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Post by Undecided on Dec 17, 2021 14:15:50 GMT
Looking for a "safe" P2P platform. From what I've read LoanPad seems to be one of the safer platforms. Is everyone on here happy with LoanPad?
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Post by Badly Drawn Stickman on Dec 17, 2021 14:41:24 GMT
Looking for a "safe" P2P platform. From what I've read LoanPad seems to be one of the safer platforms. Is everyone on here happy with LoanPad? I would not currently be inclined to advise against it having a place in a wider spread. I would say keep a close eye on its direction of travel over time. I suspect that is a bit short of happy....
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scooter
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Post by scooter on Dec 17, 2021 15:41:03 GMT
I have just invested, so can't tell you it's safe, but 4thway like it. I messaged you a referral link just in case you are feeling generous when/ if you decide to invest.  my experience / knowledge so far is that it was easy to set up, there are no fees (Except early withdrawal) you can transfer in another IFISA and earn 4% and it all happened very quickly. The negatives are of course that it doesn't matter what you understand the situation to be now, the T&Cs will be used to support whatever they want them to in the future in line with normal P2P behaviour. Just saying! Would like to be proved wrong by LP. |
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Post by Ace on Dec 17, 2021 16:41:12 GMT
Having invested in 35 different P2P type platforms to date, and investigated many others, my opinion is that Loanpad is the safest of all those I've looked at. Hence the lower rate than other platforms. That's not to say that the return of your capital is guaranteed, it isn't. Its an investment, not a savings account, so some element of risk will always apply.
Personally I don't invest more than 20% of my P2P portfolio in any one platform, to ensure that its not a major disaster if my judgement is wrong. I wouldn't put my emergency funds there. I use premium bonds for that.
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sussexpeer
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If you don't make a plan, you'll end up where you're headed.
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Post by sussexpeer on Dec 17, 2021 16:58:21 GMT
Further to the above comments, one of LP's biggest attractions for me was the liquidity of it's Classic a/c investments throughout the pandemic. I can't think of another P2P platform from which I could withdraw funds so easily during one of the most significant financial crises in recent times.
FYI, I'm invested in about 15 platforms, and LP is one of only 4 that I'm still increasing my funds in. The other 11 I'm reducing or have fully exited.
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Post by Undecided on Dec 17, 2021 17:40:23 GMT
Which are the other 3 that you are increasing funds in?
Thanks for all the other comments everyone, sounds very positive for P2P.
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agent69
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Post by agent69 on Dec 17, 2021 17:41:39 GMT
Further to the above comments, one of LP's biggest attractions for me was the liquidity of it's Classic a/c investments throughout the pandemic. I can't think of another P2P platform from which I could withdraw funds so easily during one of the most significant financial crises in recent times. FYI, I'm invested in about 15 platforms, and LP is one of only 4 that I'm still increasing my funds in. The other 11 I'm reducing or have fully exited.If only
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Post by Undecided on Dec 17, 2021 17:44:08 GMT
Having invested in 35 different P2P type platforms to date, and investigated many others, my opinion is that Loanpad is the safest of all those I've looked at. Hence the lower rate than other platforms. That's not to say that the return of your capital is guaranteed, it isn't. Its an investment, not a savings account, so some element of risk will always apply. Personally I don't invest more than 20% of my P2P portfolio in any one platform, to ensure that its not a major disaster if my judgement is wrong. I wouldn't put my emergency funds there. I use premium bonds for that. Thanks, are there any others that you are actively investing in?
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ashtondav
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Post by ashtondav on Dec 17, 2021 17:46:56 GMT
I seem to recall ACE is invested in a great many platforms. I too would be interested in his top four.
This was his 2020 update, so possibly only two weeks to wait
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Post by Ace on Dec 17, 2021 17:59:29 GMT
Having invested in 35 different P2P type platforms to date, and investigated many others, my opinion is that Loanpad is the safest of all those I've looked at. Hence the lower rate than other platforms. That's not to say that the return of your capital is guaranteed, it isn't. Its an investment, not a savings account, so some element of risk will always apply. Personally I don't invest more than 20% of my P2P portfolio in any one platform, to ensure that its not a major disaster if my judgement is wrong. I wouldn't put my emergency funds there. I use premium bonds for that. Thanks, are there any others that you are actively investing in? I publish my thoughts and results from my P2P portfolio at the end of each year. My latest yearly report is here. It's rather out of date as the next yearly report is due in Jan, but I have published quarterly updates in that thread. Others have shared their results there too. As for which ones I'm actively investing in, this post in that thread will give you a good idea. Beware though, I'm very happy to cover the full risk spectrum, so many of the higher rate/risk platforms will be unsuitable for those with lower risk appetites. EDIT: crossed with ashtondav 's post.
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Post by Ace on Dec 17, 2021 18:25:23 GMT
I seem to recall ACE is invested in a great many platforms. I too would be interested in his top four.
This was his 2020 update, so possibly only two weeks to wait
A top 4 is very difficult to pick. I have different favourites for different purposes, and my favourites change over time. OK, that's a total cop-out, so I'll try a bit harder. In no particular order: - Loanpad as the safest place in P2P to park cash. Most of my cash that used to be in bonds and FSCS protected term accounts are now here. It's also a great place to park cash that's waiting for higher rate opportunities elsewhere. I can't imagine a P2P portfolio without Loanpad.
- CrowdProperty as the most professional lender with good rates and diversification for the risk. Their customer service has taken a nosedive recently, and their platform is well overdue some updates and improvements. I think they are now short staffed, which is a worry, but the loans are holding up. New lenders with substantial funds will find it difficult to get deployed.
- Proplend are also very professional. They're a welcome diversification into commercial property for me. I'm getting very good returns here, and have been for a long time. Again it can be difficult to get funds deployed, and I don't think they've perfected their autolend/self-select thing yet.
- Choosing a 4th platform was really tricky as there were lots of contenders, and I might flip between them from day to day, but I've gone with Qardus. I've only been with them for a little over a year, but they are definitely a standout performer for me this year. I'm currently running an XIRR of 18.69% including bonuses (15.99 excluding bonuses).
There are so many other contenders that nearly made it. Hopefully my new year update will give a more considered view.
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littleoldlady
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Post by littleoldlady on Dec 17, 2021 18:29:58 GMT
The answer to the OP headline has to be "No", but I suspect you knew that by referring to "safe" in the text. Generally speaking the higher the rate the higher the risk and LP is, I think, the lowest of both amongst p2p. However when the return becomes too low then it is not worth taking on any degree of risk at all. Everyone will have their own minimum acceptable rate for a non-FSCS investment, and in my own case LP's is just about on the limit. In the past the FSCS has saved me from disasters with schemes apparently much safer than LP eg Northern Rock and Icelandic Banks. There have been seemingly rock solid firms which have failed in extreme circumstances, such as Barings. So IMO LP will be OK barring an economic catastrophe on a scale which occurs only every 10 years or so. (BTW it's 13 years since the last one  ). |
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sussexpeer
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If you don't make a plan, you'll end up where you're headed.
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Post by sussexpeer on Dec 17, 2021 18:33:42 GMT
Which are the other 3 that you are increasing funds in? Thanks for all the other comments everyone, sounds very positive for P2P. Hi Undecided: The other 3 P2Ps that I'm increasing investment in are CP, KL and UB. I've had no losses on any of these platforms, and they appear to have good business models with stringent DD, and they take effective recovery action in the event of defaults. Obviously, YMMV. Oh, and no FSCS, so only invest what you could afford to lose! 
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dave4
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Post by dave4 on Dec 17, 2021 20:18:27 GMT
Which are the other 3 that you are increasing funds in? Thanks for all the other comments everyone, sounds very positive for P2P. Hi Undecided: The other 3 P2Ps that I'm increasing investment in are CP, KL and UB. I've had no losses on any of these platforms, and they appear to have good business models with stringent DD, and they take effective recovery action in the event of defaults. Obviously, YMMV. Oh, and no FSCS, so only invest what you could afford to lose! CP & KL have late/overrunning loans, and is to be expected with property and the covid ect.
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Post by Ace on Dec 17, 2021 20:37:59 GMT
Hi Undecided: The other 3 P2Ps that I'm increasing investment in are CP, KL and UB. I've had no losses on any of these platforms, and they appear to have good business models with stringent DD, and they take effective recovery action in the event of defaults. Obviously, YMMV. Oh, and no FSCS, so only invest what you could afford to lose! CP & KL have late/overrunning loans, and is to be expected with property and the covid ect. Virtually all platforms have late loans. It's the nature of the beast. Off the top of my head I can only think of a couple that don't: - OnStep, but they only have 1 loan, so doesn't really count.
- Qardus, they're fairly new too, so not many loans there either.
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my experience / knowledge so far is that it was easy to set up, there are no fees (Except early withdrawal) you can transfer in another IFISA and earn 4% and it all happened very quickly. 
). 
