post by nuno on Jan 24, 2019 9:35:44 GMT
Much has been said here about the caution one should have about loans in this P2P platforms
The risk is there and it is HIGH So I have read here many suggestions and advice by more savy users / investors
But on top of the usual advice like stick with buy back guarantee loans, short terms, diversify etc etc I need to warn you all about the GRACE PERIOD When setting specially SHOT TERM loans be careful that not all loan originators are equal about the "grace period" duration.
If you set a 30 day loan from na originator that has a 30 day grace period you will get 6% intrest insted of 12% if the loan goes throgh all those 30 days (Very lickly) This period DOES NOT PAY INTREST
Dont be a NOOB like me that went all guns blazing into loans such as Dozarplati and others and now I have a heavy part of my loans parked in "grace period"
In my opinion such ridiculasly high grace periods are nothing more than a fraud and such originators should be avoided
Cheers and happy investments
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benaj
Member of DD Central
Posts: 4,862 
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Post by benaj on Jan 24, 2019 11:39:20 GMT
I learnt my lessons with Zopa. The lesson: don't start too fast and invest too much without understanding the platform.
It's true it takes time to learn about this platform. It's shame these platforms wont's gives virtual accounts like online casino / trading platforms to feel how these investment platforms perform.
I only started 2 months ago, only testing water really. I suppose BB gives extra layer of protection until I discovered eurocent. I do find the risks on Mintos are acceptable at the moment, and probably need more time find favourite loan originators.
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cwah
Member of DD Central
Posts: 949
Likes: 468
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Post by cwah on Jan 24, 2019 17:42:42 GMT
Much has been said here about the caution one should have about loans in this P2P platforms
The risk is there and it is HIGH So I have read here many suggestions and advice by more savy users / investors
But on top of the usual advice like stick with buy back guarantee loans, short terms, diversify etc etc I need to warn you all about the GRACE PERIOD When setting specially SHOT TERM loans be careful that not all loan originators are equal about the "grace period" duration.
If you set a 30 day loan from na originator that has a 30 day grace period you will get 6% intrest insted of 12% if the loan goes throgh all those 30 days (Very lickly) This period DOES NOT PAY INTREST
Dont be a NOOB like me that went all guns blazing into loans such as Dozarplati and others and now I have a heavy part of my loans parked in "grace period"
In my opinion such ridiculasly high grace periods are nothing more than a fraud and such originators should be avoided
Cheers and happy investments My understanding with buy back is that they pay you all the amount default + all interest rate. Is it not the case?
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Kyrios
Member of DD Central
Posts: 90
Likes: 135
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Post by Kyrios on Jan 24, 2019 17:59:37 GMT
Much has been said here about the caution one should have about loans in this P2P platforms
The risk is there and it is HIGH So I have read here many suggestions and advice by more savy users / investors
But on top of the usual advice like stick with buy back guarantee loans, short terms, diversify etc etc I need to warn you all about the GRACE PERIOD When setting specially SHOT TERM loans be careful that not all loan originators are equal about the "grace period" duration.
If you set a 30 day loan from na originator that has a 30 day grace period you will get 6% intrest insted of 12% if the loan goes throgh all those 30 days (Very lickly) This period DOES NOT PAY INTREST
Dont be a NOOB like me that went all guns blazing into loans such as Dozarplati and others and now I have a heavy part of my loans parked in "grace period"
In my opinion such ridiculasly high grace periods are nothing more than a fraud and such originators should be avoided
Cheers and happy investments Thx Nuno to bring that to my attention I only recently started on Mintos and this is something I had not picked up on. Now, I did find the grace period for most of the lenders (most of them seem to be below 3 days), but I could not find it for Dozarplati specifically... (I am not investing with them though). Any other hidden things we should now about ?
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benaj
Member of DD Central
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Post by benaj on Jan 25, 2019 7:03:54 GMT
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Post by wiseclerk on Jan 25, 2019 7:58:20 GMT
My understanding with buy back is that they pay you all the amount default + all interest rate. Is it not the case? See column "Interest income on delayed payments"
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Kyrios
Member of DD Central
Posts: 90
Likes: 135
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Post by Kyrios on Jan 25, 2019 9:58:27 GMT
Thanks a lot That's useful I had not seen that one before
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Post by nuno on Jan 25, 2019 13:21:30 GMT
Kyrios
Yes most originators have "normal" grace periods of around 3 days but there are quite a few with ridiculus long ones.
Credissimo that ranks among the top best originators (A-) also has a 10 DAY grace period for loans Another is Ecofinance with 15 days !
That period does not pay intrest, the loan is considered current and 10 days on a 30 day loan is like cuting that loan intrest rate by 25%
Cheers
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Post by nuno on Jan 25, 2019 13:28:03 GMT
My understanding with buy back is that they pay you all the amount default + all interest rate. Is it not the case?
Cwah, the grace period is not considered late payment (it is late but it is not deliquent, it doesn't pay intrest) The buy back is activated by the originator after 60 days have past of "late" payment so in this cases I believe the 60 days only start to count AFTER the 10,15, 30 grace period days
If for exemple a person doesn't pay a loan in an originator with a 15 day grace peroid you will only see your Money back afther 15 + 60 = 75 days
And intrest will not be payed for those first 15 grace period days
The problem is that in this kind of loans people will pay as late as possible without going deliquent and what you tought was a 30 day loan is actually a 45 day loan
cheers
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cwah
Member of DD Central
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Post by cwah on Jan 25, 2019 13:31:45 GMT
Thanks guys. I suppose it only apply for loans ending? Because on longer loans they'd have to pay the next payment date
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