registerme
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Post by registerme on Nov 11, 2016 11:44:08 GMT
If you have concerns regarding a post, or a poster, please use the report button. Public and unsubstantiated allegations (for such is what a concern becomes when it is discussed openly) do not help anybody.
Thanks,
RM
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hendragon
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Post by hendragon on Nov 11, 2016 11:49:15 GMT
If it is any help to the debate I have just dipped my toe in the water with this one. I shall let you know how I get on.
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Greenwood2
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Post by Greenwood2 on Nov 11, 2016 12:00:59 GMT
Why do you need copies of a driving license or a passport? And why do you insist on a mobile number, mine is never turned on unless I'm using it, so useless as a contact method. Too much hassle to bother. Hi Greenwood2 , standard information required to check your ID as part of routine security checks/anti money laundering regulations. Best regards. I've only been asked for this on two platforms, one I was particularly keen on I did go to the effort. Normally name, address (for several years) and bank account are enough. Some platforms do say they may need more information if the initial checks don't work, but I've never had a problem and I've joined and lent on many P2P sites
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Post by dodgeydave on Nov 11, 2016 12:03:29 GMT
If you have concerns regarding a post, or a poster, please use the report button. Public and unsubstantiated allegations (for such is what a concern becomes when it is discussed openly) do not help anybody.
Thanks,
RM So is tagging Admin a waste of time ?
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adrianc
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Post by adrianc on Nov 11, 2016 12:05:07 GMT
I'm close to a toe-dip. There is a need for short-term finance for many people, and I'd far rather that business was taken by a platform that was ethical and community-minded than by the legalised sharks who've had the publicity over the last few years. I have to admit, though, my initial positivity is ebbing fast. I'd feel a lot happier if some of the questions this thread has raised were answered by The Money PlatformNever mind the potential astroturfing (and I have an open mind on that), hard questions have been ignored in favour of answering easy ones, followed by a morning of silence. C'mon, The Money Platform, you've started a conversation - don't just drop a shiny brochure on the table then run away...
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hendragon
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Post by hendragon on Nov 11, 2016 12:08:54 GMT
If it is any help to the debate I have just dipped my toe in the water with this one. I shall let you know how I get on. hendragon , Intrepid guy, hat's off; how long will you likely be just and case we need to mount a fully funded search & rescue? I have made the intial investment, placed an offer, and requested more info from MP as to some of their procedures. Will let you know.
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registerme
Member of DD Central
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Post by registerme on Nov 11, 2016 12:17:16 GMT
If you have concerns regarding a post, or a poster, please use the report button. Public and unsubstantiated allegations (for such is what a concern becomes when it is discussed openly) do not help anybody.
Thanks,
RM So is tagging Admin a waste of time ? No, not completely, but a) admin is an account in its own right and is not always logged on / being used and b) by using the actual report functionality (available under the drop down from the cog at the top right of every post) a copy of the post, and the reported concerns, are placed in the database and flagged for moderator review (which doesn't happen when you just tag admin / one of the mods individually). So using the report functionality makes our lives much easier .
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Post by dodgeydave on Nov 11, 2016 12:47:11 GMT
So is tagging Admin a waste of time ? No, not completely, but a) admin is an account in its own right and is not always logged on / being used and b) by using the actual report functionality (available under the drop down from the cog at the top right of every post) a copy of the post, and the reported concerns, are placed in the database and flagged for moderator review (which doesn't happen when you just tag admin / one of the mods individually). So using the report functionality makes our lives much easier . I have now reported the 2 posts concerned
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Neil_P2PBlog
P2P Blogger
Use @p2pblog to tag me :-)
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Post by Neil_P2PBlog on Nov 11, 2016 13:00:07 GMT
yes, but ... if they are enabling their borrowers to pay 500% APR instead of say 1000% APR at Wonga or life% to a shark then ... I get a max interest rate of 985%, taking 0.7% compounding over 3 week terms: ( ( 100 + 0.07 * 21 ) ^ (365/21) -1) * 100%
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Nov 11, 2016 13:07:00 GMT
I've only been asked for this on two platforms, one I was particularly keen on I did go to the effort. Normally name, address (for several years) and bank account are enough. Some platforms do say they may need more information if the initial checks don't work, but I've never had a problem and I've joined and lent on many P2P sites I reckon registration checks will become much tighter across the board the most stringent I've encountered and in order of attention to detail: MT, Abu, SS, uploading doc's, images (decent) and additional info as requested. Oh, one Portal unable to verify my Scotsman status had confused me with an American gangster, I just needed to speak on the phone and Bingo I passed security. Best regards. Wow. I thought you were jesting when you said your name was Al Mccapone
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Post by kamstra on Nov 11, 2016 13:34:51 GMT
New to this forum, and generally new to the world of p2p lending, but just wanted to share my (n=1, I know) experience with this lender. Early days for these guys, but I tried them out with their smallest loan of £250 and had a good experience. I lent out: £250 For 3 weeks At 0.4% interest per day Three weeks later, my borrower repaid the loan. After The Money Platform took their £7.35 fee, I received back £263.65. So I made 5.5% on my money in 3 weeks, not bad It’s clearly higher risk than some other options, but at these returns I will probably continue to invest a small amount of my overall peer to peer portfolio with these guys. kamstra Guess I could wait for that one to come up. No, I do not work for, nor have any relationship with the platform or its owners (other than being a lender).
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Post by Harland Kearney on Nov 11, 2016 13:35:59 GMT
If the minimum investment was lower, I would give the platform a shot. But its too high for common retail investors or younger people with less funds such as myself. (18) I will keep a eye though, looks interesting!
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adrianc
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Post by adrianc on Nov 11, 2016 13:50:23 GMT
If the minimum investment was lower, I would give the platform a shot. But its too high for common retail investors or younger people with less funds such as myself. (18) I will keep a eye though, looks interesting! It'd certainly help me decide to stick my toe in the water, too - and a risk-spreading approach whereby you didn't have the entirety of an individual loan to yourself would be good. Sort of a high-risk RS, or Payday FC...
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Neil_P2PBlog
P2P Blogger
Use @p2pblog to tag me :-)
Posts: 355
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Post by Neil_P2PBlog on Nov 11, 2016 13:59:21 GMT
Can only imagine it was an FCA suggestion to only sell complete loans? Biggest improvement for lenders would be to split it into £10 or even £25 units, and to clarify the tax implications that easteregg mentioned.
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Post by dodgeydave on Nov 11, 2016 14:09:20 GMT
kamstra Guess I could wait for that one to come up. No, I do not work for, nor have any relationship with the platform or its owners (other than being a lender). Ok . Sheer coincidence . Thanks for the clarification
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