bjorn
Posts: 102
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Post by bjorn on Sept 23, 2015 16:26:49 GMT
Just in case people hadn't spotted this one ... Update 28/9/15: The sign-up part of this deal has now been extended to the end of November. Benefit of this is that it lets you lend out more through new loan auctions which are typically finishing at higher average rates than are for sale on the SM. Lending Crowd are offering £100 if you sign-up and invest £1000 as a “New Summer Lender” before the end of Sept the end of November. They also offer an extra £50 for being referred by an existing investor. Unlike how these things usually work (where only one offer applies), they’re happy to pay both cashback deals on the same £1000. In other words, £150 cashback for lending £1000 or 15% … pretty attractive! I called them a while back to confirm that this was the way it worked before signing up myself. There are currently 3 live auctions (with a number more in the pipeline) and 24 existing loans on the SM ("The Loan Exchange"). Rates on the SM are slightly worse than the top rates that can be achieved on new auctions, but still average around 10% which is decent and more than enough when you take into account the additional 15% that you’ll get in cashback! Overall, I’ve been very impressed with LC so far. They’re new and quite small but rates are good, the companies they’re lending to look decent and their customer service is very good. They’re also committed to the auction model which I expect means they’ll grow pretty quickly as they capitalise on FC defectors looking for a new home. Happy to answer any questions you have about my experiences with LC. Ts and Cs for the cashback promotions are here.
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registerme
Member of DD Central
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Post by registerme on Sept 23, 2015 16:41:08 GMT
I might well look to take this offer up (can't do it now, preparing to chair an RTM company AGM tonight :/), but yes, I'm interested to know more about your experiences of the platform and thoughts about it.
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LittleBear
Member of DD Central
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Post by LittleBear on Sept 25, 2015 22:53:52 GMT
Thanks for the heads-up on this. I signed up yesterday and invested my £1000. Today I had the £100 credited to my account. Hopefully the referral bonus won't be far behind.
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Post by Ton ⓉⓞⓃ on Sept 25, 2015 23:03:42 GMT
I've looked briefly at this platform, am I right in thinking there are fees and what are they, Anyone?
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bjorn
Posts: 102
Likes: 39
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Post by bjorn on Sept 26, 2015 9:13:26 GMT
I've looked briefly at this platform, am I right in thinking there are fees and what are they, Anyone? Yes. 1% annual fees on the money that you have lent. I'm pretty sure it's 0.25% on sale through the SM as well. Sound familiar? In fact in many ways it feels like LC could fill an FC-shaped hole in terms of function in people's portfolio (SME loans, auction model etc). I think this post by blender sums it up perfectly.
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Post by Ton ⓉⓞⓃ on Sept 26, 2015 9:18:12 GMT
I've looked briefly at this platform, am I right in thinking there are fees and what are they, Anyone? Yes. 1% annual fees on the money that you have lent. I'm pretty sure it's 0.25% on sale through the SM as well. Sound familiar? In fact in many ways it feels like LC could fill an FC-shaped hole in terms of function in people's portfolio (SME loans, auction model etc). I think this post by blender sums it up perfectly. Thanks. The only difference being it's north of the border, I've not signed up but have they made a statement as to what they would do in the event of Scottish Independence?
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bjorn
Posts: 102
Likes: 39
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Post by bjorn on Sept 26, 2015 9:25:17 GMT
Yes. 1% annual fees on the money that you have lent. I'm pretty sure it's 0.25% on sale through the SM as well. Sound familiar? In fact in many ways it feels like LC could fill an FC-shaped hole in terms of function in people's portfolio (SME loans, auction model etc). I think this post by blender sums it up perfectly. Thanks. The only difference being it's north of the border, I've not signed up but have they made a statement as to what they would do in the event of Scottish Independence? Not that I know of. Interesting question though - could be worth dropping them a line to ask. My experience of their customer service has been very good - proactive and keen to help. They obviously have a few loans in Scottish businesses but plenty (probably the majority, actually) in companies south of the border.
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Post by duncandive on Sept 28, 2015 16:59:52 GMT
It now seems they have Extended the 'Cashback Offer' until the end of November... Time to dip a toe me thinks
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bjorn
Posts: 102
Likes: 39
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Post by bjorn on Sept 28, 2015 17:15:59 GMT
It now seems they have Extended the 'Cashback Offer' until the end of November... Time to dip a toe me thinks That's right - just got an email from LC confirming this and have updated my original post. The benefit of this new deal is that you can now lend out a bit more slowly through new auctions if you want. Average rates on new auctions are slightly higher than on the SM. And top achievable rates on new auctions are a bit higher still (obviously!) and can be quite attractive. Good for those of us who enjoy auctions now that FC have closed that part of their operation down as of today.
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Post by trentenders on Sept 28, 2015 18:56:05 GMT
For info, I joined up over the weekend and I've already been paid my £100 bonus, plus an additional £50 for the referral.
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Post by brendondoubleu on Oct 2, 2015 10:40:42 GMT
All sorted now thanks
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ben
Posts: 2,020
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Post by ben on Oct 2, 2015 19:34:19 GMT
might have to have a look at this and give it go
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Post by mcpete on Oct 5, 2015 19:40:50 GMT
Would anyone care to PM me a referral link for LC?
Many thanks,
Peter.
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Post by trentenders on Oct 5, 2015 19:50:47 GMT
Check your messages
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jo
Member of DD Central
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Post by jo on Oct 5, 2015 21:36:50 GMT
Could I also ask some kind existing investor to pm a link please?
Thanks
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