Assume interest is paid monthly & not rolled over ? IME, yes, when in term. The majority of loans have interest retained, and where they don't (ie when they are 'serviced' by the borrower) the loan docs will highlight it.
Are updates provided regularly on your loans ? IME, only when late. (Or, very occasionally, if the Borrower has requested an extension prior to term expiring.)
I understand no one has lost any money, but have Bridgecrowd had defaults which have been recovered; & what is the longest recovery, in terms of years ? a) Yes. Many. b) I'm in one just entering its' third year. Several I've been in have extended well into a second year. Always had full capital and interest returned. Even Interest at default rates, although BC are discretionary as to when the default rate actually kicks in.
Pls see 'in-quote'
"The risk of financial loss when investing in p2p loans is real, and relying on info posted on a chat forum to make decisions on investments is crazy." [source]
If I buy on the secondary market do I need more than £5000 in my account, to allow for accrued interest ?
No, interest goes to the seller up to the point of putting up for sale, and to the buyer after sale. If there is any in between I think it goes to BC, but in my experience SM sales often happen same day.
Also BC are now doing pay after bid, so you can bid on a loan without funds in your account, but you have to transfer funds within two hours. I haven't tried this yet, it looks as though it applies to the PM and the SM.
The system can also be a bit slow in reaction, so you may think you have got into a loan and you get an investment pending email, then you may get a not funded email, someone beat you to it! That can happen on the PM (if you bid when there isn't a lot of a loan left) and the SM.