Squirrel Money P2P

[humvee]

Looks like the site is having problems at the moment. No matter what i do in dashboard i get the eŕror below

"Something went wrong

Something went wrong, best to go back to the page you just came from and try again."

[Saamee]

I withdrew my 1K inital funding on Friday. Fed up of checking in and NO loans to see and pick from. Will give them time to mature before trying again.

[humvee]

This Was Just sent out in the Squirrel News letter today

https://www.squirrelmoney.co.nz/market-place/



This here is old - but I had not found it before today


https://www.squirrelmoney.co.nz/cred...eport-month-1/

its interesting to see that only 10.5% of their loans are secured

[JB@Squirrel]

Feedback Please

We've got a few changes we are wanting to put through in March that I want to check with you guys.

1. We're going to pay interest on the Call account. Funds are sitting inside a Trust so will only attract bank type interest rates. We're thinking 3% on balances up to $100,000. That way you get bank type interest even when your funds aren't invested.

2. The ability to set up a regular/automatic withdrawal. It will only be a simple one - for example you can set up to withdrawal $600 per month. It will go through provided there is sufficient funds in your Call Account. That way investors can set up their investments to provide regular income.

3. More information on what is in the pipeline. We're conscious there's not enough visibility of the loans coming through and what's going to be available as well as what other bids are sitting in the system. We're going to provide a lot more information so investors can better target loans coming through and get a better sense of how quickly they can invest.

4. Limited secondary market. You'll be able to sell a loan back to the platform at face-value provided we can match it with an investor happy with the remaining term and rate. This is already built but we are waiting on the FMA to approve. Would this be a big deal if we get it over the line?

Next Up

What other features would be useful / valuable for you?

[humvee]

Feedback Please

We've got a few changes we are wanting to put through in March that I want to check with you guys.

1. We're going to pay interest on the Call account. Funds are sitting inside a Trust so will only attract bank type interest rates. We're thinking 3% on balances up to $100,000. That way you get bank type interest even when your funds aren't invested.

2. The ability to set up a regular/automatic withdrawal. It will only be a simple one - for example you can set up to withdrawal $600 per month. It will go through provided there is sufficient funds in your Call Account. That way investors can set up their investments to provide regular income.

3. More information on what is in the pipeline. We're conscious there's not enough visibility of the loans coming through and what's going to be available as well as what other bids are sitting in the system. We're going to provide a lot more information so investors can better target loans coming through and get a better sense of how quickly they can invest.

4. Limited secondary market. You'll be able to sell a loan back to the platform at face-value provided we can match it with an investor happy with the remaining term and rate. This is already built but we are waiting on the FMA to approve. Would this be a big deal if we get it over the line?

Next Up

What other features would be useful / valuable for you?

1) Can you confirm if you do this that money that is tied up in orders waiting to be filled will also earn interest? if so this will help.

Although I would still like you to consider implementing my earlier suggestion to you(via email). The issue is orders partially for 2 and 3 years can take along time to be filled while waiting for this to happen the money is sitting idle what makes it worse if you investing across all loan terms you need to have orders in place for all 3 terms and 3X as much money idle.

What I would like to do is if say I have $1000 in my call account I would like to be able to place 3 orders for $1000 - once the 1st order is filled(or allocated/pending) the other 2 orders go on hold and I get an email so I could potentially deposit more money activating the orders again

Eg if I have $1000 in my call account I might place orders for the following

$1000@8% for 2 years
and
$1000@8.5% for 3 years
and
$1000@9% for 5 years

I realize there is a risk I could miss out on a loan if 2 loans meeting my requirement become available at once causing one of my orders to go on hold but that is a risk i will take - The current problem is returns is being dragged down by idle money tied up in orders - at times Ive had twice as much money tied up in orders as I actually had in investments - right now its still at around 50%. even at 50% this turns a 9% return into a 6% return so is quite a drag on the return

2) this is a good idea - but not something i will use in the foreseeable future

3) Yes - Squirrel Money does offer the least information about the loans of all 4 P2P platforms in NZ

4) I might use this feature and it would be good to know its an option. I might more likely be buyer rather then seller


For me by far the the biggest improvement would be what I have suggested for #1

[unhuman]

Feedback Please

We've got a few changes we are wanting to put through in March that I want to check with you guys.

1. We're going to pay interest on the Call account. Funds are sitting inside a Trust so will only attract bank type interest rates. We're thinking 3% on balances up to $100,000. That way you get bank type interest even when your funds aren't invested.

2. The ability to set up a regular/automatic withdrawal. It will only be a simple one - for example you can set up to withdrawal $600 per month. It will go through provided there is sufficient funds in your Call Account. That way investors can set up their investments to provide regular income.

3. More information on what is in the pipeline. We're conscious there's not enough visibility of the loans coming through and what's going to be available as well as what other bids are sitting in the system. We're going to provide a lot more information so investors can better target loans coming through and get a better sense of how quickly they can invest.

4. Limited secondary market. You'll be able to sell a loan back to the platform at face-value provided we can match it with an investor happy with the remaining term and rate. This is already built but we are waiting on the FMA to approve. Would this be a big deal if we get it over the line?

Next Up

What other features would be useful / valuable for you?

Currently happy with the service.

The above updates all sound excellent.

3% in a call account sounds quite generous, barely get that in a bonus saver cash PIE on current rates.

If the secondary market ever gets approved then I would be willing to invest much more than I currently am thanks to liquidity concerns on 5 year loans.

[jallison]

Very much so,Doing this with Lending Crowd as there is a similar problem there

[humvee]

Looks like the site is having problems at the moment. No matter what i do in dashboard i get the eŕror below

"Something went wrong

Something went wrong, best to go back to the page you just came from and try again."

Can anyone get past the dashboard? Im still getting "Something went wrong

Something went wrong, best to go back to the page you just came from and try again."

[unhuman]

Going by the stats along the bottom of the borrow section it would appear that at least there is now one borrower looking for a loan.