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Post by khampson on Apr 12, 2017 10:01:50 GMT
Hi can anyone share any experience of using growth street? Had this suggested to me but I find little about the company.
Thank you in advance
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kaya
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Post by kaya on Apr 12, 2017 10:07:27 GMT
Not much to say so far really. Its only been around a few months, you put your cash in and leave it there. 6.5% (plus any signing up bung). One month rolling, so exit most any time. Its a growing business with plans to expand no doubt.
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Post by jackpease on Apr 12, 2017 10:15:04 GMT
There is a separate board for Growth Street where myself and others have made a few comments (mods - move post?). I've found them friendly, responsive and it does what it says on the tin. Always bear in mind that new platforms will inherently appear 'better' than older ones as their loans are younger and less likely to be overdue/defaulted! Jack P
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kaya
Member of DD Central
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Post by kaya on Apr 12, 2017 10:16:27 GMT
Also worth looking at Trustpilot, where you can see both investor and borrower reviews.
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beh
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Post by beh on Apr 12, 2017 10:27:12 GMT
See the sub forum - p2pindependentforum.com/board/85/growth-streetSame as kaya above, I think it's too early to say. Been using since December. Speed of lending is reasonable at 6.5%, usually within a couple days. There's nothing to actively manage on the platform, just deposit your money and leave it.
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Post by kyle1873 on Apr 13, 2017 0:57:54 GMT
I've had money in growth street for 3 months now. Does what it says on the tin, early days though.
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kaya
Member of DD Central
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Post by kaya on Apr 13, 2017 9:04:52 GMT
They seem to be providing some banking services, but operating as a private business and not as a licensed bank. They apparently have plans to offer a current account facility, and are targeting small young businesses. Some might perceive more risk there.
It is worth looking through all the links on their website, including their blog, to build up a picture of what they are about. They claim 2 defaults so far, both fully recovered.
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mary
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Post by mary on Apr 19, 2017 15:23:33 GMT
Seems to do what it says.
The protection fund plus the way defaults are pooled across all investors, similar to the latest policy on RateSetter, mean no worries about individual borrowers.
The only issue I've discovered is the lag between placing a lend order and it being matched is 2-4 days. As this happens to every loan every 30 days returns are more likely to be 5.5% to 6%, rather than the advertised 6.5%.
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ben
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Post by ben on Apr 19, 2017 15:36:00 GMT
Seems to do what it says. The protection fund plus the way defaults are pooled across all investors, similar to the latest policy on RateSetter, mean no worries about individual borrowers. The only issue I've discovered is the lag between placing a lend order and it being matched is 2-4 days. As this happens to every loan every 30 days returns are more likely to be 5.5% to 6%, rather than the advertised 6.5%. With the lag each time your loan renews you are probably better going for the 6.4% and getting it lent on that day.
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beh
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Post by beh on Apr 19, 2017 16:55:22 GMT
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Post by p2plender on Apr 23, 2017 0:44:17 GMT
I've dipped a toe in here. Pretty straightforward to open the account and I'm impressed with the site/platform thus far. Will keep you posted.
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Post by p2plender on Apr 27, 2017 10:25:27 GMT
I'm happy with site apart from fact it seems to log you off when inactive for only a brief period.
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mary
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Post by mary on Apr 27, 2017 11:14:04 GMT
As you predicted the Priority Rate has dropped to 6.3% and the Market Rate is now 6.4%.
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Post by khampson on Apr 27, 2017 20:03:57 GMT
As you predicted the Priority Rate has dropped to 6.3% and the Market Rate is now 6.4%.
What is the reason for the 0.1 drop in rates, anyone know?
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Greenwood2
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Post by Greenwood2 on Apr 28, 2017 6:20:08 GMT
Try the 'New Lender Rates' thread.
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