I'm still here but hadn't been around since late last year. Some updated
P2P platform thoughts, updated for stoozing below. I don't trust Lendy (formerly Saving Stream) to provide sufficiently complete and accurate loan descriptions, so don't use them. The core
discussion at MSE can be useful.
No raw 19% interest deals but some interesting cashback from Collateral can be that or more sometimes.
At the moment I have about £50k stoozed at about 12.5% average interest rate before bad debt. Sadly down from over £60k due to lack of new deals on three cards.
1. Unbolted. Secured on pawned goods, with gold-backed loans paying 8% a year, and other pawned items like high value watches, silver and such paying 10.5%. Gold backed by insurance against a drop in the gold price and the other ones by a provision fund. Also some without either protection. You could probably invest at a rate of about £500-800 a week to a maximum of about £13,000-£21,000 because the normal loan term is six months until repayment, leaving 26 weeks worth the effective maximum. You'd probably get about 10% overall based on the mixture of loans between the types. Pretty much automatic lending, just set up a limit for autoinvest and feed more money in as it gets lent out.
Stoozing: fixed six month terms, no early exit for lenders, slow to invest lump sums.2. Lending Works. About 5% with protection fund.
I don't use them.3. RateSetter. About 3.5% for the rolling market (rapid access) product, with protection fund.
Stoozing: unlikely to be very profitable, maybe useful to accumulate money before repaying a deal. I don't use them. Zopa doesnt really compare and not accepting new accounts at the moment.Without protection fund, secured lending instead:
4. BondMason. About 7% after charges. They manage investments at lots of peer to peer platforms for you, a convenient way of diversifying among lots of places. No overall protection fund but some ways they invest may have one.
Stoozing: takes weeks or months to get fully invested, withdrawing apparently decently fast, minimum investment requirement a pain. I don't use them.5. Ablrate. 10-15% for loans secured on property of various sorts, from houses through business buildings, land and machinery. Assume perhaps 2% loss after sale of security for net return before tax of about 10-11%. Has an ISA. No protection fund, secured lending instead. Stick to £250-500 per loan until you know enough to do more by your own decision.
Stoozing: start selling a month before deal end to be sure you get out in time.6. MoneyThing. 10-12% for loans secured on buildings and land, rarely other things. Assume about 2% loss to bad debt after security, so about 10% net before tax. ISA planned, not available yet. No protection fund, secured lending instead. Stick to £250-500 per loan until you know enough to do more by your own decision.
Stoozing: start selling a month before deal end to be sure you get out in time.7. Collateral. 10-15% for loans mostly secured on land and buildings, though lots are property development loans that are fairly high risk compared to other P2P. Sometimes loans secured on pawned items at lower rates, very high demand for them. Maybe 9% returns after bad debt before tax. No protection fund, secured lending instead. Stick to £250-500 per loan until you know enough to do more by your own decision.
Stoozing: start selling a month before deal end to be sure you get out in time.