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Lendwise
Nov 4, 2021 16:52:26 GMT
via mobile
Post by Mr Baggy on Nov 4, 2021 16:52:26 GMT
Anybody lending on this platform
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Greenwood2
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Post by Greenwood2 on Dec 30, 2021 10:03:44 GMT
Anybody lending on this platform I've had a look, lending seems to be mainly to postgraduates to fund further education, quite a nice looking platform with quite a few filters for the loans. Nothing currently on the PM and I suspect these are snapped up to exploit the SM. Loads of loans on the SM but that looks a bit of a minefield for buyers ('Grace' period before repayments start and accrued interest to be accounted for) and possibly illiquid for sellers (seems to be an awful lot for sale). I'm still not sure I fully understand the SM and a bit confused as to how you would get the best out of the platform in general. Rates look reasonably high though.
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Lendwise
Dec 30, 2021 10:52:46 GMT
via mobile
Post by Mr Baggy on Dec 30, 2021 10:52:46 GMT
Yes It does seem rather confusing so I might have a dabble in Autolend to simplfy things I'm just interested in a monthly payment coming in which i hope is the case using that method...
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Greenwood2
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Post by Greenwood2 on Dec 30, 2021 11:09:32 GMT
Yes It does seem rather confusing so I might have a dabble in Autolend to simplfy things I'm just interested in a monthly payment coming in which i hope is the case using that method... I started to look at setting up an autolend profile (I didn't go through the whole thing), but I couldn't see if you could filter out loans that are still in the grace period, so no income, and/or with large amounts of accrued interest due to the grace period, which I think you may have to pay upfront on purchase. I think you get that back eventually as increased capital when repayments start, but I'm really not sure about any of that! If you give it a try perhaps you could clarify exactly what happens, with loans at different stages on purchase.
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dave4
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Post by dave4 on Dec 30, 2021 13:57:55 GMT
Following with interest # Is this unsecured personal lending? and what is the money for ??
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Greenwood2
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Post by Greenwood2 on Dec 30, 2021 14:11:19 GMT
Following with interest # Is this unsecured personal lending? and what is the money for ?? Yes, and to fund further education
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dave4
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Post by dave4 on Mar 24, 2022 22:46:52 GMT
Following with interest # Is this unsecured personal lending? and what is the money for ?? Yes, and to fund further education Laurence has a chat with lendwise... www.youtube.com/watch?v=wFfS3X6bo-4
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Post by drphil on Mar 25, 2022 11:41:56 GMT
autolend profile (I didn't go through the whole thing), but I couldn't see if you could filter out loans that are still in the grace period, so no income, and/or with large amounts of accrued interest due to the grace period, which I think you may have to pay upfront on purchase. Coincidentally with Laurence's broadcast, I have started looking at this platform again. This link p2pmarketdata.com/blog/lendwise-review/ is quite informative though doesn't provide much in the way of critique but answers your question that you can filter on the basis of grace period*. I have emailed the platform for further information on this and other aspects (eg ISA transfer fees) and will report back.
Edit: *It now seems that this is NOT the case. See my later post
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Post by Ace on Mar 25, 2022 11:45:58 GMT
Coincidentally with Laurence's broadcast, I have started looking at this platform again. This link p2pmarketdata.com/blog/lendwise-review/ is quite informative though doesn't provide much in the way of critique but answers your question that you can filter on the basis of grace period. I have emailed the platform for further information on this and other aspects (eg ISA transfer fees) and will report back. Thanks, I'm interested as well. I would particularly like to know the answer to the ISA transfer fees question. I recall that the question was asked by Laurence, but I don't think it was answered (perhaps I just missed it), and the broadcast is too long to check.
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ilmoro
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Post by ilmoro on Mar 25, 2022 11:53:51 GMT
Coincidentally with Laurence's broadcast, I have started looking at this platform again. This link p2pmarketdata.com/blog/lendwise-review/ is quite informative though doesn't provide much in the way of critique but answers your question that you can filter on the basis of grace period. I have emailed the platform for further information on this and other aspects (eg ISA transfer fees) and will report back. Thanks, I'm interested as well. I would particularly like to know the answer to the ISA transfer fees question. I recall that the question was asked by Laurence, but I don't think it was answered (perhaps I just missed it), and the broadcast is too long to check. I believe the answer was there werent any. 54m in flexible & no fee. T&Cs make no mention of any fees for ISA ... incidently only launched this year www.lendwise.com/legal/releases/Lendwise_launches_IFISA.pdf
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ilmoro
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Post by ilmoro on Mar 25, 2022 12:50:46 GMT
Money where mouth is. First deposit made and credited instantly. Taken a nibble ie £10 at a short redemption loan to a fashion student.
Once youve invested it gives you access to the loan contract and all transfer agreements. (Not sure Ive seen this level of disclosure) Things I note
Borrower is named (actually seems an anomoly as most contracts blank). Lendwise arrangement fee can be advanced as part of loan or paid upfront. Default rate extra 2% pa (unclear who gets this) Late payment fee £12
There is a payment priority, default charges (ie recovery costs), default interest, late fee, other fees, arrears (interest first), interest, then capital so LW gets its fees ahead of lender capital.
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Steerpike
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Post by Steerpike on Mar 25, 2022 15:23:02 GMT
Looking at the loan statistics for 2018 and 2019 it appears that the defaults are not far off the amount paid in interest, not very tempting.
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ilmoro
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Post by ilmoro on Mar 25, 2022 15:49:11 GMT
Looking at the loan statistics for 2018 and 2019 it appears that the defaults are not far off the amount paid in interest, not very tempting. There is a potential distortion in the figures due to the grace period. Loans dont start repaying until 3 months after the course is complete for a full time course - (part time dont have the grace) so earnings are potentially weighted towards the middle & back end of a period.
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Greenwood2
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Post by Greenwood2 on Mar 25, 2022 17:00:32 GMT
Looking at the loan statistics for 2018 and 2019 it appears that the defaults are not far off the amount paid in interest, not very tempting. There is a potential distortion in the figures due to the grace period. Loans dont start repaying until 3 months after the course is complete for a full time course - (part time dont have the grace) so earnings are potentially weighted towards the middle & back end of a period. That applies to defaults too, the loans can't default until they start to pay back. Hence the strategy would be to get in a new loan and sell on the SM before it starts paying, as I understand it you get the accrued interest to date (paid by the new lender) with apparently zero risk. But is it possible to get invested in new loans? And how easy is it to sell on the SM? I haven't dipped a toe as it looked a bit of a minefield to me. I may well be misunderstanding how it actually works but giving it a miss for now.
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Post by drphil on Mar 25, 2022 17:25:15 GMT
Looking at the loan statistics for 2018 and 2019 it appears that the defaults are not far off the amount paid in interest, not very tempting. This is one of the things I've asked them about
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