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.
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Reply to: Peer-to-peer lending
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Previously on "Peer-to-peer lending"
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Originally posted by d000hg View PostAm 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.
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Originally posted by d000hg View PostI doubt very much it's possible, but it would be very cool if you could do this from inside an ISA.
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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?
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Originally posted by Jeff Maginty View PostThanks 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!
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Originally posted by Jeff Maginty View PostThanks 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!
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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!
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Originally posted by Jeff Maginty View PostI'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
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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.
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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.
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Peer-to-peer lending
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,
JeffTags: None
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