Yes. She is Pukka and the Letter is just for AML ( Anti Money Laundering ) purposes.
We had the same here.
I think a Driving License had expired here, which probably triggered the new request.
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It's amazing the number of 25% interest flex loans v 10% coming on the Lending Crowd site now. The 10% loans have really dropped away. I am beginning to wonder if a Lending Crowd associated finance company is forwarding some of its loans to the Lending Crowd site. This would mean that the Lending Crowd group is getting the loan approval fee ($450ish??) and then 25% of the interest earned without carrying any risk whatsoever. Easy money - particularly if you're struggling to get depositors. If this thread is monitored by Lending Crowd I would be grateful for comment on this.
OK well it's time for my 48 Month Investment Update on Lending Crowd....
Been in with LC since their very 1st loan which was issued on 21st December 2015.
Write Off Losses = TWELVE
Loans Repaid Early = 63.3%
Platform RAR = 12.84%
# of Loans Taken Out = 1284
# of Axtive Loans = 471
Current Arrears = Zero
Out of the 3 x P2P Platforms I have actively invested in, for me this is the easiest, most straight forward and user friendly to use.
Attachment 10900
Happy P2P trading :)
Well done Saamee. I am a very fresh newbie on LC in comparison (started in September this year). To achieve that RAR, am I right in assuming you only invest in B1 and B2 loans? Do you find that sometimes you go through entire weeks with no loans to invest in?
I would love a few more B2s, but many of them are only for under $5,000 and last only a few seconds on the site before they are snapped up. Having said that, there was a longer lasting one yesterday for over $100,000 !
Hi Saamee, I too have been in for over 3 years at least but my returns are not so good 11.62%. However I am totaly satisfied with that and the reason is since Penny Pickers auto thing I have spent many hours trying to invest and have only been able to mostly get the larger amount loans. The smaller B2's are obviously the ones to boost returns but then I guess they contribute more to the defaults of which I have only had 4 with a loss of $200. So all in all happy and am still transferring all withdrawals from Harmony to LC.
@toukshare
>> Yes I do only invest in B1's and B2's....
>> Since something like 70% of loans these days seem to be referred loans with a 25% Flex rate - RAR's are moving slowly lower as that kicks in to the RAR returns after 100 days
>> Every week I get into LC Loans - but it does vary - It is not so easy for people with a strict work routine, where as I am retired and available all day :)
@soolaimon
>> Good to hear from you again and know you are back on baord ( like you I have very little funds left in HM these days )
>> I have not seen or gone looking for stats about Loan Class and defaults but it would be good to see it confirmed if more B2's default!
I agree that LC has been best of p2p sites. I've only seen one better imo but its not NZ based, and ironically in a region that has surplus of loans to investor liquidity. My frustration with LC is lack of loans, and the bunfight to grab any that do. The rush to hit Buy without being able to take a few seconds to viewing details is not a sensible investment approach, and continuing suspicion that automated processes are still running by others to grab the loans as they get listed. A xmas wish for some sort of auto-invest even if business sense dictated preference to bigger investors.
@soolaimon ~ Just wanted to ask you how your LC Investments have travelled over the last 10 Days or so??
I have found LC has got SO busy..... I'm retired and at home but still have Failed to get into a single loan in the last 10 Days...
I am now so freustrated that I am Drawing Funds out of LC and into Harmoney!!
I do not like Harmoney and their customer dis-service at all...... but Returns are better and funnily enough, losses smaller :)
Hi Saamee LC is busy for sure and I am also retired and unless I am sitting at home with the computer on refresh it is very difficult to get loans. However, last 10 days I have managed to get 7 loans but have had 4 repaid and one reversed. Not good really, but I am still withdrawing Harmoney and after 5 years of plugging away at this P2P stuff the incentive is wearing off some so no extra funds going in now for the last year or so and not sure that I will add anything in the future either. I detect a slight rise in term deposits at the banks lately if you negotiate and find that interesting.
It's interesting this thread has all-but died. Probably because it's almost impossible to get into a loan unless you're sitting in front of the computer with the page refreshing every 30 seconds (boring), or you've built a scraper and auto-invest bot (pretty easy to do and definitely worth it if you have several hundred grand to invest).
I have read this thread in yonks... and do find getting anything into loans a waste of time.... way better results with my Crypto ... P2P just isn't working
I think LC is doing a very good job, and like the way Wayne Croad has represented the fledgling P2P market in NZ. I sincerely hope that they are able to increase their share of loans.
Regularly look at LC financials, they're a typical kiwi SME business, without the resources that corporates have at their disposal. So although we all personally may struggle to get loans, I personally wish LC all the success in their business model going forward irrespective of my own experiences/performance on their platform.
And LC is likely to become even busier if money from Harmoney comes here , as some of it will, after the 1st April when HM is no longer a P2P lender.
Harmoney will be using money from its corporate wholesale investors to lend to the same type of borrowers. So the retail investors in the remaining true p2p companies will be chasing after fewer borrowers?
If Harmoney is to be believed, As far as retail investors are concerned it seems P2P is being finished off by the Commerce Commission.
New Rates effective today, out from LC.....
Attachment 11072
Rates not as good as HM, but at least they remain a true P2P lending platform...
Checked in today to see how things are going and b... hell, 3 loans available. I know it's strange times and these loans are only filling slowly. I did'nt help much. Can't bring myself to put much in p2p just now but still tempting and whos to say that todays loans are any riskier than last years now? Everyone cautious or still investing??
Yes I see the 3 of them are still sitting there at Midday on Saturday....
Oh what a change in sentiment....
That is a 100% swing from too many Investors to too many Borrowers now!
Personally I stopped Investing in P2P over 3 weeks ago now.
Gone to Cash ( which is King at times like these )