Fellow investors. give these guys a look. They have a very good, easy to use site and they appear to carry out extensive " background" checks whilst giving investors a great deal of information on the prospective borrowers.Like many late entrants to this market they need regular flows of borrowers and interested lenders. The rates on offer are very competitive and they will shortly introduce a Secondary Market. Google the Directors and management and you will find quality people. Also their Sally Johnson is a very helpful , friendly contact.
Davee.everyone has an opinion.Their rates are much much better than RS.Yes,they need exposure and I hope to see that soon. Delve a little deeper and you will find good people behind this company.Yes,newish to the p2p scene but everyone has to start sometime. I believe their vetting proceedure is exhaustive and the Compensation Fund ( although a cost ) will work in a similar way to eMoneyUnion ( another similar but much bigger company in the same ( ish) field. This is only my personal opinion and I have been impressed with them thus far. And no,I have not been paid to express my view nor incentivised in any way.
To webbski9 - thank you for your kind words and I'm very glad that you like our site.
To davee39 - oh dear, that certainly wasn't the impression we were trying to give with our points scheme. We set out to be a peer to peer lender that offers a fair and rewarding system for lenders and borrowers alike. The points system was designed to thank people on our site for participating in all the activities that will, eventually, make our site buzz! We hoped, as has been the case, that people would post on our forum to help others understand all the different features we have. It works as a sort of cashback benefit to help lenders earn more and help borrowers to reduce their costs. There were good, not dubious intentions behind it all!
Just for the record, we don't target high risk borrowers...even with our compensation scheme in place. We target only A*, A and B credit ratings at present, however we will review that from time to time. We operate a star system to help lenders' consider each borrower within our range. As of today we have over 400 registered users and our active lenders are getting an average return of over 8.5% after fees, annualised and assuming that our compensation fund covers any borrower defaults.
To bugs4me, thank you for taking a quick peep and yes, only one loan there today, precisely because we don't target high risk borrowers. We are turning down around 95% of loan requests in our aim to present creditworthy borrowers to our lenders who may be willing to pay a little more in interest because they want to pay-off expensive credit card bills, for example.
I wish we had a magic wand to attract more of these quality borrowers instantly to our site (or the marketing budgets of some of our competitors!) but we certainly feel we are worth the dipping of the smallest toes (minimum lend £10) and hope one day, lots of lenders on this Forum will be paddling happily! We will continue to work hard and make solid, steady progress, presenting interesting lending opportunities for you all to consider.
Thank you for all the comments, good and not so good!
I had a close look at this one, but decided against it. Reasons: 1. I wouldn't lend £20 quid to many people I know, for to buy something or pay for something, so why, ever, to someone I don't know? Granted, they are credit checked, maybe they are reliable, but this seems different to a business loan or something asset backed. 2. The 'pay as you go' system is perhaps very fair, but is too complex and confusing to factor everything in and work out the true costs. Straight percentages are better overall. Suggestion - could borrowers not be backed by compulsory - or optional - insurance which would underwrite any non-payment? Surely then you would be on to a winner, and lenders could lend with confidence. I found the idea of making personal loans to individuals quite intriguing, and liked the overall idea, but in its present form it is not for me.
Yes, I do understand your first point: the thought of lending money to people you don’t know without security is an intriguing idea! It has been very effective for borrowers and lenders alike according to the recent Nesta Report: Understanding Alternative Finance 2014. Apparently some 92% of lenders would recommend Peer to Peer Consumer Lending. You may like to read our summaries of the relevant section of the report (there are links to the full report there too):
On your second point, we do acknowledge that, in the attempt to make a really fair and flexible site, we added too much complexity. Thank you for your thoughts on this, we are going to add a much more straightforward system very soon which will hopefully make the process easier for lenders.
Your point about compulsory – or optional – insurance: we do have a Compensation Scheme which is designed to help protect lenders against late or missed payments. It is not an insurance product and doesn’t guarantee that every default can be covered but it does help to protect against losses. You can read more about our Compensation Scheme here:
I hope that helps to answer your questions and that you might look at us again soon. If you have any other thoughts or questions, please do let us know…it’s really helpful to know what we need to change to make our platform a compelling part of lenders’ portfolios.
Just registered. Have to say that this is the most complicated platform I have come across with a baffling array of fees to pay. Although the site is slick, and the registration process was fully automated I am left with a strange feeling that it has been abandoned by its human owners. There is no sign of any recent activity and I feel like I have landed on the Marie Celeste. Before I invest any money I would love to hear the experiences of any current lenders.
All my posts are my personal opinion and are not advice. History suggests that, if anything, it would be more profitable to do the opposite of whatever I do, but whatever you do will not be any responsibility of mine.
Us humans are still here! Sorry we have been a little quiet lately but we have been working on an upgrade to our site to simplify some of the processes and help to identify creditworthy borrowers earlier in the process. We'll keep you posted here and via the site if you have registered as a lender.
To webbski9 - hello! Thank you, our intentions are still good and hope you will like the new site when we upgrade. We have had lots of very helpful feedback from you and our other members which hopefully you'll see reflected in the site upgrade.