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Post by Deleted on Jul 3, 2016 17:19:43 GMT
With so many Portals to choose from, it can be hard for lenders to decide where to go with their savings, to make this choice a little easier would those of us active in P2X like to select their favourite and least favourite Portals and score both out of 10 with 10 being an excellent all round lender experience and 1 being the poorest. If you'd like to give a short summary for why you have scored them as you've done then this would be good as well.
P2X is a growth market place and experienced lenders are being joined daily by new people who are trying to find a better way to make their savings work, let's see if we can help them by sharing our different opinions, thanks for helping with this.
I'll start the ball rolling, my two choices:
ReBS: 6.5/10
Like for: Good range of loans, good forum discussions, good headline interest rates, well laid out, good/active second market, friendly place.
Getting better: Loan quality, loan security, recoveries processes at last getting on track, communications improving.
Don't Like: Have been too kids glove with defaulters, sluggish server, Portal performance data/stats [accuracy?], system glitches.
Saving Stream: 9.5/10
Like for: Just about everything.
Don't like: Having too many loans released all at the one time, pace yourselves Saving Stream.
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Post by bluechip on Jul 3, 2016 18:12:48 GMT
Good idea Highlander:
Rebs - 2/10 - Agree with your points, the major positive is the rates on offer, but that comes at a price (default-ville). I appreciate they have identified the major problems and claim to be addressing them, at this moment in time I take the view that talk is cheap. Happy to increase my rating once I see solid improvements.
Ratesetter/ZOPA/Lending Works/Wellesley/Quid Cycle/Landbay - 9/10 - they have all worked as I expected, haven't lost a penny, rates vary but we can't mark down too much for that imo as we know what we are getting into and it is very clear what rates we accept. I can put my money in and forget about it, which I personally like.
FC - 5/10 - I couldn't figure out how they attributed their ratings to businesses and this got worse once they got rid of the auction process. They promised me certain things would be introduced particularly that they would allow you to invest a set-amount in each loan with auto-bid rather than a percentage, this didn't happen. 18 month's later I pulled all my money out. But I did make money and was able to sell everything that wasn't a bad debt within a 2 week period. Lots of loans, professional website.
TC - 5/10 - Big mark down for the effort that has to go into navigating/understanding the website, only used them for a brief period due to this so I would say to anybody thinking about TC read more informed reviews from people who have given it more time. I didn't lose money and was able to exit very quickly which was a positive.
Funding Knight - 4/10 - Love the information available on the dashboard, selling is difficult, cumbersome. Obviously they are going through a change now so maybe there will be more loans and activity. I have a few loans in default 10% of my money invested and it looks like I have to wait a long time for my loans to complete to get out unfortunately due to slow SM.
Funding Secure - 6-10 - Rates are great, investing is easy enough, selling can be tricky as the layout of their SM is messy imo. Worried about the amount of loans going over and the property ones that look to have "interesting" valuations for the LTV and interest at the end causes some issues. But positive experience on the whole thus far.
Saving Stream - 9/10 - I don't like how they abused their system to extract more investment by dumping so many loans recently, minor blip. I also don't like the fact you don't earn interest on loans up for sale whilst they wait to be sold. Aside from that everything is ideal, easy to use, great rates, great SM, transactions are quick (pay in/out)
Money Thing - 9/10 - Ideal, number of loans available can be small, but everything else works fine. Rapid payments, monthly interest, easy to use, brilliant service.
Lend Invest - 8/10 - Works perfectly, rates are lower than most, but very happy with how it all functions. Great for auto-investing, ideal for dump and forget.
Assetz - 8/10 - Easy to use, although I recommend understanding how each account works exactly before getting involved. Decent rates, professional website. Deal flow an issue at times, but they have the 3.75% sweep account, (although that is likely affecting the rates and availability for the other accounts, so not sure where they are heading to be honest which concerns me as I have a convertible in these through Seedrs which is yet to materialise into full shares).
Hope this helps and I don't profess to be expert, so inevitably there will be pro's and cons that I have not mentioned and these are just my own personal experiences, (I've been investing for just over 2 years in P2P, 50% of my savings is in P2P, to give you an idea of how well/little informed my views are and the time span I am basing this on).
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Post by Deleted on Jul 3, 2016 18:41:20 GMT
Hi bluechip, just the ticket, perfect, with the help of as many P2P Independent Forum subscribers as possible build a well rounded snapshot of our existing P2X marketplace/Portals as we can to help everyone and especially our newbies.
Feedback also welcomed from our Portal Representatives, please share your thoughts with us, let's get a view from both sides after all your Companies exist to marry our funds to your Borrower requests, get the mix right then it's win, win and getting it wrong...
Thanks to all.
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Post by reeknralf on Jul 3, 2016 18:41:45 GMT
My least-liked is ReBS, but to be different I'll say RS. Every time I learn something new about the workings of the provision fund, it reaffirms how little I understand it, and in particular what size of recession it could withstand. My first rule of investments is avoid anything I don't understand. I think many people think they are safe because they are big and simple, and this ain't necessarily so. If the loans they are writing don't cover the rates they are offering they will explode, and this will only be apparent once it's too late to act. 5/10.
My favorite is Mintos. Very sophisticated but simple to use autobid. Good diversification within a single platform. Rates of 13% plus and to date no defaults. Excellent communication, and to top it all, every investment has risen ~12% in the past 10 days. Something to think about for all those contributors on here who think investing in more than one platform is diversification, but investing in more than currency is risk. I just wish they were bigger. 10/10.
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