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Post by webbski9 on Oct 13, 2014 17:29:01 GMT
Fellow investors. give these guys a look. They have a very good, easy to use site and they appear to carry out extensive " background" checks whilst giving investors a great deal of information on the prospective borrowers.Like many late entrants to this market they need regular flows of borrowers and interested lenders. The rates on offer are very competitive and they will shortly introduce a Secondary Market. Google the Directors and management and you will find quality people. Also their Sally Johnson is a very helpful , friendly contact.
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Post by davee39 on Oct 13, 2014 17:58:34 GMT
Exactly how excellent?
So excellent that they have a paid incentive scheme for making Forum Posts?
Start thread on Forum 8 (points)
Post on Forum 5 (points)
Or perhaps that they have been running since January and appear to have hardly any customers, making them invisible to the general P2P world?
Or that the rates are not particularly better than RS?
Or that they explicitly offer loans to high risk customers, admittedly with a compensation fund, but no certainty regarding their own financial stability?
Perhaps another, less flattering, description might be better employed.
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Post by webbski9 on Oct 14, 2014 12:55:30 GMT
Davee.everyone has an opinion.Their rates are much much better than RS.Yes,they need exposure and I hope to see that soon. Delve a little deeper and you will find good people behind this company.Yes,newish to the p2p scene but everyone has to start sometime. I believe their vetting proceedure is exhaustive and the Compensation Fund ( although a cost ) will work in a similar way to eMoneyUnion ( another similar but much bigger company in the same ( ish) field. This is only my personal opinion and I have been impressed with them thus far. And no,I have not been paid to express my view nor incentivised in any way.
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Post by oldatheist on Oct 14, 2014 18:13:27 GMT
What company are we supposed to be checking out?
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Post by webbski9 on Oct 14, 2014 19:03:16 GMT
LendLoanInvest.co.uk This company is connected to Madiston
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bugs4me
Member of DD Central
Posts: 1,844
Likes: 1,474
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Post by bugs4me on Oct 15, 2014 10:17:11 GMT
LendLoanInvest.co.uk This company is connected to Madiston I had a quick peep and there is only one loan listed. IMO not exactly inspiring and no reason to dip even the smallest of toes.
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Post by madistonlli on Oct 16, 2014 11:36:52 GMT
To webbski9 - thank you for your kind words and I'm very glad that you like our site.
To davee39 - oh dear, that certainly wasn't the impression we were trying to give with our points scheme. We set out to be a peer to peer lender that offers a fair and rewarding system for lenders and borrowers alike. The points system was designed to thank people on our site for participating in all the activities that will, eventually, make our site buzz! We hoped, as has been the case, that people would post on our forum to help others understand all the different features we have. It works as a sort of cashback benefit to help lenders earn more and help borrowers to reduce their costs. There were good, not dubious intentions behind it all!
Just for the record, we don't target high risk borrowers...even with our compensation scheme in place. We target only A*, A and B credit ratings at present, however we will review that from time to time. We operate a star system to help lenders' consider each borrower within our range. As of today we have over 400 registered users and our active lenders are getting an average return of over 8.5% after fees, annualised and assuming that our compensation fund covers any borrower defaults.
To bugs4me, thank you for taking a quick peep and yes, only one loan there today, precisely because we don't target high risk borrowers. We are turning down around 95% of loan requests in our aim to present creditworthy borrowers to our lenders who may be willing to pay a little more in interest because they want to pay-off expensive credit card bills, for example.
I wish we had a magic wand to attract more of these quality borrowers instantly to our site (or the marketing budgets of some of our competitors!) but we certainly feel we are worth the dipping of the smallest toes (minimum lend £10) and hope one day, lots of lenders on this Forum will be paddling happily! We will continue to work hard and make solid, steady progress, presenting interesting lending opportunities for you all to consider.
Thank you for all the comments, good and not so good!
Sally
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nw99
Posts: 340
Likes: 114
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Post by nw99 on Nov 14, 2014 12:50:34 GMT
Agee this company is very good simple and easy to use and the bidding on the new loan worked very well. Thank You to LendLoanInvest.co.uk
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Post by madistonlli on Nov 20, 2014 17:28:18 GMT
Thank you too, nw99. I'm glad you like the site. Sally
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kaya
Member of DD Central
Posts: 1,150
Likes: 718
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Post by kaya on Dec 14, 2014 16:33:05 GMT
I had a close look at this one, but decided against it. Reasons: 1. I wouldn't lend £20 quid to many people I know, for to buy something or pay for something, so why, ever, to someone I don't know? Granted, they are credit checked, maybe they are reliable, but this seems different to a business loan or something asset backed. 2. The 'pay as you go' system is perhaps very fair, but is too complex and confusing to factor everything in and work out the true costs. Straight percentages are better overall. Suggestion - could borrowers not be backed by compulsory - or optional - insurance which would underwrite any non-payment? Surely then you would be on to a winner, and lenders could lend with confidence. I found the idea of making personal loans to individuals quite intriguing, and liked the overall idea, but in its present form it is not for me.
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Post by madistonlli on Jan 12, 2015 17:04:56 GMT
Hi Kaya Yes, I do understand your first point: the thought of lending money to people you don’t know without security is an intriguing idea! It has been very effective for borrowers and lenders alike according to the recent Nesta Report: Understanding Alternative Finance 2014. Apparently some 92% of lenders would recommend Peer to Peer Consumer Lending. You may like to read our summaries of the relevant section of the report (there are links to the full report there too): The lender view of Peer to Peer Consumer Lending: www.lendloaninvest.co.uk/blog/14/entryThe borrower view of Peer to Peer Consumer borrowing: www.lendloaninvest.co.uk/blog/13/entryOn your second point, we do acknowledge that, in the attempt to make a really fair and flexible site, we added too much complexity. Thank you for your thoughts on this, we are going to add a much more straightforward system very soon which will hopefully make the process easier for lenders. Your point about compulsory – or optional – insurance: we do have a Compensation Scheme which is designed to help protect lenders against late or missed payments. It is not an insurance product and doesn’t guarantee that every default can be covered but it does help to protect against losses. You can read more about our Compensation Scheme here: www.lendloaninvest.co.uk/faqs/how-it-works/compensation-schemeI hope that helps to answer your questions and that you might look at us again soon. If you have any other thoughts or questions, please do let us know…it’s really helpful to know what we need to change to make our platform a compelling part of lenders’ portfolios. Sally
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Post by webbski9 on Jan 26, 2015 15:08:54 GMT
Secondary Market up and running as from today
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,033
Likes: 1,857
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Post by littleoldlady on Oct 1, 2016 21:38:56 GMT
Just registered. Have to say that this is the most complicated platform I have come across with a baffling array of fees to pay. Although the site is slick, and the registration process was fully automated I am left with a strange feeling that it has been abandoned by its human owners. There is no sign of any recent activity and I feel like I have landed on the Marie Celeste. Before I invest any money I would love to hear the experiences of any current lenders.
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Post by webbski9 on Oct 1, 2016 21:59:14 GMT
LOL. It started out with great intentions ,but deal flow is pretty non-existent .Secondary Market similar.Not sure what their plans are.
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Post by madistonlli on Oct 3, 2016 9:46:55 GMT
Hi littleoldlady
Us humans are still here! Sorry we have been a little quiet lately but we have been working on an upgrade to our site to simplify some of the processes and help to identify creditworthy borrowers earlier in the process. We'll keep you posted here and via the site if you have registered as a lender.
To webbski9 - hello! Thank you, our intentions are still good and hope you will like the new site when we upgrade. We have had lots of very helpful feedback from you and our other members which hopefully you'll see reflected in the site upgrade.
Best regards. Sally
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