LendingCROWD NZ P2P

[Saamee]

Do you recall WHAT the Security was??


Property or Vechicle??


If property you would expect a payment.


If a Vechicle was the Security - It may not have been insured and the Vechicle 'written off \ crashed'


An Email to LC support should get you an answer as to what the Security was if you do not recall.


It has always been a bug bear of mine that you are unable on the LC platform to go back and look at the original loan info we Investors were offered originally!!

just experienced my first 100% write-off of a secured C2-S-10% loan. I wrote them asking for more information like why the security didn't kick in. No response however. Not very satisfying.

To add to this we all observed that there were hardly any own 10% flex loans available anymore from one day to another since about 2 months ago or 3. With exception of some very few very low risk ones.
Wondering if there is some kind of profit margin polishing happening like selling own loans as referred 25% flex loans. Please let me be wrong on this.

[Tony Two Gloves]

Yes I'm the same they are extremely poor at communicating and I really think they may be considering closing shop. Them and Finance Direct don't make any profit so I wonder why they persist after 20 odd years in business - this model doesn't work but they haven't got the scale / brand that Harmoney had and not the grunt to get bank funding.

[Mike64]

@Samee: Nah, can't recall what that loan came with. I received a 2nd response after the first purely generic and none saying response to my enquiries.
The 2nd response was slightly better explaining things in example which I anyway know 😂. So also kind of a generic response with no relation to that loan.

1.) Yes, communication is an absolute disaster with them. Same generic answers if calling them for a wee question.
2.) Squirrel as well as Zagga went through pretty innovative processes recently. No improvements at all are happening at Lending Crowd.
3.) Regarding their earnings: Several month ago almost no own loans (10% Flex) are appearing anymore except very few very low interest loans.
Shame on you and me to think they manipulate the Flex rates to rise their earnings 😂😂😂

I'd give their organisation and it's management today a very poor performance rating from investor side, but a very poor one.

[kiwical]

At the time of this post there are 8 loans available. Haven't seen that in quite a while. All 25% flex unfortunately. But some secured with interest rates up to 16% as well. Often loans disappear within seconds, so I just thought it was unusual? Sign of struggling people perhaps, or LC pushing for customers?
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[Saamee]

1) I believe it is a sign of Investors holding back ( which has never been seen before at LC )

2) Plus the number of Borrowers that are short of money too - hence the large number of loans currently.

3) Put 1 & 2 together and you can read 'Troubled Times Ahead'

Take it as a warning sign that the World \ NZ ecomony is in Shock!!

My advice - ONLY take a loan that is secured by a property ONLY...

I personally have been removing all my Cash from LC in preperation for what I believe is coming our way...

Wake Up Peeps.......

[Mike64]

Yup, liquidity from investors seem recently to dry up a bit.
I'm withdrawing now also since last wek, but only about 5% of all so far.

[Soolaimon]

Lots of loans to choose from for several months now but I have stopped choosing for good since mid November. Although I have not had any defauts now for 6 months I am wary of the future. So for the last year I have only taken 3 yr loans and I will be totaly out sometime in 2027 with a bit of luck. So far I have noticed that the early repayments have slowed considerably as well.
Happy with past performance since the very start. Good luck and merry xmas.

[Saamee]

Where has your focus shifted to now for investing \ trading?

[Soolaimon]

Hi Saamee, short term td's, and maybe bonds. No trading.

[Saamee]

Thanks


Happy New Year.