Peer2Peer lending

bump.
Really no one on biz got any experience with it?

>>1857523
I built a credit scoring model for p2p lending sites but that's it to be honest

>>1857215
I have a mortgage with one.
They have a clause in their lending contract which states the loan can be brought and transferred to another lender eg; a mainstream bank and a further clause stating if this happens the buyer of the loan sets the new terms for the mortgagee.

I suspect their model is to get enough critical mass of loans and package sell them to established banks

>>1857539
>They have a clause in their lending contract which states the loan can be brought and transferred to another lender
don't most banks have that clause too? But yeah, kinda seems to defeat the purpose of "bankless" lending.

>>1857548
Most loans have this clause, it's standard.
But many people think P2P loans are somehow not attached to mainstream lending.

>>1857215
I use zopa, very nice user friendly p2p lending site.

think its the biggest in the UK aswell.. bretty gud desu all you do is throw money at it and they give you like 6.5-7% return make sure to use zopa plus or its not really worth it (zopa plus highest rate of return more ''risk'')

>>1857573
>But many people think P2P loans are somehow not attached to mainstream lending.
I gotta admit, I think (thought?) the same too, since it seems more tied to "fintech" and startups, instead of banks.
But obviously, there are no presents to be had, neither for the debtor, where banks probably have a reason to not give him any money, nor for the lender, who will face some risks.

>>1857584
>think its the biggest in the UK aswell.. bretty gud desu all you do is throw money at it and they give you like 6.5-7% return make sure to use zopa plus or its not really worth it (zopa plus highest rate of return more ''risk'')
Thanks, I'll check it out, but given brexit, I'm not sure if investing in a UK based platform is a good idea from the EU.

>zopa plus
Weird way of calling their high risk tier. Why did you put risk in quotation marks? Are they that good of turning the credits into a portfolio that the risk of default is low enough/spread over enough participants to not show up?

>>1857539
>mortgage gets sold
>new terms are 100% interest per month
What's preventing this from happening?

>>1857604
Yeah pretty much, I'm pretty sure your capital is protected by some goverment scheme unsure about being out of the UK though, only thing you stand to lose is maybe some poorfag doesn't pay part of his loan and you lose like maybe £5 at the end of the month

>>1858493
p2p lending is not protected by anything in the UK

the risk is you can lose everything unless the company has provisions to cover all losses, spoiler, non do but some have funds to lessen the blow of a mass default.

P2P lending only appeals to millennials, the group who thinks that debt is slavery and nobody should have to honor their student loans and car/house payments.

Pass.

>>1858636
>P2P lending only appeals to millennials,
What?
> the group who thinks that debt is slavery and nobody should have to honor their student loans and car/house payments.
Yeah, maybe, but they still signed/clicked some contract, and unless they go officially bankrupt, they legally have to pay them. Or am I wrong in my understanding how a credit works?