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Post by oldnick on Mar 9, 2014 7:24:05 GMT
I've been PMd about this p2p outfit.
It appears from their website that they lend to professions and offer a buy back guarantee if a loan defaults.
They present an overly rosy view of the low risk involved in lending to professionals - citing the British Dental Association as saying they haven't ever heard of a Dental practice going bust. Sadly I can testify to one that did (operating as a Ltd company) and another that chose the IVA route. Regular readers will also be aware of a firm of Solicitors who apparently have little fear of censure from the Law Society when it comes to failing to repay a loan.
Clearly not all professionals are untrustworthy and the buy back guarantee (two months missed payments triggers the process, which takes another two months before the remaining capital is reimbursed - but no compensation for four months lost interest) is something.
So as always - buyer beware. The new regulations will thin out the market of p2p lenders, but not reduce the risk of default by borrowers, however "professional" they may appear.
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mikes1531
Member of DD Central
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Post by mikes1531 on Mar 9, 2014 11:32:38 GMT
oldnick is a Moderator, so he ought to know, but does this thread belong in 'General P2X Discussion' or should it be in 'More P2X Sites'?
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Post by elljay on Mar 9, 2014 11:49:34 GMT
But it is in "More P2x sites"  |
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Post by oldnick on Mar 9, 2014 13:13:40 GMT
oldnick is a Moderator, so he ought to know, but does this thread belong in 'General P2X Discussion' or should it be in 'More P2X Sites'? That's a dangerous leap of logic to assume that as a mod I know stuff  But in this case Elljay had suggested we park the thread there until he had time to move it here.
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shimself
Member of DD Central
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Post by shimself on Mar 9, 2014 18:45:50 GMT
For it was I started this off
In addition
The company (orchard - a sort of field in which one grows fruit trees, - alternatively Beta vulgaris subsp. cicla) which started Evolutis seems to have been in the business of lending to professions for years, decades even in some guise.
I've done some duedil looking around it seems to check out (to the best of my limited judgement)
I think of it as like lendinvest.com, they have borrowers already, this is a new way of expanding their ability to grow their book, which makes good sense.
I've put a toe in the water, and hey ho the website crashed when I tried to lend some money out (MS asp.net, what a surprise)
I've let them know we are here, maybe they will contribute
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Post by easteregg on Mar 10, 2014 12:46:15 GMT
I've spoken to them on several occasions about their business model, and I believe it is genuine, although I have not personally lent any money though them.
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shimself
Member of DD Central
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Post by shimself on Mar 20, 2014 11:12:08 GMT
My experiences brought up to date I sent an email 3 March
I can't find any loans looking for funding.
Given your guarantee, why wouldn't I choose the highest risk highest interest rate loans? Are you sure?No reply 9 March
I've started a small thread about you on p2pindependentforum.com you might want to contribute
Have you really got going yet? I couldn't find a manual loan to offer against.
website crashed after creating an autolend, see screenshotNo reply 11 March I tried again to lend the money out. It's not obvious (I was supposed to notice that the pie chart had changed colour) but the money was moved to something called Pending Loans. It seemed to me (wrongly) that it had disappeared altogether. I asked for my money back. This time I did get a reply the next day, and they did actually return my money. My general impression is that they don't get it and they're not ready for p2p; shame because I still think there is probably a genuine opportunity. |
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ejohn
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Post by ejohn on May 16, 2014 16:03:58 GMT
I joined their website yesterday. They score some marks for asking lots of security questions, but very few for guiding you through the site. After a while I established that there were no active loans. There was also no evidence to suggest that there ever had been active loans, although if you rummaged around the site there was some evidence of something going on.
So, having not read the forum beforehand, I telephoned the number at the top of their website page. It was not answered as Evolutis, but the lady who answered seemed to know about them and suggested that the number was the wrong one. She gave me a number of one of the founders, although I have not been able to get through yet. She also intimated that there might be an active loan next week.
So far I feel a bit disappointed. The story is good and, having worked for a patent attorney, I can confirm there are occasional needs in professional practices for loans. However, I am left with the feeling the site has not got its act together since shimself reported poor customer relations in March.
I will keep an eye open for the loan next week and report if there is any evidence to conclude that this is an active site.
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ejohn
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Post by ejohn on May 21, 2014 8:29:00 GMT
An update on my earlier post. The Loan due to be released has not been seen. There is a definite manual option to decide whether you wish to invest or not so i would expect it to appear there. I have come to the conclusion that it is not worth wasting too much time on this platform.
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Post by easteregg on Jun 23, 2014 11:31:18 GMT
An update on Evolutis Lending posted on their website:
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locutus
Member of DD Central
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Post by locutus on Apr 21, 2015 22:04:07 GMT
Has anyone dipped a toe in? They seem to be up and running again now and the proposition looks intriguing.
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Post by Admin on May 6, 2016 11:28:12 GMT
Following receipt of this PM from Orchard Lending Club Hello, It would be preferable to have a separate clean board for Orchard Lending Club as Evoutis is no more, and this is a separate entity. I understand the lack of interest in Evolutis, but we plan to be a lot more active now and I think should be able to generate more of an interest. Thank you, OLC. the Evolutis board has been renamed Orchard Lending Club and as Evolutis is "no more" this thread has been moved to the defunct platforms board. |
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