Originally Posted by
myles
I kinda think that the Lending Crowd platform is broken for retail users - and is leading to bad practices for same.
The speed at which the 'best' loans disappear prevents any one from actually looking at the loan details before committing to buy, and the low frequency of loans means that to invest any more than only a small amount requires quite large amounts to be invested in a smaller number of loans - clearly going against the P2P 101 best investing strategy of diversification.
I regret putting money into this platform for the above reasons, but now that I'm committed for 5 years, I'll probably submit to investing in the large B1 loans that do come up very occasionally that hang around for more than a minute or two... The issue of having to keep an amount of money sitting in the platform not earning interest, waiting for these to come up, and the need for regular small top ups to continue investing without loss is a pain.
The time it's taken me to invest $2,000 in $250 increments with Lending Crowd, is the same time it has taken me to invest in excess of $25,000 in $50-$100 increments in Harmoney...