one year review of P2p platforms
Dec 8, 2015 12:49:25 GMT
westonkevRS, bababill, and 1 more like this
Post by drstarter33 on Dec 8, 2015 12:49:25 GMT
Hi folks, I have been investing in many platforms for nearly a year now. A quick review (these opinions are my perceptions, others may have had different experiences. I don't claim any consistency regarding the operations described below for the platforms, it is just what I have encountered over the last 12 months)
High Return Platforms (>5%)
SavingStream: Superb. 100% flexibility of secondary market - you can get your money whenever you want but increasingly putting any money in is becoming a nightmare, despite the increased flow of loans. But I do worry - when everyone is greedy should I be fearful? especially when they perpetually renew some loans from their "old friends" on their yachts etc.
LendInvest - easy to invest; but often I feel that retail customers like me are not particularly welcomed; they charge you to make a payment via debit card; the real concern is their contract - they can extend any loan for any length of time; it is your money yes - but it is their game! Having said that - early redemption does regularly occur on this site, and there is a steady flow of new loans. you need to put in a minimum of £1000 per loan, so no compounding advantage.
Fundingsecure - improving fast, lot of new loans - but mostly small size and not always property security; they vanish in an instance. you need to be ready to invest a lot of time to build a decent portfolio, but fabulous returns (interest will get paid only upon loan repayment - so no compounding here as well, but they mostly offer double digit simple interest)
Moneything - i could only get a small bit in - not bothered as the flow is low, loan amounts are low, and the details of assets often unclear.
Archover - new kid on the block, shorter term loans; seems to favour 2 or 3 companies repeatedly which worries me
assetzcapital - only platform who communicate regularly, but often they want us to vote for everything (not my style); I halved the amount of investments over time as the platform has got too complicated with several products, some never work and your money takes forever to get invested (again, i might have thinsliced at a wrong time).
ablrate - almost no new loans, got bored and came off in 5 months.
thincats - money went in, waited for 1 month to get invested - very few emails from them - their dashboard is a nightmare - you need IQ >125 to understand what goes on! so no new investments from my wallet
Low return (<5%)
land bay - very easy operations; money tied up for a while
rebuilding society - they promise high returns but out of 7 I have invested (only teeny sums) 2 have defaulted already - one doesnt get much confidence from this; it seems that they take on much more risky loans than the rest (REBS = British Bandora
)
ratesetter, wellesley - very low returns on monthly rates, but somehow i feel safer. (NB: Wellesley won't pay you referral credits automatically unlike most other platforms)
FC - complex operations, need to spend time regularly to build a portfolio, not my preferred site
proplend - solid property loans, very low movement - almost no new loans for ages - but easy to talk to them via email - downside: they only take big chunks of investments ( 5k or greater)
all of the above take investments on behalf of a company - but should you liquidate and want assets transferred, the best bet is FC - they seem to haev done this before a lot of times. - you need a lot of good luck if you are with others!
PS: These are my personal experience - and I may be totally wrong about one or all of the above! would love to hear what others think
High Return Platforms (>5%)
SavingStream: Superb. 100% flexibility of secondary market - you can get your money whenever you want but increasingly putting any money in is becoming a nightmare, despite the increased flow of loans. But I do worry - when everyone is greedy should I be fearful? especially when they perpetually renew some loans from their "old friends" on their yachts etc.
LendInvest - easy to invest; but often I feel that retail customers like me are not particularly welcomed; they charge you to make a payment via debit card; the real concern is their contract - they can extend any loan for any length of time; it is your money yes - but it is their game! Having said that - early redemption does regularly occur on this site, and there is a steady flow of new loans. you need to put in a minimum of £1000 per loan, so no compounding advantage.
Fundingsecure - improving fast, lot of new loans - but mostly small size and not always property security; they vanish in an instance. you need to be ready to invest a lot of time to build a decent portfolio, but fabulous returns (interest will get paid only upon loan repayment - so no compounding here as well, but they mostly offer double digit simple interest)
Moneything - i could only get a small bit in - not bothered as the flow is low, loan amounts are low, and the details of assets often unclear.
Archover - new kid on the block, shorter term loans; seems to favour 2 or 3 companies repeatedly which worries me
assetzcapital - only platform who communicate regularly, but often they want us to vote for everything (not my style); I halved the amount of investments over time as the platform has got too complicated with several products, some never work and your money takes forever to get invested (again, i might have thinsliced at a wrong time).
ablrate - almost no new loans, got bored and came off in 5 months.
thincats - money went in, waited for 1 month to get invested - very few emails from them - their dashboard is a nightmare - you need IQ >125 to understand what goes on! so no new investments from my wallet
Low return (<5%)
land bay - very easy operations; money tied up for a while
rebuilding society - they promise high returns but out of 7 I have invested (only teeny sums) 2 have defaulted already - one doesnt get much confidence from this; it seems that they take on much more risky loans than the rest (REBS = British Bandora
)ratesetter, wellesley - very low returns on monthly rates, but somehow i feel safer. (NB: Wellesley won't pay you referral credits automatically unlike most other platforms)
FC - complex operations, need to spend time regularly to build a portfolio, not my preferred site
proplend - solid property loans, very low movement - almost no new loans for ages - but easy to talk to them via email - downside: they only take big chunks of investments ( 5k or greater)
all of the above take investments on behalf of a company - but should you liquidate and want assets transferred, the best bet is FC - they seem to haev done this before a lot of times. - you need a lot of good luck if you are with others!
PS: These are my personal experience - and I may be totally wrong about one or all of the above! would love to hear what others think
