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  1. #1
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    Default Squirrel Money P2P

    I see we have a new launch in the NZ p2p market this week. http://squirrelmoney.co.nz
    I thought I would start a seperate thread so we can discuss it. Too soon for me to make much comment other then the sign up process seemed very buggy - but I was signing up using android rather then a windows computer

  2. #2
    Senior Member
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    I signed up yesterday too. Desktop PC = No issues. They are even offering $50 Account Credit to Investors for Nov 15 sign ups. The main attraction is that they will be offering Secured Loans.

  3. #3
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    Quote Originally Posted by Saamee View Post
    The main attraction is that they will be offering Secured Loans.
    My guess a lot of it will just be offering ther broking business second mortgages. Given the changes in banking rules, it could be very successful.

    I need to investigate the guarantee a bit more - from memory, there is a fund set up but if that is used, they start taking an extra cut from investors. So not really a guarantee/insurance, just a buffer.

  4. #4
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    Signed up yesterday with no problems.

  5. #5
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    How long would you like to invest for?

    2 YEARSNo two year loans awaiting funding.
    Two year lending has an average interest rate of 0.00%.


    3 YEARSNo three year loans awaiting funding.
    Three year lending has an average interest rate 0.00%.


    5 YEARSNo five year loans awaiting funding.
    Five year lending has an average interest rate 0.00%.


  6. #6
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    • OUR BORROWER STATS
    • Average weekly borrower interest rate0.00%
    • Funds awaiting borrowers$150,000
    • Borrowers awaiting funding0
    • Average loan amount$0
    • Total lending to date$0


    Obviously the above figures are not real time - as its the same as yesterday, even after my 1st small deposit cleared in, and Im sure some others prob deposited money yesterday too.

  7. #7
    Member Kees's Avatar
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    I signed up yesterday as well have a few concerns to sort before I will be investing and I will wait and see how it progresses so any feed back on this
    P2P company would be appreciated.
    one concern is the high or relatively high input $500 minimum compared to Harmoney and also the 2% yearly take of the balance owing .

  8. #8
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    Quote Originally Posted by Kees View Post
    also the 2% yearly take of the balance owing .
    Note this "0.167% of the loan balance charged monthly (equates to 2% of the loan balance per year)" is charged to to borrower now the lender.
    https://www.squirrelmoney.co.nz/fees/
    In fact it appears that all Squirrel fees are paid by the borrower not the lender - unlike harmoney

  9. #9
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    The 2% / Year fee is confusing.. As from the Website one place suggests Borrower pays however the Investors T & C's says the Investor pays!
    SQ 1.JPGSQ 2.JPG

  10. #10
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    Quote Originally Posted by Saamee View Post
    The 2% / Year fee is confusing.. As from the Website one place suggests Borrower pays however the Investors T & C's says the Investor pays!
    SQ 1.JPGSQ 2.JPG

    I asked Squirrel to clarify - after a couple of emails - here it a reply I think clarifys it

    "To clarify, there is only one service platform fee of 2%. If you are investing say 6% - you will get 6% or, slightly under as we need to pay RWT on your behalf. It does not mean you are getting 6% - 2%.


    So yes the borrower is paying the additional as we add it to the investment rate prior to presenting the offer to the borrower.


    Kind regards,






    Charles Chen
    Operations Manager"
    Last edited by humvee; 05-11-2015 at 02:59 PM.

  11. #11
    Junior Member
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    Jan 2015
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    Default

    Be interesting to see a comparison with harmoney for value/fees,if anyone is interested?

  12. #12
    Junior Member
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    Can anyone explain the establishment fee of 250/500.does the lender or squirrel get that? Seems a bit steep?Tks

  13. #13
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    Apr 2014
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    Squirrel gets that. Its cheaper than Harmoney which has a minimum 300.00 fee for unsecured loans (Harmoney have faced pressure over their fees).

    Has anyone seen any loans to invest in yet?

  14. #14
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    Feb 2015
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    Looks like the site is having problems at the moment. No matter what i do in dashboard i get the eŕror below

    "Something went wrong

    Something went wrong, best to go back to the page you just came from and try again."

  15. #15
    Senior Member
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    I withdrew my 1K inital funding on Friday. Fed up of checking in and NO loans to see and pick from. Will give them time to mature before trying again.

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