Peer to peer lending

KevPM

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hey guys, I’ve earned $50 off and mintvine, and some pounds off prolific and I’m hoping to invest in a peer to peer lending site(s).
I’m not expecting a life changing result here but I’m curious to know what people’s experiences are and what sites to look into and what ones to avoid. I’m hoping to not invest no more than $100 and £100 to begin with as this money is just sitting in PayPal looking pretty.
 

Jon

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You're talking about companies like Zopa loans yeah?

It's something I would be interested in doing as well to be honest
 

mikecmr

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tried it the returns weren't the best and with uncertainty in the business market I had a lot of bad loans on fundingcircle, pulled my cash out and I was up but not as glamorous as its advertised
 

my side hustle

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I'm with Crowd2Fund, I used to put £200 direct debit in a month but stopped about a year ago. Nothing wrong with the site, I found out very easy to use and no bad debts. The reason I stopped was to increase the money I was putting into stocks and shares, simply because p2p is a higher risk. The money I put into the site is still there and I still get regular payments, just stopped adding new money.
 
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mikecmr

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This is based on the funding circle, they have changed how they do it recently too

the risks are the businesses go bust and you lose your investment happened on 8% of the ones I lent to they say you get your money back but ive been waiting 3 months for the first repayment on one and nothing yet, my return on 2k investment was 6% after bad debts, I have 2 A rated investments defaulted which shouldn't happen, there are better paying share dividends out there, just too risky in my eyes at the moment might look into it more after brexit. Just my opinion of course
 
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KevPM

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Cool, thanks for the info guys. I see there are a lot more American p2p with good reputations (but then you have USA tax on top of that) and the uk ones I have come across are funding circle,crowd2fund, Zopa and Ratesetter with different types of reviews. I may start and start to blog it.
 
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my side hustle

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Crowd 2 Fund estimates a return of 8-9%. However you are loaning the money to small, less established companies so there is high risk of a company defaulting and you losing your investment. I let Crowd2Fund invest for me (you have the option of doing it yourself) and they invest across a lot of companies, which reduces the risk. But it is still way more risky than investing in the stock market where the companies are massive and safer, less likely to go bankrupt.
 
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usa1

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I use zopa but I have had a couple of non payers..
I don't think Zopa are busting a gut either to recover my money
 

Jon

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I use zopa but I have had a couple of non payers..
I don't think Zopa are busting a gut either to recover my money
What happens with Zopa when you do get a non payer?
 

homie

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What happens with Zopa when you do get a non payer?

You lose the amount they owed you. Zopa try to recover any defaults and if they get some of the payment back it is added to your account.
 

kaiserpups

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We've been using Zopa for around 3 years. Only got a reasonably small amount of money in - around £500 I think, but had no problems and the way husband looks at it is, it's better interest than the banks. We're never going to get rich with it, but he just reloans the money when it comes back to us.
 

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