Peer-to-peer lending

[chopper]

You can invest in P2P lending via a SIPP - there are a handful of SIPP providers which support this.

https://www.ratesetter.com/invest/sipp

I put a few grand into Ratesetter (not a SIPP though), just on the monthly rolling market, and currently get 3.8% which is somewhat less shabby than regular saving.

[northernladuk]

Am I right thinking that it soon WILL be possible within an ISA? I had a thread about this around a year ago but never got into it. Maybe time to look again as I have some cash waiting to buy a house once ours sells.

Yeah a couple of them are working on it but nothing has appeared yet.

[d000hg]

I doubt very much it's possible, but it would be very cool if you could do this from inside an ISA.

Am I right thinking that it soon WILL be possible within an ISA? I had a thread about this around a year ago but never got into it. Maybe time to look again as I have some cash waiting to buy a house once ours sells.

[Gomez]

Just noticed this post from ages ago. I have some surplus money in the business account and wanted to know whether anyone has invested this in peer to peer lending? I realise there is no cover against losses but risks using something like Zopa or Ratesetter seem minimal. I have £30k currently in an easy access Aldermore business savings account but fancy something a bit more risky for up to £20k of further funds. I'm looking for something relatively short term (3-6 months) to try and keep my options open and potentially allow me to get the money back before the end of the tax year. Anyone done this and got any advice?

[Platypus]

I went permie!

BURN HIM !!!!!!!!!!!!!!!!!!!!!!

moneysavingexpert is probably a better place to ask.

[d000hg]

Thanks for the replies. What happens about tax? I don't really want to be arsed doing a self-assessment tax return every year just to get few quid more interest on my savings. I thought I'd escaped from that chore when I went permie!

I doubt very much it's possible, but it would be very cool if you could do this from inside an ISA.

[Paddy]

Thanks for the replies. What happens about tax? I don't really want to be arsed doing a self-assessment tax return every year just to get few quid more interest on my savings. I thought I'd escaped from that chore when I went permie!

Overheads? Phone, adverts, meeting.... come on boy!

[Jeff Maginty]

Thanks for the replies. What happens about tax? I don't really want to be arsed doing a self-assessment tax return every year just to get few quid more interest on my savings. I thought I'd escaped from that chore when I went permie!

[Paddy]

I'm thinking of having a go at using one of the peer-to-peer lending sites. I've got five grand I could lend out to try to get a better rate of interest than I could get in a savings account. I could probably lend it out for 2 or 3 years.

Would I be likely to get a decent return?

Is it too risky?

Have any of you tried this?

What does the panel think?

Cheers,
Jeff

Use £5K to lend out on council estates. Use the remainder £1k to hire a Romanian to break their legs if they don't pay up.

[MarillionFan]

Have used Zopa and Ratesetter. Removed money from Ratesetter as I felt they were not getting enough business and could be a possible fail at some point.

Zopa is Ok & you get a good return with them(better than the high street), but it's not tax free and you have to declare it. I was getting about 5.5 after debts (which actually I had none), whereas I understand DimPrawn is getting 45% because he's full of bull.

[Doggy Styles]

I've heard of this but I don't know how it works. Mainly, what security would you have on the loan?

Without the bother and expense of proper due diligence, establishing collateral, and a big stick, I'd be awfully worried about my money, even if it were lent to someone I knew.

[Jeff Maginty]

I'm thinking of having a go at using one of the peer-to-peer lending sites. I've got five grand I could lend out to try to get a better rate of interest than I could get in a savings account. I could probably lend it out for 2 or 3 years.

Would I be likely to get a decent return?

Is it too risky?

Have any of you tried this?

What does the panel think?

Cheers,
Jeff