Squirrel Money P2P

[humvee]

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

[Saamee]

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.

[Harvey Specter]

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.

[unhuman]

Signed up yesterday with no problems.

[humvee]

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%.

[humvee]

• 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.

[Kees]

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 .

[humvee]

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

[Saamee]

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.JPGAttachment 7706

[humvee]

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.JPGAttachment 7706

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"