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  1. #1
    Member
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    Feb 2015
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    309

    Default LendingCROWD NZ P2P

    LendingCROWD has launched

    https://www.interest.co.nz/business/...personal-loans

    https://lendingcrowd.co.nz/

    So far this looks quite promising

    Fractionalisation is in $50 amounts and all loans are secured

  2. #2
    Member
    Join Date
    Nov 2015
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    209

    Default

    I plan to test my toe in this pond. Do think the 10% fee on actual interest paid could ultimately end up costing me less than Harmoneys method of continually clipping the ticket on these re-writes ... as I see it, I'm starting to suspect some of their so called cream of the crop will re-write many times over until maybe they run out of upper limit room, how will Harmoneys fee look then, rather high I'd say.
    I keep a note on the loans that do go into arrears and I'm surprised to see quite a number of them are re-writes, so suspect that their history of going into arrears is not affecting their ability to topup with a re-write.

  3. #3
    Senior Member
    Join Date
    Sep 2015
    Location
    Norf Eyelynd
    Posts
    783

    Default

    Am 8K invested with Lending Crowd now and their systems are sitting very pretty with me.

    Very much like the info presented on the Dashboard ( especially borrower income & outgoing details ) plus the flow as a new loan goes thru the approval stages with Investors.

    Have also tested the Funds withdrawl ( ASB to ASB ) and it was in same day by about 6pm.

    Deposits are aslo Credited to the account same day ( ASB to ASB ) and if you phone them up they will manually Credit straight away.

    None of this Harmoney waiting to the next day for Funds to be available.

    I plan to remove 50% from Harmomeny and invest in Lending Crowd.

  4. #4
    Member
    Join Date
    Mar 2006
    Location
    It varies
    Posts
    213

    Default

    I notice there is only one loan available at the moment, has there been a selection in the last few days? I quite like the concept here and may also transfer from or stop investing in Harmoney. No real complaints with H but LC seem to be a little more security orientated.
    Soolaimon

  5. #5
    Member
    Join Date
    Jan 2015
    Location
    London
    Posts
    121

    Default Interest flex

    Quote Originally Posted by Darchie View Post
    I plan to test my toe in this pond. Do think the 10% fee on actual interest paid could ultimately end up costing me less than Harmoneys method of continually clipping the ticket on these re-writes ...
    At this point, Harmony's system cost me 4% of the interest. Yes that may increase a bit with the number of re-writes, and it seems ultimately unfair that we should pay twice the fee simply because the borrower has been allowed to re-write its loan, but we are still way below LC's 10%.

  6. #6
    Guru
    Join Date
    Aug 2012
    Posts
    3,626

    Default

    Quote Originally Posted by emveha View Post
    At this point, Harmony's system cost me 4% of the interest. Yes that may increase a bit with the number of re-writes, and it seems ultimately unfair that we should pay twice the fee simply because the borrower has been allowed to re-write its loan, but we are still way below LC's 10%.
    How do the rates of capital write-offs compare? For some investors they could cost more than the service charges. In addition, capital charge-offs, if you are not "in business", are unlikely (DYOR) to be deductible for tax.

  7. #7
    Member
    Join Date
    Sep 2012
    Location
    christchurch
    Posts
    386

    Default Net returns for HM and LC.

    Quote Originally Posted by Bjauck View Post
    How do the rates of capital write-offs compare? For some investors they could cost more than the service charges. In addition, capital charge-offs, if you are not "in business", are unlikely (DYOR) to be deductible for tax.
    Assuming that I cannot deduct charge-offs or writeoffs, I will still net about 15% with Harmoney after taking in all the fees including rewrites and writeoffs. With LC, I will net only about 12.5% after Interest Flex.

    However, I am happy to be in both. I just started with Lendme as well.

  8. #8
    Junior Member
    Join Date
    Feb 2016
    Location
    Auckland, NZ
    Posts
    12

    Default

    Quote Originally Posted by Cool Bear View Post
    Assuming that I cannot deduct charge-offs or writeoffs, I will still net about 15% with Harmoney after taking in all the fees including rewrites and writeoffs. With LC, I will net only about 12.5% after Interest Flex.

    However, I am happy to be in both. I just started with Lendme as well.

    Hi Cool Bear. Good to have a new lender on board with LendMe.

    We funded a couple of large loans last week and have three currently on the site. Keep an eye on the site over the next week. We have a number of loans in the pipeline and are waiting for borrowers to supply the final pieces of information.

    MM

  9. #9
    Member
    Join Date
    Feb 2015
    Posts
    309

    Default

    Its been empty the last few days but there was up to 4 or 5 at a Tim before that

  10. #10
    Member
    Join Date
    Jul 2015
    Posts
    33

    Default

    FYI. My service charge with Harmoney after rewrites is running at around 9.2% of gross interest compared with 10% for Lending Crowd, but at least with LC there is certainty.

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