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Post by The Money Platform on Aug 30, 2022 14:36:43 GMT
Hi Forum!
PerformanceWe have updated our Outcomes Performance Statement: themoneyplatform.com/outcomes-statementOur latest Lender Outcomes Statement shows our Net Lending Performance for the business year 2021-22 is now at 5.1% - 5.7% IRR for lenders (Net of 40% tax, 25-35% un-invested weighting, All defaults and non-payments). Typically, our returns will increase over the 12 months after the year end as we collect remaining repayments on loans in arrears, but this cannot be guaranteed and final estimates are not provided. Our 2020-21 Net Lending Performance is ahead of our forecast at 23.7% - 27.2% Net IRR for lenders. These were stand-out returns during unusual times and so we do not anticipate to attain such exceptional returns in the future.
Lender DashboardSince earlier this summer we have: - Made a new 'My Stats' page - this is a work in progress, we welcome feedback
- Lenders also have their Loan book now downloadable into CSV - this saved having to click through all those pages
- Wallet transactions are also downloadable from the 'My Stats' page
Risk WarningAs a lender, any loan you make is unsecured. Your capital is at risk. You should only lend what you can afford to lose. You could lose 100% of your capital. Please read our lenders' risk statement and outcomes statement and FAQs. Lenders are not covered by the Financial Services Compensation Scheme. Your money will only ever be lent to individuals who have passed our rigorous credit and affordability checks.
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Post by Mr Baggy on Sept 1, 2022 16:24:52 GMT
Hi if was to deposit £1000 would it be spread over multiple lenders or just one individual...
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Greenwood2
Member of DD Central
Posts: 4,214
Likes: 2,667
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Post by Greenwood2 on Sept 2, 2022 13:16:23 GMT
Hi if was to deposit £1000 would it be spread over multiple lenders or just one individual... Minimum loan is £250 to an individual, max £1000, you can choose 4, 6, 8 or 12 week loans, shorter periods only for bigger loans. You have to join a queue for the options you select, but you can offer the same funds in several queues and see which bite first. Some people seem to have done well, but my experience was not good, I gave up several years ago and have just recently got to breakeven, with loans part repaying years late (with no additional interest). Sometimes tempted to try again, but it's such a big loss when any one loan doesn't repay, and a big loss of (potential) interest on ones that pay back late. I'm assuming nothing has changed in the way it works, it all looks the same. It sounds like they are doing better at selecting borrowers and chasing late loans recently.
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Post by The Money Platform on Sept 6, 2022 21:19:47 GMT
Sometimes tempted to try again, but it's such a big loss when any one loan doesn't repay If you are not in a position to lend enough so that you can achieve adequate diversification then lending on The Money Platform may not be right for you (as you suggest). There is no division of loan - so this is one-to one lending. Our lenders typically lend across a large portfolio of loans in order to diversify themselves.
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michaelc
Member of DD Central
Posts: 4,785
Likes: 2,733
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Post by michaelc on Sept 22, 2022 13:52:43 GMT
I have done very well but there are still plenty of things that could improve.
I suspect 99% or more of the functionality is within systems that we don't see. The front end for lenders that we do see is very simple and I would say barely functional. It is impossible for me now to even scroll through my list of loans. It takes a very long time and worse there is a bug which means when I get to page 90 or so the website crashes with a 500 "internal error". Reported this months ago and still not looked at despite it being extremely easy to reproduce.
If they fixed these basic issues I would likely keep my funds in to reinvest but right now I pull them out as they reach a certain level. My initial investment has long been withdrawn and all funds remaining are profit.
I also don't like the lack of transparency but that is something pervasive across all of p2p and especially payday loans platforms. One day the FCA may publish a fixed set of criteria that all p2p companies much publish......
Edit: As for the £1K question I think its not enough as that would only give you 4 loans each with a very high variance of probability of repayment.
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Post by Ace on Sept 22, 2022 15:02:12 GMT
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Greenwood2
Member of DD Central
Posts: 4,214
Likes: 2,667
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Post by Greenwood2 on Sept 22, 2022 17:15:01 GMT
I have done very well but there are still plenty of things that could improve. I suspect 99% or more of the functionality is within systems that we don't see. The front end for lenders that we do see is very simple and I would say barely functional. It is impossible for me now to even scroll through my list of loans. It takes a very long time and worse there is a bug which means when I get to page 90 or so the website crashes with a 500 "internal error". Reported this months ago and still not looked at despite it being extremely easy to reproduce. If they fixed these basic issues I would likely keep my funds in to reinvest but right now I pull them out as they reach a certain level. My initial investment has long been withdrawn and all funds remaining are profit. I also don't like the lack of transparency but that is something pervasive across all of p2p and especially payday loans platforms. One day the FCA may publish a fixed set of criteria that all p2p companies much publish...... Edit: As for the £1K question I think its not enough as that would only give you 4 loans each with a very high variance of probability of repayment. I lent way, way over that, and achieved breakeven eventually...
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Post by The Money Platform on Oct 20, 2022 9:26:52 GMT
It is impossible for me now to even scroll through my list of loans. It takes a very long time and worse there is a bug which means when I get to page 90 or so the website crashes with a 500 "internal error". Reported this months ago and still not looked at despite it being extremely easy to reproduce. We added the ability for lenders to download their loan book - so there is not need to go through each page of loans. You can simply click 'Download' and you will get a CSV with all the loan details for you to play around with. We're not seeing the error 500 you describe but please do send across to the team for an investigation - though as I say, downloading your loan book is taking over from the clicking through slowly problem you describe.
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michaelc
Member of DD Central
Posts: 4,785
Likes: 2,733
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Post by michaelc on Oct 20, 2022 13:23:34 GMT
It is impossible for me now to even scroll through my list of loans. It takes a very long time and worse there is a bug which means when I get to page 90 or so the website crashes with a 500 "internal error". Reported this months ago and still not looked at despite it being extremely easy to reproduce. We added the ability for lenders to download their loan book - so there is not need to go through each page of loans. You can simply click 'Download' and you will get a CSV with all the loan details for you to play around with. We're not seeing the error 500 you describe but please do send across to the team for an investigation - though as I say, downloading your loan book is taking over from the clicking through slowly problem you describe. Understood about replacing the functionality but while its there it would be good if it worked. If you log in as me and go to this url you will see the 500 crash themoneyplatform.com/private-area/lender/loans/summary/16
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