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Started by Peacock on May 23, 2019 1:21:42 PM
Peer-to-peer lending

Has anyone invested in P2P lending? Any success? I have hard mixed reviews, I have broken even.

https://en.wikipedia.org/wiki/Peer-to-peer_lending

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indlovubill - 23 May 2019 13:43:15 (#1 of 14)

Bought an industrial unit with one such loan last year, the money was there unsecured within a week of asking. After weeks of arse scratching the bank had offered half secured against that unit and everything else we own so I was able to tell them to fuck off.

Peacock - 23 May 2019 13:47:46 (#2 of 14)

good for you, bill

thisonehasalittlehat - 23 May 2019 13:48:46 (#3 of 14)

How much do you want?

widenation - 23 May 2019 13:50:46 (#4 of 14)

Think I'll stick to the bookmakers.

Peacock - 23 May 2019 13:52:01 (#5 of 14)

How much do you want?

I'm asking about investing not borrowing hatters. do you have any experience?

brooklyn - 23 May 2019 13:56:02 (#6 of 14)

I've never heard of this. but my advice would be to make very large loans only. that way, when the borrower defaults it will be worth it to take him to court.

nemo75 - 23 May 2019 14:01:39 (#7 of 14)

It’s done through an intermediary site usually.

Peacock - 23 May 2019 14:03:12 (#8 of 14)

yes, I was thinking of: Zopa, Funding Circle or Ratesetter

widenation - 23 May 2019 14:04:12 (#9 of 14)

What happens if one of the above goes bust after you've invested a few grand?

Peacock - 23 May 2019 14:05:59 (#10 of 14)

They're regulated by the FCA, PRA and Peer-to-Peer Finance Association so I assume the same as other finance houses?

brooklyn - 23 May 2019 14:23:14 (#11 of 14)

this was interesting -- especially the part about "what happens when a borrower stops paying"

https://www.financialsamurai.com/what-happens-when-a-p2p-borrower-stops-paying/

Peacock - 23 May 2019 15:55:41 (#12 of 14)

thanks bro, very interesting, I have a few grand I can invest but I'm not yet convinced

indlovubill - 23 May 2019 20:33:36 (#13 of 14)

You're right to be cautious, Peacock from the lender's point of view it can be a nice little earner though not so if things go wrong. The high rollers get to cherry pick so the smaller investor gets the riskiest business. The intermediaries have nothing at stake so probably aren't too fussed if things go wrong.

HorseEasyEast - 23 May 2019 20:50:35 (#14 of 14)

I’m all for it conceptually, but as always the devil is in the details.

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