Looking for more proof on Bad Loans??
Steer well clear of the Unsecured loans!!
https://www.stuff.co.nz/business/128...ise-in-arrears
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Looking for more proof on Bad Loans??
Steer well clear of the Unsecured loans!!
https://www.stuff.co.nz/business/128...ise-in-arrears
One thing I will probably never understand during my remaining lifetime:
If you have an income between $4,000 and $8.000 with $3.000 outgoings living in rent, why the h... would you need a 24M unsecured $2.000 loan with quite high interest paying off $100 monthly if you just could have saved a month or two to get the desired item without a loan.
Well I'm fully living on those not thoughtful people thanks god, but I'll never ever understand those people.
My policy from the moment I stood on my own feet was: "Mike, you're flying now, look that you'll always have enough air underneath your wings not to crash." I'm still flying well.
Goes without saying that I never had a loan or a mortgage in my life which always was my policy and I even built a house long time ago with my hands.
People are financially wired today, what to do.
Just the way of the world now Mike. I'm in online retail. The number of people who ask for laybuy, afterpay, humm, zip or another of the buy now pay later schemes is boggling. Often for items that cost less than $100. Kids want that widget NOW and don't care that it is costing them more or will land them in strife if they can't meet the payments.
just experienced my first 100% write-off of a secured C2-S-10% loan. I wrote them asking for more information like why the security didn't kick in. No response however. Not very satisfying.
To add to this we all observed that there were hardly any own 10% flex loans available anymore from one day to another since about 2 months ago or 3. With exception of some very few very low risk ones.
Wondering if there is some kind of profit margin polishing happening like selling own loans as referred 25% flex loans. Please let me be wrong on this.
I started investing via P2P platforms about 18 months ago and spread a few smaller amounts around to see how things stacked up before making larger commitments. Suffice to say I have found Lending Crowd to be the least impressive of them. I think the quality and amount of investment available has definitely dropped off over the last 12 months, and communications compared to other platforms has always been poor. I am moving my funds out and over as it becomes worthwhile to do do.
Do you recall WHAT the Security was??
Property or Vechicle??
If property you would expect a payment.
If a Vechicle was the Security - It may not have been insured and the Vechicle 'written off \ crashed'
An Email to LC support should get you an answer as to what the Security was if you do not recall.
It has always been a bug bear of mine that you are unable on the LC platform to go back and look at the original loan info we Investors were offered originally!!
Yes I'm the same they are extremely poor at communicating and I really think they may be considering closing shop. Them and Finance Direct don't make any profit so I wonder why they persist after 20 odd years in business - this model doesn't work but they haven't got the scale / brand that Harmoney had and not the grunt to get bank funding.
@Samee: Nah, can't recall what that loan came with. I received a 2nd response after the first purely generic and none saying response to my enquiries.
The 2nd response was slightly better explaining things in example which I anyway know 😂. So also kind of a generic response with no relation to that loan.
1.) Yes, communication is an absolute disaster with them. Same generic answers if calling them for a wee question.
2.) Squirrel as well as Zagga went through pretty innovative processes recently. No improvements at all are happening at Lending Crowd.
3.) Regarding their earnings: Several month ago almost no own loans (10% Flex) are appearing anymore except very few very low interest loans.
Shame on you and me to think they manipulate the Flex rates to rise their earnings 😂😂😂
I'd give their organisation and it's management today a very poor performance rating from investor side, but a very poor one.
At the time of this post there are 8 loans available. Haven't seen that in quite a while. All 25% flex unfortunately. But some secured with interest rates up to 16% as well. Often loans disappear within seconds, so I just thought it was unusual? Sign of struggling people perhaps, or LC pushing for customers?
Attachment 14114
1) I believe it is a sign of Investors holding back ( which has never been seen before at LC )
2) Plus the number of Borrowers that are short of money too - hence the large number of loans currently.
3) Put 1 & 2 together and you can read 'Troubled Times Ahead'
Take it as a warning sign that the World \ NZ ecomony is in Shock!!
My advice - ONLY take a loan that is secured by a property ONLY...
I personally have been removing all my Cash from LC in preperation for what I believe is coming our way...
Wake Up Peeps.......
Yup, liquidity from investors seem recently to dry up a bit.
I'm withdrawing now also since last wek, but only about 5% of all so far.
Lots of loans to choose from for several months now but I have stopped choosing for good since mid November. Although I have not had any defauts now for 6 months I am wary of the future. So for the last year I have only taken 3 yr loans and I will be totaly out sometime in 2027 with a bit of luck. So far I have noticed that the early repayments have slowed considerably as well.
Happy with past performance since the very start. Good luck and merry xmas.
Where has your focus shifted to now for investing \ trading?
Hi Saamee, short term td's, and maybe bonds. No trading.
Thanks :)
Happy New Year.