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Post by loanerjon on Jul 28, 2016 8:43:22 GMT
Hi all,
Long time reader, first time poster here.
I currently use FC, AC, MT, SS and RS (for the £100 bonus).
I am looking for a platform with a decent level of throughput and fairly fluid secondary market so that it is easy to withdraw money. A high rate is not important for really, looking more towards safety than earning potential; something like a larger, more secure AC with a greater rate of new loans would be good, if it exists!
My thoughts on current platforms I use:
MT - extremely frustrated with their lack of loans, secondary market availability and also the fact they only put loans on at 4pm so you have to sit there and wait. Ridiculous.
AC - like the QAA feature for automatic purchasing in the GBBA etc. markets but currently taken almost 2 weeks to get £50 invested here. Extremely poor rate of new loans coming through.
SS - decent amount of loans on their book, involved in most of them. Fluid secondary market but lack of new loans at the moment.
RS - don't like their rules on taking money out but only here for the bonus.
FC - platform I use most just because they have more loans coming through than anyone else. Lack of asset backed loans is a concern but I get quite picky on their loans and diversify widely for their medium ranged rates.
I'd like to hear any and all opinions on where to go!
Thanks in advance,
Jon
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locutus
Member of DD Central
Posts: 1,059 
Likes: 1,622
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Post by locutus on Jul 28, 2016 9:14:39 GMT
Hi all,
Long time reader, first time poster here.
I currently use FC, AC, MT, SS and RS (for the £100 bonus).
I am looking for a platform with a decent level of throughput and fairly fluid secondary market so that it is easy to withdraw money. A high rate is not important for really, looking more towards safety than earning potential; something like a larger, more secure AC with a greater rate of new loans would be good, if it exists!
My thoughts on current platforms I use:
MT - extremely frustrated with their lack of loans, secondary market availability and also the fact they only put loans on at 4pm so you have to sit there and wait. Ridiculous.
AC - like the QAA feature for automatic purchasing in the GBBA etc. markets but currently taken almost 2 weeks to get £50 invested here. Extremely poor rate of new loans coming through.
SS - decent amount of loans on their book, involved in most of them. Fluid secondary market but lack of new loans at the moment.
RS - don't like their rules on taking money out but only here for the bonus.
FC - platform I use most just because they have more loans coming through than anyone else. Lack of asset backed loans is a concern but I get quite picky on their loans and diversify widely for their medium ranged rates.
I'd like to hear any and all opinions on where to go!
Thanks in advance,
Jon
Have a look at BondMason as your RS/AC replacement and FundingSecure to tide you over until the SS pipeline improves. There is a decent Bristol loan on FS that I have just invested in.
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archie
Posts: 1,866
Likes: 1,861
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Post by archie on Jul 28, 2016 9:27:07 GMT
Hi all,
Long time reader, first time poster here.
I currently use FC, AC, MT, SS and RS (for the £100 bonus).
I am looking for a platform with a decent level of throughput and fairly fluid secondary market so that it is easy to withdraw money. A high rate is not important for really, looking more towards safety than earning potential; something like a larger, more secure AC with a greater rate of new loans would be good, if it exists!
My thoughts on current platforms I use:
MT - extremely frustrated with their lack of loans, secondary market availability and also the fact they only put loans on at 4pm so you have to sit there and wait. Ridiculous.
AC - like the QAA feature for automatic purchasing in the GBBA etc. markets but currently taken almost 2 weeks to get £50 invested here. Extremely poor rate of new loans coming through.
SS - decent amount of loans on their book, involved in most of them. Fluid secondary market but lack of new loans at the moment.
RS - don't like their rules on taking money out but only here for the bonus.
FC - platform I use most just because they have more loans coming through than anyone else. Lack of asset backed loans is a concern but I get quite picky on their loans and diversify widely for their medium ranged rates.
I'd like to hear any and all opinions on where to go!
Thanks in advance,
Jon
MT -I like their loans, I wouldn't want more loans unless quality maintained. Secondary market availability is low because people usually hold on their investments. I love the 4pm start, you only need to be there for the smaller loans/renewals, the larger loans usually last 24 hours. SS - Seem to be a few too many issues with some of the loans listed, doesn't inspire confidence. Still investing here though. FC - I've given up on this platform. Defaults after 1 month don't help. AC/RS - Not used. Others I'm investing in :- FS - I don't think you'll like this as the secondary market tax position is peculiar, a lot of people won't buy because of it. Also there is no monthly interest, you have to wait for the loan to end (6 months). Loans list at 11am. LI - There's no SM yet so I don't think you'll like this either. Random loan starts. Collateral - You might like this, interest is monthly, secondary market but anything that appears is snapped up quickly. It's fairly new so loans are mainly small although there are a few of them each day. Random loan starts.
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ben
Posts: 2,020
Likes: 589
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Post by ben on Jul 28, 2016 10:15:35 GMT
As has been put before most hang around for a bit on MT. Surely not being able to buy much on the secondary market is a good thing in the long run. As when you need to sell you can, look at the secondary market on the other sites with the execpetion of SS (which will probably change in next week or so) you will find most avaliable is at a premium.
With RS why invest if you don't intend to hold for the full time? it is set up to stop people for investing only for a few months in the higher market and then selling so gaming the system which I am all for.
LI or BM are two worth looking at most of LI loans are for a year so not that long and BM you can sell when you like but might take a few weeks.
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
Likes: 1,862
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Post by littleoldlady on Jul 28, 2016 11:02:41 GMT
Hi all,
I am looking for a platform with a decent level of throughput and fairly fluid secondary market so that it is easy to withdraw money. A high rate is not important
Jon
Nobody has mentioned Zopa, the first and the biggest and meets your criteria, although personally I have given up on it as I have different criteria.
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Post by lynnanthony on Jul 28, 2016 11:38:01 GMT
AC - like the QAA feature for automatic purchasing in the GBBA etc. markets but currently taken almost 2 weeks to get £50 invested here. Extremely poor rate of new loans coming through.
You must be doing it wrong! My other half opened a new account on the 19th of this month, paid in a wedge and put buy orders on 29 existing loans. So far, £1300 invested.
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arbster
Member of DD Central
Posts: 810
Likes: 426
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Post by arbster on Jul 28, 2016 11:56:49 GMT
AC - like the QAA feature for automatic purchasing in the GBBA etc. markets but currently taken almost 2 weeks to get £50 invested here. Extremely poor rate of new loans coming through.
You must be doing it wrong! My other half opened a new account on the 19th of this month, paid in a wedge and put buy orders on 29 existing loans. So far, £1300 invested. Sounds like you're using MLIA?
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Post by lynnanthony on Jul 28, 2016 12:27:09 GMT
You must be doing it wrong! My other half opened a new account on the 19th of this month, paid in a wedge and put buy orders on 29 existing loans. So far, £1300 invested. You must have invested in the MLIA not the GBBA. Edit: Crossed with arbster above  Yes, true, MLIA. But if that's what it takes to get invested ..... and frankly it's not hard work, it could probably be done with a once weekly visit or less.
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Post by loanerjon on Jul 28, 2016 12:32:19 GMT
Thanks for the recommendations guys. I hadn't heard of BondMason before, Locutus.. will take a look. Cheers. Archie you're right with the FS secondary market and interest payment putting me off a bit - had them selected to use while back but held of on them for that reason. I'll take a look at Collateral. DCLXVI... I am glad you like to stick to a schedule but I and, from what I've read throughout this forum, many others don't like having to make sure we get to a computer at 4pm if we do want to invest. And those renewals and small loans make up a lot of their loan book! Unless you want to stick all your money in Ballards and Poppies of course. Ben - not that I don't intend to hold on for a while but I like the option of liquidity without penalty. Different people different criteria. Much like DCLXVI above. RS rates aren't great and who in their right mind would invest for 5 years at 5.8% to get a decent-ish rate?! So many other options out there... funds and stocks would be better for that term. Littleoldlady - I looked at Zopa a good time ago. If I remember right there were fees for selling early and the rate was around 3%? I can get that with a current account and have full liquidity so wasn't really a good option, IMO atleast. Lynnanthony - As above, your husband is using MLIA. Edit - posted during typing :-) Not hard work, no, but its a case of bandwidth. Work a job, study a Masters, invest in stock market, 5 different P2P platforms and try to have a social life plus fitness etc. and tell me its not hard Thanks for the suggestions all... any others feel free to keep em coming. Can we lobby for a platform with the mixed features of others - invest before you pay of SS, size and loan quantity of FC/Zopa/RS, safety of RS & Zopa too (terms of platform stability), rates like MT/SS/Ablrate etc., instant deposit of FC, auto-buy of AC/FC... etc.  |
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Post by astro1900 on Jul 28, 2016 19:07:10 GMT
No one has really mentioned it here but you may want to look at some of the European platforms as well.
I'm currently trying out Twino and Finbee
Twino: Decent deal flow with a choice of loan terms and fixed returns ranging from 11 - 13%. Secondary market isn't great but you can choose whether you want to invest in loans from 3 months - 18 months in term. Unlike most other platforms as well, it also pays back part of the principle every month with a buy back guarantee on many loans.
FinBee: a new platform that I'm trialling now thanks. View it as a rather high risk one so have only very small amount of my portfolio in it but averaging returns of 20.5% at the moment although it has only been 1.5 months.
Other include Bondera, Mintos etc.
Also remember with EU platforms there is the currency fluctuation element...
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jonah
Member of DD Central
Posts: 2,031
Likes: 1,113
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Post by jonah on Jul 28, 2016 19:31:17 GMT
And the implications on tax return filling out... Could be profitable though.
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Greenwood2
Member of DD Central
Posts: 4,388
Likes: 2,787
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Post by Greenwood2 on Jul 28, 2016 19:58:11 GMT
My new thoughts Bondmason and Bridgecrowd.
Zopa
Easy access 3.5% no fee for withdrawal.
Classic 4.3% 1% fee for withdrawal
Both protected
or
Zopa Plus 6.7 %, 1% fee for withdrawal no protection.
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Post by eascogo on Jul 28, 2016 23:54:02 GMT
AC - like the QAA feature for automatic purchasing in the GBBA etc. markets but currently taken almost 2 weeks to get £50 invested here. Extremely poor rate of new loans coming through.
You must be doing it wrong! My other half opened a new account on the 19th of this month, paid in a wedge and put buy orders on 29 existing loans. So far, £1300 invested. Put 3k in the GBBA two weeks ago, only £90 invested in 10 days, so withdrew the lot. I expected money put in GBBA to be automatically invested but you mention buy orders. Didn't know about this.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,334
Likes: 11,558
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Post by ilmoro on Jul 29, 2016 0:08:05 GMT
You must be doing it wrong! My other half opened a new account on the 19th of this month, paid in a wedge and put buy orders on 29 existing loans. So far, £1300 invested. Put 3k in the GBBA two weeks ago, only £90 invested in 10 days, so withdrew the lot. I expected money put in GBBA to be automatically invested but you mention buy orders. Didn't know about this. OP misacronymated. Talking about manual account MLIA not GBBA
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Post by lynnanthony on Jul 29, 2016 3:43:12 GMT
You must be doing it wrong! My other half opened a new account on the 19th of this month, paid in a wedge and put buy orders on 29 existing loans. So far, £1300 invested. Put 3k in the GBBA two weeks ago, only £90 invested in 10 days, so withdrew the lot. I expected money put in GBBA to be automatically invested but you mention buy orders. Didn't know about this. Sorry, my fault for the confusion. You and the OP referred to Assetz's GBBA where you put money in and the system invests it (or not!) on your behalf. I was referring to Assetz's MLIA (Manual Loan Investment Account) where you specify exactly which loans you are interested in, having read the loans' credit reports and done your own due diligence. More work than the GBBA but closer to what I choose to regard as "proper" p2p lending. Upsides of the MLIA are you can get invested quicker at the moment (though personally I think it is still very slow), you get better rates, and you don't end up in loans you wouldn't have been interested in. Downsides are it is more work, and there is no provision fund.
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