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  1. #1
    Guru
    Join Date
    Sep 2009
    Posts
    2,645

    Default Zagga P2P [formerly LendMe P2P]

    One of several looking to register
    http://www.interest.co.nz/rural-news...pected-shortly
    Last edited by STMOD; 19-07-2017 at 12:47 PM. Reason: company name change

  2. #2
    Member
    Join Date
    Nov 2015
    Posts
    209

    Default

    Will be interesting to hear about others experience registering with this new P2P

  3. #3
    Member
    Join Date
    Feb 2015
    Posts
    309

    Default

    Quote Originally Posted by Darchie View Post
    Will be interesting to hear about others experience registering with this new P2P
    I have registered am looking at whats on the market - which so far has only been 1 x residential property purchase loan at 8.29% - On a 5 year term with interest only repayments.

    For me harmoney works well because I can invest small amounts over lots of loans ($25 minimum)
    Squirrel Money has potential because while it has a $500 Minimum and it has loan shield
    Lendme however has $1000 minimum and nothing like loan shield - So im not sure ill be able to make it work for me

    The 3 companies have also taken very different approaches in what they disclose about the borrowers to investors

    Harmoney - borrower demographics, loan amount, repayments, income, location, credit grade.
    Squirrel Money - for all intensive purposes nothing is disclosed - just secured/unsecured
    Lendme - Everything is disclosed the current loan has full name, address, several months bank statements, full credit checks on both borrowers, full list of other assets, copy of property sale & purchase agreement

  4. #4
    Junior Member
    Join Date
    Jan 2015
    Posts
    29

    Default

    Wow on what lendme disclose!

  5. #5
    Member
    Join Date
    Feb 2015
    Posts
    309

    Default

    Comcom examines LendMe fees

    Peer-to-peer lender LendMe has been contacted by the Commerce Commission, with questions over the fee it charges its borrowers.


    http://www.goodreturns.co.nz/article...nder+question+

  6. #6
    Banned
    Join Date
    Dec 2015
    Posts
    13

    Default

    Quote Originally Posted by humvee View Post
    I have registered am looking at whats on the market - which so far has only been 1 x residential property purchase loan at 8.29% - On a 5 year term with interest only repayments.

    For me harmoney works well because I can invest small amounts over lots of loans ($25 minimum)
    Squirrel Money has potential because while it has a $500 Minimum and it has loan shield
    Lendme however has $1000 minimum and nothing like loan shield - So im not sure ill be able to make it work for me

    The 3 companies have also taken very different approaches in what they disclose about the borrowers to investors

    Harmoney - borrower demographics, loan amount, repayments, income, location, credit grade.
    Squirrel Money - for all intensive purposes nothing is disclosed - just secured/unsecured
    Lendme - Everything is disclosed the current loan has full name, address, several months bank statements, full credit checks on both borrowers, full list of other assets, copy of property sale & purchase agreement
    Harmoney - I invest only a v small amount but with the amount of neg publicity and the terrible investor dashboard, I'm going off them. Plus it's unsecured, which I'll expand on below.
    Squirrel - I couldn't get the user verification process to work. Tried a number of times holding my license to the web cam, then scanned it and tried uploading that way - but even then it didn't work. Plus choosing the return rate seems too involved for me.
    LendMe - the 'buy in' is more significant however it's totally secured lending and feels a bit more grown up than something like Harmoney which feels like GE finance dressed up as p2p.

    LendMe provides three levels of disclosure that Lenders can see:

    1. Disclosure - Borrowers’ names are disclosed to registered lenders.
    2. Partial disclosure - All supporting loan documents are released to registered lenders, but borrowers’ names, addresses and contact details are removed.
    3. Anonymous - Borrowers’ names are not disclosed and no supporting loan documents are released to registered lenders. Registered lenders receive instead a basic loan summary.


    Ref: LendMe FAQ

    "Will lenders see my personal information?"

  7. #7
    Banned
    Join Date
    Dec 2015
    Posts
    13

    Default

    Quote Originally Posted by humvee View Post
    Comcom examines LendMe fees

    Peer-to-peer lender LendMe has been contacted by the Commerce Commission, with questions over the fee it charges its borrowers.


    www.goodreturns.co.nz/article/976503687/comcom-examines-lendme-fees.html?utm_source=GR&utm_medium=email&utm_campa ign=LendMe+fees+under+question+
    LendMe fees fair and reasonable

    Fees charged by LendMe are fair and reasonable and determined by the level of risk, says CEO Marcus Morrison. The specialist secured peer to peer lender says, unlike finance companies, its fees do not fall within the confines of the Credit Contracts and Consumer Finance Act (CCCFA).

    Link

  8. #8
    Banned
    Join Date
    Dec 2015
    Posts
    13

    Default

    Quote Originally Posted by humvee View Post
    Comcom examines LendMe fees

    Peer-to-peer lender LendMe has been contacted by the Commerce Commission, with questions over the fee it charges its borrowers.


    www.goodreturns.co.nz/article/976503687/comcom-examines-lendme-fees.html?utm_source=GR&utm_medium=email&utm_campa ign=LendMe+fees+under+question+
    LendMe fees fair and reasonable

    Fees charged by LendMe are fair and reasonable and determined by the level of risk, says CEO Marcus Morrison. The specialist secured peer to peer lender says, unlike finance companies, its fees do not fall within the confines of the Credit Contracts and Consumer Finance Act (CCCFA).

    Link

  9. #9
    Member
    Join Date
    Feb 2015
    Posts
    309

    Default

    As yet none of the loans offered on lendme have been of interest to me (not with the $1000 minimum investment per loan anyway)

  10. #10
    Member
    Join Date
    Feb 2015
    Posts
    309

    Default

    Does anyone know if lend me has actually financed loans yet? One loan seems to have been there weeks and is only 0.7% financed.

    The other well let's just say its going its going to take a lot more then 9% to interest me in defaults, dishonours, liquidation applications, low credit scores and court judgments

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