Squirrel Money P2P

[kiwi_on_OE]

I am new to p2p and am only on Squirrel because I prefer the 1.9% they set aside against future 'non-performing' loans but I did wonder does that mean the interest rate we see is gross or net?

Sorry for the dumb questions

FWIW, my view on reserve funds that I've got from elsewhere. It might be useful if I'm not diversified across a lot of loans. If I am diversified and they 1) don't reserve enough, then I will lose money at some point anyway, 2) reserve too much, then I'm missing out on interest, 3) they reserve exactly the right amount, then I'm paying the money now, rather than later when the loss occurs, so I'm missing out on some money now.

[lawson]

Good on you. It's a problem with Squirrel Money that a 3 year loan sits unfilled for 2 days while tens of thousands of investor funds sit unmatched waiting for 2 and 5 year loans...

You can see other bids on the Make an Investment page (in the Choose your interest rate section).

The interest rate you get is net of any platform margin and reserve fund levy, so if you match on a 9% loan, you get 9% paid to you. Just have to pay RWT on that 9%.

D'oh! It's pretty obvious on the screen now you mention it - I'm just one of those impatient sods who never reads anything properly.

Thanks!

[Kelvin]

This week on Squirrel Money I put 2 bids in and was matched to 2x 3-year loans @ 3.50%

Also it looks like Squirrel have had their first write off ($11,000): https://www.squirrelmoney.co.nz/look...er-your-money/

[Lewylewylewy]

Hi Squirrel (JB),

I finally signed up today. Something I've been meaning to do for a while.

Can you change the system so that the autobid allows me the option to automatically bid for the highest loan on offer, or something like that so my money doesn't just sit there? Also, can you set it so you have have multiple auto bids or a single autobid across multiple loan periods? That way I can have a bid @ 2, 3 and 5 year loans.

Finally, can you put some money into Google Ads and do some SEO on your site? We need more borrowers.

Thanks.

[Saamee]

Made and got matched with 1st Squirell loan today - 5 Years @ 9% = Happy

[Kelvin]

In the past week I've been matched to 2 loans

2 years at 8% and 5 years at 8.9%.

You have to be patient to get the 9% ones, as it seems like investor bids pile up pretty quickly for 5 year terms

[Saamee]

In the past week I've been matched to 2 loans

2 years at 8% and 5 years at 8.9%.

You have to be patient to get the 9% ones, as it seems like investor bids pile up pretty quickly for 5 year terms

Well that 9% loan I got matched with the Borrower pulled out of!

This morning matched and loan drawing down @ 8.9% ( same as you I guess )

There is also a 2 Year loan up this morning

[Kelvin]

A 3 year loan is up now too

[Saamee]

Today I got matched with a loan @ 8.95%

Is anybody managing to get rates better than this currently?

If so do you have a strategy to get the higher rates?

Thanx in advance

[Kelvin]

Well 9% is the max rate so you're doing pretty well.

You have to wait until there's not many bids in the market so that when the next loan comes in you get matched at the highest rate. You might have to wait a while for this though, as you'd need a high enough volume of loans to come through to clear out all those bids