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?"