Zagga P2P [formerly LendMe P2P]

One of several looking to register
http://www.interest.co.nz/rural-news...pected-shortly

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

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Originally Posted by Darchie

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

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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

Wow on what lendme disclose!

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+

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Originally Posted by humvee

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

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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?"

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Originally Posted by humvee

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+

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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

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Originally Posted by humvee

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+

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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

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

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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Originally Posted by humvee

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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Hi everyone, Marcus here, I’m LendMe’s CEO and I’m available to answer any questions regarding LendMe and peer to peer lending.

Firstly, it's great to see so many of you interested in peer to peer. Your feedback, questions and insights through all of the threads helps us improve our offer for both borrowers and lenders. Myself and the LendMe team congratulate sharetrader and the admins for creating a fantastic forum for all of us to take part in.

Humvee to answer your question, yes we’ve financed loans. Close to $1.5 million since our soft launch commenced in December.

Regarding the loan which is approximately 0.5% funded. The borrower changed the amount they were seeking so the deal changed. While it seems it has been there for a while, it hasn't in its current form.

Regarding the second loan, we’ve been reviewing the applicant’s creditworthiness. When a member joins LendMe, they’re asked to disclose all information about their financial history; including defaults, criminal judgements, dishonours and liquidation processes. Our review indicated that this particular loan contravened LendMe’s rules so it was indeed removed. You can read more about our criteria by following this link and clicking on "who is eligible to borrow?"

Also, while there are two loans currently on the site, we have funded a number of loans already. The successful loans are funded very quickly, usually within a day. Also, the loans that have been funded have been snapped up by single investors (all private investors to date), which means that lenders who have expressed a willingness to fund a portion have missed out on these loans.

We're still very much in our soft launch phase, but we’re gradually adding more loans to the site and based on our enquiry rate it’s pretty clear the number, size, and type of loans available will quickly increase over the coming months.

Thanks

MM

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Originally Posted by humvee

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

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Hi Humvee, we don’t offer Loan Shield type protection for investors because LendMe is different. We're the only peer to peer lender specialising in secured lending, with the majority of our loans secured by a 1^st mortgage over a property.

We thought carefully about the minimum a lender can invest through LendMe and the feedback from investors was that anything smaller than $1,000 is just too much admin for the lender. Given the nature of the security for each loan, our investors have confidence to lend in larger increments. In addition to the loan security, requests for loans may be for as much as $2m. Quite a different model compared to funding smaller unsecured loans, where, in order to manage risk, I would absolutely see the need for smaller fractionalised investments across a large number of loans.

Just to clarify how we handle the issue of Disclosure at LendMe. We don’t require full disclosure for all loan applications, but provide borrowers with three options. See below.

1. Disclosure
Borrowers’ names are disclosed to registered lenders. All supporting loan documents are released to registered lenders, but borrowers’ addresses and contact details are removed. Borrowers who select disclosure are more likely to attract lenders and receive a lower interest rate.

2. Partial disclosure
Borrowers’ names are not disclosed to registered lenders. All supporting loan documents are released to registered lenders, but borrowers’ names, addresses and contact details are removed. Borrowers who select partial disclosure are less likely to attract lenders and incur an additional 0.5% on their interest rate.

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. Borrowers who select anonymous are much less likely to attract lenders and incur an additional 1.0% on their interest rate.

Please note that borrowers’ contact details, including telephone numbers, email addresses, and place of work are never released to lenders. Where we do note an address, this is the address of the security, as this is material for a lender considering funding a loan.

MM

Hi Marcus,

So LendMe (like squirrel) is aimed more at the professional investor than your average Mum and Dad investor who has a few hundred a month to invest?

I don't know many people who just have thousand (or $500) dollar chunks of cash lying around they could invest at will, whereas with the likes of Harmoney people can throw in excess cash and get a good return on it.

For me that is attractive, it means I can start to build a P2P portfolio on excess cash each month.

I guess what I am getting at is LendMe is not really suited to the average small investor, and in my mind that is going to be a very limiting factor for LendMe (and squirrel). I would love to hear your (and others) thoughts on this.

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Originally Posted by Knot

Hi Marcus,

So LendMe (like squirrel) is aimed more at the professional investor than your average Mum and Dad investor who has a few hundred a month to invest?

I don't know many people who just have thousand (or $500) dollar chunks of cash lying around they could invest at will, whereas with the likes of Harmoney people can throw in excess cash and get a good return on it.

For me that is attractive, it means I can start to build a P2P portfolio on excess cash each month.

I guess what I am getting at is LendMe is not really suited to the average small investor, and in my mind that is going to be a very limiting factor for LendMe (and squirrel). I would love to hear your (and others) thoughts on this.

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Hi Knot,

Cheers for the question, it’s a good one and really speaks to our chore philosophy as a peer to peer lender, and the reason we are specialising in genuine secured lending.

Before the FMA opened the market up to peer to peer lending, there were very few options for investors (particularly Mum’s and Dad’s) to confidently manage their own investments and get a fair, safe, return.

There was a lack of information to help new investors get into the market and most investments by their nature are highly risky. Clearly very daunting for most, so as a result a large number of kiwis have had their savings (if they have been able to save any) parked on deposit with the banks earning lower rates. Those who had a higher risk tolerance/appetite may have had a mix of deposits and shares, but often invested in those companies they knew something about or had been recommended to invest into.

Peer to peer lending in NZ is obviously still in its infancy, but people are learning quickly that the money they’ve kept in the bank can be lent securely and receive much better returns by using LendMe. Investing $1,000 dollars at a time may appear daunting to a Mum and Dad investor right now, but we think the more they learn about how we operate the more confident they will become. The types of loans they can invest in through us (usually secured by 1st mortgage), and the rigour we put into assessing borrowers’ willingness and ability to repay their debt, enable even Mum’s and Dad’s to invest larger sums (in multiples of at least $1,000) in single loans rather than fractionalising below that to spread their risk.

To date, we have had each of our loans (totalling almost $1.5m) funded by single investors. They have been so confident in the nature of the security for these loans that they have chosen not to fractionalise their lending at all. These have all been Mum and Dad investors. While this has meant that some potential investors willing to lend $1,000 have missed out on these deals, we are still in our soft launch phase and as the number of loans coming through the site increases over the coming months, I expect that more investors will have a chance to co-fund a greater range of loans.

I hope this has answered your question. Over the coming months, continue to look at the types of loans we have listed and particularly the nature of the security behind each of these opportunities. I believe you will see that you can gain great returns from your LendMe investment without having to fractionalise to the same extent as elsewhere.

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Originally Posted by humvee

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.

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Hi Humvee, a quick update, we now have five loans on the website. The loan terms range from 1 - 4 year.

Cheers

MM

Hi everyone, a couple of updates from our side.

1. We have a new loan on the site - this one is a business loan. Ref number 4600014. Go have a squiz.
2. I attended the world's largest market place lending conference this week - LendIt. It was an amazing experience! The size of the Chinese p2p market was an eye opener. Click the link to have a read: LendMe and LendIt.

http://www.stuff.co.nz/business/mone...nk-has-said-no

Is this site still being maintained? I see a couple of loans with a closing date in March and they are still listed. I committed a $1000 to a loan that closed in March just wanted to know if I am still committed or not?

Not sure what's happening with this crew as they were meant to phone me last week but I never got their call ....
However I ask, have any loans gone out fractionalised?
Or are they still being funded by one investor?
I Was interested in trialing this outfit more ... as absolutely not sure i will continue with Harmoney after 13th

Quote:

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Originally Posted by Darchie

Not sure what's happening with this crew as they were meant to phone me last week but I never got their call ....
However I ask, have any loans gone out fractionalised?
Or are they still being funded by one investor?
I Was interested in trialing this outfit more ... as absolutely not sure i will continue with Harmoney after 13th

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Progress on contributions to existing loans don't seem to have increased much, if at all?

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Originally Posted by JohnMac

Is this site still being maintained? I see a couple of loans with a closing date in March and they are still listed. I committed a $1000 to a loan that closed in March just wanted to know if I am still committed or not?

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Hi JohnMac,

The site is certainly still being maintained, and we have just had a new loan go up on Friday. This is a personal loan and as a result is a much smaller amount to current and previous loans on the site. Loan reference number: 0000092

Because we are still in our soft launch phase, the number of new loans coming up on site has been relatively small. However, we expect the number of new loans to start increasing over the coming 2 weeks.

The loans that are still on the site, even though they had a closing date in March, have been left up on site at the request of borrowers. If however, you would like to remove your commitment then you can contact the LendMe team and they will certainly do this for you.

Flick the team an email here: info@lendme.co.nz or call 0800 286 286 then we will be able to answer any queries you have.

Cheers.

Quote:

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Originally Posted by Darchie

Not sure what's happening with this crew as they were meant to phone me last week but I never got their call ....
However I ask, have any loans gone out fractionalised?
Or are they still being funded by one investor?
I Was interested in trialing this outfit more ... as absolutely not sure i will continue with Harmoney after 13th

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Darchie, we provide ourselves on being available and I am genuinely sorry to hear that you have not received a returned phone call. Can you please PM me your name and contact details and I'll have one of the team get in touch.

Regarding the loans we have successfully funded in the last two months, we have had a mix of both sole-funding and fractionalised. One loan for $113,650 was funded by 11 separate lenders for example.

I am confident that there will be loans on site in the coming weeks that will hopefully suit your lending criteria. If you would still like to contact us at info@lendme.co.nz or call 0800 286286, then we can answer any other questions you have and we can get a feel for the types of loans you would be interested in.

But in the meantime let's get you that returned phone call!

Thanks

After being a registered investor since DEC 15, I've just made my 1st investor deal over here at Lend Me.

A mortgaage loan @ just under 13% return, then minus LM fees.

A different Buying process from LC & HM, however Marcus made it all very easy.

Thanks for the post Saamee. I just logged into LM for the first time in months, and also committed funds for the first time. I'm a bit weary of investing in second mortgages given the condition of the housing market, so have kept the level of investment relatively low this time.

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Originally Posted by CR111

Thanks for the post Saamee. I just logged into LM for the first time in months, and also committed funds for the first time. I'm a bit weary of investing in second mortgages given the condition of the housing market, so have kept the level of investment relatively low this time.

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It did not take too many days for that 30K loan to be filled.......

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Originally Posted by Saamee

It did not take too many days for that 30K loan to be filled.......

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7 days to be exact. We're pretty happy about that!

Not for me, but there are more loans available on LendMe than LendingCrowd!

https://www.lendme.co.nz/search-loans

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Originally Posted by Kelvin

Not for me, but there are more loans available on LendMe than LendingCrowd!

https://www.lendme.co.nz/search-loans

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I would be interested to know if Lend Me ( LM ) are making money...?

Their loans take forever to fill up and do not match my Interest rate return expectation ( ie most sub 9% )

I tried them but the loan never got issued \ taken up.

I kind of suspect they will be merged \ taken over by one of the other 3 main P2P players!

Quote:

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Originally Posted by Saamee

I would be interested to know if Lend Me ( LM ) are making money...?

Their loans take forever to fill up and do not match my Interest rate return expectation ( ie most sub 9% )

I tried them but the loan never got issued \ taken up.

I kind of suspect they will be merged \ taken over by one of the other 3 main P2P players!

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Hi Samee, LendMe has continued to fulfil loans, and is expecting to pick up the pace this year. We wanted to make sure we grew in a controlled fashion over 2016. It's a shame the loans you showed interest in weren't successfully funded or were fully funded by a sole funder and hence taken off the site.

The reason for our lower interest rate is simply a reflection of the lower risk nature of our deals. Our loans are backed by genuine first mortgage security.

Cheers,
Marcus

i just thought I'd contribute, that after a few attempts, i have now been successful in investing in a loan via Lendme.
I am very happy with the platform

with a minimum investment size twice that of Squirrels, 20 times of LendingCrowd and 40 times that of Harmony, all of whom offer equal to better rates, I'm not surprised investor interest is significantly less with LendMe,especially when you factor in the vastly larger loan sizes as well.

So LendMe changes name & website to Zagga

https://www.zagga.co.nz/

If it stays as the same loans with the same rates - I do not know that the changes will be enough to keep them alive!

Maybe the name of this Thread needs to be changed to keep up? By who ever has the authority.

Just logged on to zagga!!

It's just the old LendMe website with the same loan(s) still there - just a relaunch rename :(