A couple of additional thoughts on this, this morning. 13.8% per year is equivalent to 19.7 compounding interest over 5 years. You will pay capital gains tax on the sale of the shares in NZ? So I think the comparison would be back into the high B or C1 grade loans?

You wouldn't want to put all of your money into one Smartshare (even though it is a mixed portfolio) - so you would want to diversify into others that would not have such a good return. [Some of the mix would be hit hard in a down turn].

In a downturn shares will likely run at a significant lose, a good mix of P2P loans may not. Historically P2P performed better in the last down turn.

My thoughts only, others will likely see it differently. [N.B. I watch 200K disappear in shares in and around 2008, but gained it all back, but not by simply holding the same shares...]