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  1. #1
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    Default Zagga P2P [formerly LendMe P2P]

    One of several looking to register
    http://www.interest.co.nz/rural-news...pected-shortly
    Last edited by STMOD; 19-07-2017 at 01:47 PM. Reason: company name change

  2. #2
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    Nov 2015
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    Default

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

  3. #3
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    Quote Originally Posted by Darchie View Post
    Will be interesting to hear about others experience registering with this new P2P
    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

  4. #4
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    Wow on what lendme disclose!

  5. #5
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    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+

  6. #6
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    Dec 2015
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    Quote Originally Posted by humvee View Post
    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
    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?"

  7. #7
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    Dec 2015
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    Quote Originally Posted by humvee View Post
    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+
    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

  8. #8
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    Dec 2015
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    Quote Originally Posted by humvee View Post
    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+
    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

  9. #9
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    Feb 2015
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    As yet none of the loans offered on lendme have been of interest to me (not with the $1000 minimum investment per loan anyway)

  10. #10
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    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

  11. #11
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    Feb 2016
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    Auckland, NZ
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    Quote Originally Posted by humvee View Post
    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
    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

  12. #12
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    Feb 2016
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    Quote Originally Posted by humvee View Post
    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
    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 1st 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
    Last edited by Marcus@LendMe; 29-02-2016 at 03:03 PM. Reason: formatting

  13. #13
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    Jan 2016
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    Christchurch
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    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.

  14. #14
    Junior Member
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    Feb 2016
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    Auckland, NZ
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    Quote Originally Posted by Knot View Post
    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.
    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.

  15. #15
    Junior Member
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    Feb 2016
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    Auckland, NZ
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    Quote Originally Posted by humvee View Post
    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.
    Hi Humvee, a quick update, we now have five loans on the website. The loan terms range from 1 - 4 year.

    Cheers

    MM

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