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.

[emveha]

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%.

[Bjauck]

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.

[Cool Bear]

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.

[Marcus@LendMe]

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

[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.