It would be great if TMT provided actual stats since it would allow for increased confidence and forecasting. What would be the downside (either to them or us lenders) of doing so?
In lieu of them doing so perhaps we could keep this thread updated with as many loans as possible? I'll start:
2/2 loans 8/8 weeks
That represent two 4 week loans being repaid today. So (assuming folk think this is a good idea), if the next person has one 3 week loan repaid on time the totals would read 3/3 loans 11/11 weeks. On the other hand if he/she reported a default of a 12 week loan then it would be added to the total like this: 2/3 loans 8/20 weeks Obviously historical data would be just as valid so please let me/us have your stats !
I don't see how TMP would get the "full whack" unless it was taken as an upfront fee from the borrower. TMP T&Cs (for borrowers) state that interest is charged per day including admin fees. So in fairness to TMP I think they also get a pro-rata ammount for loans that repay early. If any TMP rep could clarify it would help.
Oh dear. My 12 week loan that was due to repay on 7th Feb is now marked as late. So my statistics are now 2 loans repaid early and 1 loan overdue. I hope that is not a sign of things to come. I have been investing on an expectation of a 7% default rate, as advised by the platform but yet to be justified by any published statistics.