69m
Member of DD Central
Posts: 122 
Likes: 215
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Post by 69m on Dec 4, 2020 19:19:48 GMT
My winners in each category would be:
Good - Kuflink
Has continued to add new loans to the platform throughout the year and, if borrowers default, it acts quickly and decisively. However, not every deal appeals (e.g. too many HMOs recently for my liking). Also, some large-scale development projects are starting to appear, which could be a mistake - hopefully Kuflink is learning from the experiences of failed platforms such as Lendy.
Bad - Lending Works
If zero interest payments since April 2020 weren't bad enough, last month saw the arrival of negative interest. Furthermore, communications have been misleading and, arguably, some of the policies that have been introduced are not adequately covered by the existing terms and conditions. Still touts itself as "the fair and simple P2P platform" though...
Ugly - Wellesley Three words: Company Voluntary Arrangement. Not much more to say really, otherwise the forum mods or the Earl of Cowley's libel lawyers might get involved. Thankfully I only have a tiny suspended P2P arrears balance left with Wellesley, and its bonds were always near the top of my 'definitely avoid' list.
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Post by Harland Kearney on Dec 4, 2020 20:23:38 GMT
Loan Pad seems to be somewhat overlooked gem right now for the good team, sailed COVID with no issues to lenders all withdrawals met. Has a unqiue system in place to help lessen the risk burden on lenders by using senior and junior tranch divisons on low LTV loans.
As always, the ugly truth is, I wouldn't put anymore than 10% of ones worth into Peer to Peer investments. You get a better return on broad market indexs and funds. Maybe a quick parking space, but that relies on liquidity which clearly is the achilie heel of a long term loans for short term money system. (2008)
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mah
Member of DD Central
Posts: 354
Likes: 386
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Post by mah on Dec 5, 2020 18:48:03 GMT
Lendinvest - Good (although not quite the standard P2P).
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Post by martin44 on Dec 5, 2020 21:25:36 GMT
collateral = ugly
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Post by Financial Thing on Dec 17, 2020 15:47:38 GMT
For me, Loanpad has been the shining star in my somewhat muddy portfolio.
Octopus Choice has been solid.
If I had to redo my last 5 years and were starting again today, my 5 goods would be, Loanpad, Assetz, Lendinvest (not p2p), Crowd Property and Unbolted.
And, if i had extra funds, Blend Network would be the recipient.
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rocky1
Member of DD Central
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Post by rocky1 on Dec 17, 2020 16:34:40 GMT
yes if only we could go back 5 years now knowing that FCA authorised and regulated means F**C A ll in p2p and fintech speech and who was doing the bloody AML checks on these platforms/directors and many borrowers who have scammed/frauded/lied/ misled etc etc many thousands of honest hard working/retired ordinary people. we sure know now that the FCA and FOS badges are not what it says on the tin.
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Post by nooneere on Dec 17, 2020 18:12:02 GMT
Confining myself to platforms in which I have or had first-hand experience:
Good - Loanpad, surely a sustainable proposition for the future (fingers crossed).
Bad - Fund Ourselves; I was lucky to escape from this platform at the right time, and my sincere sympathy goes to those who still have money with them.
Ugly - Growth Street fits this category perfectly for me; the venture capital-led wind-down shows a characteristic combination of financial correctness with ruthlessness towards other companies. Unique as a platform where borrowers rather than lenders have been the major victims. Again, I should not complain as I got out in good time.
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Post by Ace on Dec 17, 2020 18:36:58 GMT
Confining myself to platforms in which I have or had first-hand experience: Good - Loanpad, surely a sustainable proposition for the future (fingers crossed). Bad - Fund Ourselves; I was lucky to escape from this platform at the right time, and my sincere sympathy goes to those who still have money with them. Ugly - Growth Street fits this category perfectly for me; the venture capital-led wind-down shows a characteristic combination of financial correctness with ruthlessness towards other companies. Unique as a platform where borrowers rather than lenders have been the major victims. Again, I should not complain as I got out in good time. Can you post when you decide to exit LP please. I have funds trapped in FO and GS, and am currently overweight in LP, so I need a decent bellwether to follow 😉
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Post by nooneere on Dec 17, 2020 21:16:04 GMT
Confining myself to platforms in which I have or had first-hand experience: Good - Loanpad, surely a sustainable proposition for the future (fingers crossed). Bad - Fund Ourselves; I was lucky to escape from this platform at the right time, and my sincere sympathy goes to those who still have money with them. Ugly - Growth Street fits this category perfectly for me; the venture capital-led wind-down shows a characteristic combination of financial correctness with ruthlessness towards other companies. Unique as a platform where borrowers rather than lenders have been the major victims. Again, I should not complain as I got out in good time. Can you post when you decide to exit LP please. I have funds trapped in FO and GS, and am currently overweight in LP, so I need a decent bellwether to follow 😉 At the moment I am likewise overweight in LP, in fact it's my only serious P2P investment at the moment. I am also a fan of UB but only invest in their 'buy loans', which have dried up at the moment. There are other platforms that look good to me - CR, CP, KF, but at the moment I don't want to tie up capital for 12-18 months. How are you getting on with Elfin Market by the way? If that platform survives the pandemic recession, I will certainly think about investing with them.
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Post by Ace on Dec 17, 2020 21:53:43 GMT
Can you post when you decide to exit LP please. I have funds trapped in FO and GS, and am currently overweight in LP, so I need a decent bellwether to follow 😉 At the moment I am likewise overweight in LP, in fact it's my only serious P2P investment at the moment. I am also a fan of UB but only invest in their 'buy loans', which have dried up at the moment. There are other platforms that look good to me - CR, CP, KF, but at the moment I don't want to tie up capital for 12-18 months. How are you getting on with Elfin Market by the way? If that platform survives the pandemic recession, I will certainly think about investing with them. Elfin Market is running smoothly so far. I only have a very small investment there as I've been bitten by other unsecured consumer lending platforms, so not too keen on that sector right now. FO has been the worst by far, but even others that have returned a small profit haven't really been worth the risk IMO. My XIRR on EM is running at 8.94%, which I'm very happy with, but FO looked good for the first year. I'm perfectly happy with the other 3 you mentioned, particularly CP. I've been feeding cash in there gradually for nearly a year now using a mixture of auto and manual selection, so have a very good spread of loans. I'm not expecting to need the cash that I've put there in the near future, but it's comforting to have at least 2 loans per month maturing from now on.
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tjtl
Posts: 232
Likes: 351
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Post by tjtl on Dec 21, 2020 13:25:12 GMT
When I started they thread I gave RateSetter a very grudging "Good", and was less than complimentary about them. Since then I have to say they have surprised on the upside with significant cash returns. I am still in the queue , but finishing line is in sight (with a six figure sum to come back), so I don't want to curse them - but I would now give them an unalloyed "Good" (near Hero) status. Their communication may still be cr@p, but their performance hasn't been - I will live with the interest rate haircut for capital preservation any day. Well done RateSetter - others should look and learn.
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Greenwood2
Member of DD Central
Posts: 4,385
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Post by Greenwood2 on Dec 21, 2020 13:41:57 GMT
When I started they thread I gave RateSetter a very grudging "Good", and was less than complimentary about them. Since then I have to say they have surprised on the upside with significant cash returns. I am still in the queue , but finishing line is in sight (with a six figure sum to come back), so I don't want to curse them - but I would now give them an unalloyed "Good" (near Hero) status. Their communication may still be cr@p, but their performance hasn't been - I will live with the interest rate haircut for capital preservation any day. Well done RateSetter - others should look and learn. I would go with disappointing, but not awful for RS. I can't give a 'Good' for halving interest rates and 'denying' access to funds for 10 months, and counting on some accounts. They are not as bad as quite a few but that's 'damning with faint praise'!
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