LendingCROWD has launched
https://www.interest.co.nz/business/...personal-loans
https://lendingcrowd.co.nz/
So far this looks quite promising
Fractionalisation is in $50 amounts and all loans are secured
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LendingCROWD has launched
https://www.interest.co.nz/business/...personal-loans
https://lendingcrowd.co.nz/
So far this looks quite promising
Fractionalisation is in $50 amounts and all loans are secured
I plan to test my toe in this pond. Do think the 10% fee on actual interest paid could ultimately end up costing me less than Harmoneys method of continually clipping the ticket on these re-writes ... as I see it, I'm starting to suspect some of their so called cream of the crop will re-write many times over until maybe they run out of upper limit room, how will Harmoneys fee look then, rather high I'd say.
I keep a note on the loans that do go into arrears and I'm surprised to see quite a number of them are re-writes, so suspect that their history of going into arrears is not affecting their ability to topup with a re-write.
Am 8K invested with Lending Crowd now and their systems are sitting very pretty with me.
Very much like the info presented on the Dashboard ( especially borrower income & outgoing details ) plus the flow as a new loan goes thru the approval stages with Investors.
Have also tested the Funds withdrawl ( ASB to ASB ) and it was in same day by about 6pm.
Deposits are aslo Credited to the account same day ( ASB to ASB ) and if you phone them up they will manually Credit straight away.
None of this Harmoney waiting to the next day for Funds to be available.
I plan to remove 50% from Harmomeny and invest in Lending Crowd.
I notice there is only one loan available at the moment, has there been a selection in the last few days? I quite like the concept here and may also transfer from or stop investing in Harmoney. No real complaints with H but LC seem to be a little more security orientated.
Its been empty the last few days but there was up to 4 or 5 at a Tim before that
FYI. My service charge with Harmoney after rewrites is running at around 9.2% of gross interest compared with 10% for Lending Crowd, but at least with LC there is certainty.
Hi Harvey,
Of course I agree with what you say about Harmoneys unsecured rates vs Lending Crowds ( or any other P2P lender in NZ ).
What keeps me up at night is looking out to the future of 2016 and seeing what is happening now in China, that will happen very soon in the USA and then the rest of the world, and of course good old NZ, is the coming 'Credit Crunch'.
I feel when Mum and Dad borrowers start to hurt and slow down or stop paying us, I would rather have more of my money earning a little less interest, but with a lot more security with the Lending Crowd.
Only my humble thoughts though here!
Started investing today.
Your info is interesting ... it's confirming something I've been suspecting would ultimately happen. However i ask what time frame has your calculation been formulated from?
Ophs that message was in reply to nztyke's message
I have been with LC for a week now and have found very little action. Of the 2 loans I invested in, one is filled and still not taken up by the borrower, the other has been 90% filled for several days and seems to have stagnated. This morning it was the only loan available.
I was attracted to LC because of the perceived extra security but unless the activity speeds up I will stick with Harmoney where, although there are a few issues, my returns have been satisfactory after 15 months and there are always good choices of loans.
I agree with you, I joined early Jan and have seen only about 6 loans, makes me wonder why they are numbered 200 plus. Waiting for the loans invested to fill is like watching grass grow or paint dry! Will stick to Harmoney I think, getting good returns calculated my personal Rar at about 15% after fees and Tax.
I joined LC last week to add some diversification rather than having all of my lending 'eggs' in the Harmoney basket, but like the two previous posts, I see virtually no loans to invest in. Does that mean that LC is not getting the clients on board or are they taking the prime loans for themselves. Like Soolaimon and Permutation, I'll be sticking with Harmoney until I see some action at LC. I'm still waiting for my RAR as I've been in around 90 days so hopefully won't be far away.
LC had about 8 x loans before Xmas Day. Then the pot went dry.
My guess is that they have only been going just about 1 month and still getting sorted. Many Kiwi's are stiii on holidays and not back at work ( and into their normal routine yet ).
Yes, Harmoney have a lot more unsecured loans available right now, in fairnes sHarmoney have been going approx 18 months now.
I am hoping LC picks up and Jan fades and we all get back to normal Kiwi life in Feb 16.
Yes, there are more loans appearing now which is good. The first two that I invested in took one week before they started as a loan ie. attracting interest.
Emailed this outfit with a few questions, which were responded to really quickly. One thing to note is they're only in a soft launch stage and plan to get underway in March.
Seen 2 x Loans this week and invested in both! I just keep logging in a couple of times daily to check for new activity.
Many new loans @ Lending Crowd have hit today...
Attachment 7868
Using a different strategy here @ LC than over @ HM.... I perceive that LC loans are higher quality ( yes, have to wait & See! ) since every loan is secured and some with Death insurance too, also as there are fewer quality loans currently, I put $500 into each loan I chose to invest in.
I'd be interested to know if anybody else was investing last week here @ LC and had the loans cancelled by the Borrower at the last minute? I had Three ( 3 ) loans I had invested in, had been 100% subscribed and then unfortunately the Borrower pulled out in the final stages of loan issuance. After speaking with LC seems many were for cars and people got outbid @ Auctions etc. I'm putting it down, just to real life :)
I've had four investments reversed in the last two weeks, they were all 100% subscribed too. It is slightly frustrating given the small number of loans available to invest in.
LC reckons it's just bad luck since they've had very few reversals so far.
Hi Ellipsis,
Yes that's about right, I've been investing within them since their launch in mid DEC 15. It is more recently the loans have not been fulfilled. It's good to see the # of loans increasing now week by week, plus LC are going for Quality of Quantity ( HM? )
7 loans in total Reversed....
Nine for me so far! Frustrating for sure, as there's still a limited number of loans being listed. I too was told .... it's just bad luck since they've had very few reversals so far.
But hopefully into March we'll start to see more loans listed, and reversals won't seem so high.
I am still trialing LC and have only 13 loans so far since early jan. 2 of these have been reversed just this last week. Because of the lack of loans available during this time there has been a considerable period where my funds have not been returning interest. More than 3 weeks. Takes what cream there is off the returns when comparing to bank term deposits or Harmoney
Hi Soolaimon ,
So you are keeping funds 'ready to invest' at LC? With LC I just send money over when there is a loan of interest to me there available. AS it is still 'low volume' the loans always hang around long enough to send fund, same day credit and purchase ( and hopefully not go on to be reversed! ) :)
Use of BCC would be recomended when sending out this email rather then having everyone's address in the To field
"On the 7th March our system processed customers payments a day before the interest was due.
The result is that your investor account will show a full principal payment rather than splits of interest, principal, Lending Crowd Flex and RWT.
We have rectified this issue for future payments.
Please call if you have any further queries.
Kind regards,"
Yes exactly Humvee. At least they apologised with a personal phone call to let you know....
I didnt get a phone call... just noticed all the email addresses as soon as i opened it.
Any way whats done is done.
The main thing is they (and others) learn from the mistake. As it is a mistake too many businesses make too often. Other then privacy the biggest issue is it provides a nice little database for spaming, scamming or even targeted phishing attempts.
I often receive phishing attempts from hacked email accounts. When i look to see how i would have been listed in the email account that sent it the only connection is I was cc'ed in to an email that they also received when a company we both dealt with failed to use bcc
Not much action on this thread for a week or two but then also not much action on LC either, only one loan this last week (that I noticed). They say they are getting lots of applications for loans but are being very selective for quality, also still in soft launch mode so hopefully an increase in loans is not too far away. I still like the perceived security with LC and am balancing investment between them and Harmoney.
I agree 100% with you about your 'balancing' strategy. I am now 50 \ 50 balanced between LC & HM.
In the 5 working days just gone by I have seen and invested in 5 loans on LC!
At 07:00am Sunday they still have 2 x loans available.
A week or 2 back I did notice one loan was only up for 24 hours and went fast.
I called LC up and asked why such a short loan fill time.
It was for a Car Loan @ Auction where borrower needed to know they had the approval to spend.
Just a Status update for anybody that is interested > I have been with LC since late DEC 2015 > Now invested in 41 loans over that 3 months. No missed payments yet. No written off loans. All ticking along very well :)
At this point, Harmony's system cost me 4% of the interest. Yes that may increase a bit with the number of re-writes, and it seems ultimately unfair that we should pay twice the fee simply because the borrower has been allowed to re-write its loan, but we are still way below LC's 10%.
Assuming that I cannot deduct charge-offs or writeoffs, I will still net about 15% with Harmoney after taking in all the fees including rewrites and writeoffs. With LC, I will net only about 12.5% after Interest Flex.
However, I am happy to be in both. I just started with Lendme as well.
Glad to find this forum - Wayne put me on to it after I suggested to him that some kind of blog for investors would be useful. Still would be.
I'm just starting on LC -- as a retired person, I'm trying to live on bank interest, and expecting to fail at this when my 5-year bank investments finish next year, so it is toe in the water with LC as a start.
Hi Cool Bear. Good to have a new lender on board with LendMe.
We funded a couple of large loans last week and have three currently on the site. Keep an eye on the site over the next week. We have a number of loans in the pipeline and are waiting for borrowers to supply the final pieces of information.
MM
Hi Soolaimon, we're getting there, just waiting on a few more pieces of information on a bunch of loans. Frustrating I know, but we're dedicated to following our robust processes to protect lenders investments.
We also have a responsibility to build on and protect the reputation of p2p lending.
In the meantime, this loan is nearly there - Residential Property Refinancing Loan 2000077 - just needs about 60k to be fully funded.
On another note, are you investing with other platforms? How are you enjoying the process to more traditional methods of investment?
Hi Marcus, I see there are two loans last night, thanks. Yes I have been with Harmoney since the beginning and except for a few problems earlier on am quite satisfied with the performance so far. As for enjoying the process, I do. Being well retired, I have plenty of time and I treat P2P as a means of supplementing the poor term deposit rates from the banks these days.
Hi there. A new loan has been loaded to the site. I'll post the details on the LendMe thread if that's ok.
I attended the LendIt 2016 conference in the States this week. I've written a short blog post about my first day there - I'll include a link if anyone wants a read.
MM
I thought this was the Lending Crowd thread. I am NOT with Lendme.
does any one have their net average return (NAR) showing yet? My 1st loan was invested 120 days ago now.
Also if I am not mistaken (unfortuatly I cannot find a copy of the original investor FAQ) Has there not been a number of changes made to the details about NAR
I am fairly sure it use to say (otherwise somewhere else on the site) that the NAR would update daily once the oldest note In you portfolio was 100days old
Now It says it only updates monthly on the 1st of the month. And It only includes Notes older then 100 days instead of all notes as long as the oldest note is older then 100 days
Is it just me, or is the website down for the Lending Crowd?
Lending Crowd is back online.
The most recent loan is;
6 days A2 10.96% Personal 36 months $19,800.00
Ask aedi.mckiernan@lendingcrowd.co.nz who may be able to offer an explanation or solution.
My First NAR % has just been published 12.48% which is fairly good a bit lower then harmoney - but no where near as rocky journey to get there. No defaults so far and ALL loans fully paid up to date according to the report
NAR 8.78% Not so good as the few above but more than happy and all going well. My first few loans were pretty conservative so looking for NAR to improve.
As Lending Crowd is currently based on Lower Volume ( and quite likely Higher Quality ) loans our NAR here will look different than over at Harmoney.
Also remember there are only 4 Return rates here - so with limited loan offerings and limited return rates - not so easy to get an overall 'mixed bag' of loans.....
Attachment 8017
I really do wonder when this outfits going to increase its offerings.... has anyone heard? As their soft launch stage was due to stop way back in March....
must say though i do Like knowing exactly which day interest is going to be paid and Really REALLY do Like to be able to view the statement early on that morning and know exactly where every cent has come and gone.
I haven't been able to find any info on how much loans they've facilitated, how many defaults and arrears etc. - A martketplace overview like what Squirrel and Harmoney have would be really useful.
The low volume right now is what's stopping me from investing. I don't wanna have my funds sitting around for weeks waiting for loans to come up.
I started with LC 30 Dec 2015 & have zero arrears. .. actually my first loan showed in went into arrears but paid me on time then ive seen just one other show 1day .. they've been clean with arrears for me.
My stats are
69 loans live
1 loan under offer
5 loans closed & paid off
0 written off
0 in collection
12 loans (manually added so give or take 1) loan buys reversed .. these reversals have slowed right down last couple months comoared to February i had 6 alone...
The lack of fresh loans is frustrating ... so pays to see a loan on offer & transfer funds in. .. or as some may be doing. .. wait until LC mature a bit.
from a borrower standpoint. They'd rather have unsecured loans than jump through the hoops of securing their loans with some form of collateral. which is why when i look at the site, there's hardly anything to invest on
i really hope it will change tho
Been yonks but a loan has just been listed
Thanks Darchie - appreciate the headsup.
beautiful. this loan is filling up quite fast. starved investors waiting for some action
By my reckoning, it's been 8 days without loans..
Another small loan been listed
Yep that's the one .. they were borrowing only 3,500 .. so thouggt it wouldn't hang around long ..
Another small loan been listed overnight.
I am sure I remember subscribing to at least 2 loans that were listed out side business hours.
Something I have noticed tho is that the loan number seems to jump considerably between listed loans eg. loan 012-775 listed 13/5 and then 2 loans later, loan today 18/5 listed as 012-861.
If the numbering is consecutive, that means 86 loans registered and we have only seen 2. Well that's all I have seen.
Another Loan
B1 15.39% Business 60 months $15,850.00
... and another one;
Funded Time remaining Grade Rate* Type Term Amount 49%
6 days and 19 hours A2 11.87% Personal 60 months $55,450.00
Hi Saamee. I just select the text displayed on LendingCrowd's loans page (which is TAB delimited) and copy (CTRL+C). The text looks a bit odd after pasting (CTRL+V) into the forum's Quick Reply, but looks OK after submitting. The forum platform does the clever stuff, and turns the text into a table.
Does any one know if lending crowd is going to publish a platform NAR figure?
Another loan;
Funded Time remaining Grade Rate* Type Term Amount 6 days and 23 hours B1 14.79% Personal 60 months $8,250.00
TWO Loans right now!
Attachment 8068
Make that 3 x Active Loans now!!
Funded Time remaining Grade Rate* Type Term Amount My investment 69% 20 hours and 45 minutes A1 7.90% Personal 36 months $12,900.00 View Buy 75% 6 days and 20 hours B1 14.79% Personal 60 months $8,250.00 View Buy 6 days and 20 hours B1 14.74% Business 36 months $2,750.00
I have now been 4 months + with LC and have just had a rough look at the comparison with Harmoney for the same period when I started with them and the results are well in favour of Harmoney at this stage. ( same amount invested) I have expected that the interest received will be less from LC and that's ok because of the security however, it is enough to make me consider future investment here. At this stage I am still investing but it is hard work owing to the lack of loans and to compensate I am putting an average of $200 per loan compared with $75/100 at Harmoney. I have already had 2 loans paid off and another A grade seems to be paying lumps of principal off with no interest showing, so that slows the interest income down somewhat. However it is all still better than term deposits at the bank so will keep plodding on.
Comparing my own RAR's now between Harmoney & Lending Crowd > This month my RAR @ LC is just over 12% and @ Harmoney it went down to 11.5%
So right now I am 'winning' over at Lending Crowd for Returns and definitely for performance ( if you include Arrears & Write Offs )
Another quite small loan listed up
Two loans reversed today,(one at 7.9% was filled just a day or so ago) This is getting to p me off a bit.
One loan creeping up in the arrears stakes! 8 days overdue now
Small new loan up
Attachment 8078
I too was snoozing with this one!
Another loan listed up
Two there now and filling fast. I wonder if the now seemingly rapid filling of loans is due to churn from Harmoney??? But then, their loans are also filling very fast at the moment.
P2P Lending becoming more popular with investors ??
My theory is that it seems a lot are unwinding from Harmoney and have more to go into other p2p lenders ... but some with Harmoney are topping up with loans meantime but come 13th june watch the retail lenders slow down.... time will tell
Yup, I'm one of those shoveling funds into Harmoney right now, but intend to stop after the 13th.
Only thing stopping me from doing the Lending Crowd right now is the low volume of loans