LendingCROWD NZ P2P

[humvee]

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

[Darchie]

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.

[Saamee]

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.

[Soolaimon]

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.

[humvee]

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

[nztyke]

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.

[Harvey Specter]

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.

but harmoneys interest rates would be higher (since unsecured) which is better (assuming write offs aren't higher than forecast).

[Saamee]

but harmoneys interest rates would be higher (since unsecured) which is better (assuming write offs aren't higher than forecast).

Hi Harvey,

Of course I agree with what you say about Harmoneys unsecured rates vs Lending Crowds ( or any other P2P lender in NZ ).

What keeps me up at night is looking out to the future of 2016 and seeing what is happening now in China, that will happen very soon in the USA and then the rest of the world, and of course good old NZ, is the coming 'Credit Crunch'.

I feel when Mum and Dad borrowers start to hurt and slow down or stop paying us, I would rather have more of my money earning a little less interest, but with a lot more security with the Lending Crowd.

Only my humble thoughts though here!

[Soolaimon]

Started investing today.

[Darchie]

Your info is interesting ... it's confirming something I've been suspecting would ultimately happen. However i ask what time frame has your calculation been formulated from?