• Welcome to Sensible Investors, if you wish to comment on any threads and join the Sensible Investors community Click here.

What P2P platforms do you use?

The Dividend Experiment

Administrator
Staff member
Moderator
Feb 23, 2021
485
285
2,678
I have not been keen on P2P lending previously and recent events haven't done much to change my opinion on that either. However, I would like to know if there are any platforms people have had success with?

Or alternatively, ones to stay well away from!!
 

The Dividend Experiment

Administrator
Staff member
Moderator
Feb 23, 2021
485
285
2,678
Not sure I fully understand what P2P is.
What sites are out there? What do they do and what are the risks?
Essentially P2P is where a normal person like you or me needs a loan to do something, maybe start a business or renovate a house to sell on. They need the money and you can make a return on your investment. Doing it this way can cut out the bank completely so in theory keep down costs for both parties. To avoid the risk the platform divides up the loan into smaller chunks and as an investor you buy chunks in multiple different people's ideas.

Not sure what is out there at the moment, a few closed for the pandemic
 

Smart Finance

Administrator
Staff member
Moderator
Feb 23, 2021
692
409
3,887
gumroad.com
I have not been keen on P2P lending previously and recent events haven't done much to change my opinion on that either. However, I would like to know if there are any platforms people have had success with?

Or alternatively, ones to stay well away from!!
I used Ratesetter once. It was okay but I sold because didn't need to diversify my portfolio like that. Taken me months to get my money and pretty sure they have been acquired by a bank now.
 

Bluesharp

New member
Mar 18, 2021
7
3
47
I poked my nose in on assetzcapital.co.uk once just to see how it worked. Never really understood it as my investment knowledge was 0 back then. Still is i might add. Might be worth another look.
 

SolidSparrow70

New member
Aug 12, 2021
22
17
167
Hull
youtube.com
I use LoanPad myself. They have pay 3% or 4% depending on which account you have. I have a mix of both. Interest is paid daily and you can withdraw it immediately if you wish.

On £960 held I'm getting 9p daily and building the amount I hold gradually. This is definitely secondary to my investing but a like getting a small dividend every day.
 

The Dividend Experiment

Administrator
Staff member
Moderator
Feb 23, 2021
485
285
2,678
I use LoanPad myself. They have pay 3% or 4% depending on which account you have. I have a mix of both. Interest is paid daily and you can withdraw it immediately if you wish.

On £960 held I'm getting 9p daily and building the amount I hold gradually. This is definitely secondary to my investing but a like getting a small dividend every day.
SO you don't pick particular ventures but rather it's all pooled together? That's good that it pays out daily