LinkedFinance - new website

Strettie11

Only applies to personal loans, credit cards and mortgages initially.

Business loans will be included from 31/03/2018

Krusty_Clown

It's quite an interesting dynamic, that you have visibility on when some companies are missing loan repayments (information which otherwise might not be in the public domain). Obviously, in some circumstances (e.g. liquidation) it's unavoidable, but you have other businesses where publicity around missing loan payments could be perceived as very negative and you'd imagine that the businesses in question would be doing everything in their power to avoid these scenarios. Anyone know if missing loans has any impact on a company's credit rating (outside of linked finance)?

Strettie11

I wonder is it healthy for Linked Finance to have 1 lender who is currently funding in excess of 20% of loans

sceach16

Strettie11 wrote: »

I wonder is it healthy for Linked Finance to have 1 lender who is currently funding in excess of 20% of loans

Yes! A bird in the hand etc. If the lender stops funding, it might cause problems but that's for another day.

fflynn

Strettie11 wrote: »

I wonder is it healthy for Linked Finance to have 1 lender who is currently funding in excess of 20% of loans

I'm nearly sure that lender is 'Eiffel Investment Group' as that lender started at the same time as the announcement

irishtimes.com/business/financial-services/lender-linked-finance-agrees-funding-deal-with-eiffel-1.2943778

"Eiffel has agreed to contribute up to 20 per cent of funding for new loans listed on Linked Finance’s platform."

"The deal will run for an initial two years but is expected to become a longer-term arrangement."

benjamin d

fflynn wrote: »

I'm nearly sure that lender is 'Eiffel Investment Group' as that lender started at the same time as the announcement

irishtimes.com/business/financial-services/lender-linked-finance-agrees-funding-deal-with-eiffel-1.2943778

"Eiffel has agreed to contribute up to 20 per cent of funding for new loans listed on Linked Finance’s platform."

"The deal will run for an initial two years but is expected to become a longer-term arrangement."

Are we talking about John_B here?

Strettie11

Yes

fflynn

benjamin d wrote: »

Are we talking about John_B here?

yes as at first few months this lender was bidding exactly 20% of the loan amount, recently it has increased

Strettie11

If it is Eiffel why not use that username ?

fflynn

Strettie11 wrote: »

If it is Eiffel why not use that username ?

so would you think John_B isn't 'Eiffel Investment Group'?

Strettie11

Yes you could be absolutely correct but why would Linked Finance not make full disclosure and identify them under their name rather than as John_B

Scriptiee

Strettie11 wrote: »

Yes you could be absolutely correct but why would Linked Finance not make full disclosure and identify them under their name rather than as John_B

Well average John_B looks better then corporate Eiffel Investment Group on a p2p lending site.

at9qu5vp0wcix7

Aren't LF themselves also investing in loans anonymously?

benjamin d

Certainly looks suspicious to use a fake name. I've been curious about John_B for a long time but never twigged it wasn't legit, even though I'd wondered where the finance company had gone after the announcement.

scheister

benjamin d wrote: »

Certainly looks suspicious to use a fake name. I've been curious about John_B for a long time but never twigged it wasn't legit, even though I'd wondered where the finance company had gone after the announcement.

spotted John_B this morning while looking at a loan. The way he is bidding is odd as well. Its not one bids but a minimum of 3 bids. Its also a case he is doing one bid coming back a few hours later and bidding the rest in quick succession. These are the loans on soup cafe

14/06/2017 16:00:38 John_B 4,500.00
14/06/2017 17:15:57 John_B 4,500.00
14/06/2017 17:16:13 John_B 4,500.00
14/06/2017 17:16:33 John_B 1,000.00

sceach16

Anyone can lend to Linked ....any amount...any number of loans....any number of offers per loan.....using any name they want.....at the start.....at the end......in the middle.....soon after another one.....and anything else that takes their fancy.

I think I will change my id to John _C and then ye will have about 10 more theories IF I bid again.! :P:pac::D;):p:)

benjamin d

I could change my name to World Bank and no one would bat an eye at my occasional €50 bids!

fflynn

sceach16 wrote: »

Anyone can lend to Linked ....any amount...any number of loans....any number of offers per loan.....using any name they want.....at the start.....at the end......in the middle.....soon after another one.....and anything else that takes their fancy.

I think I will change my id to John _C and then ye will have about 10 more theories IF I bid again.! :P:pac::D;):p:)

This account has functionality which normal lenders dont have eg. 'bid 50euro 100 times' all with the same 'bid time'. other examples too which would suggest the bidding is controlled by LF themselves on behalf of the lender...

sceach16

Ratoga Safety have a second loan which is now late because it is in liquidation. Again Linked did not show the payment as late and showed a cash figure in my account which was later altered.

Their Communication and Transparency is appalling. I look forward to their being regulated ......if they are approved.

SeanPammer

Kevin Egan Cars have repaid their 12 month loan 6 months early.

My most fruitless loan to date

Though I guess it's a lot better than a defaulter!

Merowig

SeanPammer wrote: »

Kevin Egan Cars have repaid their 12 month loan 6 months early.

My most fruitless loan to date

Though I guess it's a lot better than a defaulter!

A good complain in my opinion - you got some interest and your principal is freed.

tomwaits48

I tried to lodge money in LF as normal last week and it bounced back to my bank account. Odd.

Strettie11

Did you send it to their new bank account details

sceach16

Wheety wrote: »

Farm Foods Emporium late again.

Edit: I see it's been mentioned.

Really considering withdrawing money from Linked. I've only a couple which have been late but it's harder to find a good loan to invest in. Unless you want to go blindly with the auto invest.

27 June payment has not arrived . Late again !

fflynn

'Linked Finance talking to AIB about lending deal'

http://www.independent.ie/business/linked-finance-talking-to-aib-about-lending-deal-35860586.html

spudwould

fflynn wrote: »

'Linked Finance talking to AIB about lending deal'

http://www.independent.ie/business/linked-finance-talking-to-aib-about-lending-deal-35860586.html

Sure why wouldn.t they?
Pass off their unsecured loans to LF lenders .. its a win win for the banks a win win for LF .. and of course if no defaults a win for lenders but with defaults its a loss for lenders.
I woke u p and smelt the roses long ago! I know LF is a business and about profit like any other business but it seems to be at the deprament of us lenders.
interest rates have fallen from 15% to approx. 10% however LF did not take a hit on their slice.
A 33% drop in interest rates and on unsecured loans .. NAW .. let them go to the banks!
But now it seems that banks have copped on and its "sure we can pass out loans to LF and if they default the LF lenders take a hit as the loans will be paid in full once they are filled on this platform".
JOKE and UNBELIEVABE JOKE!

manafana

spudwould wrote: »

fflynn wrote: »

'Linked Finance talking to AIB about lending deal'

http://www.independent.ie/business/linked-finance-talking-to-aib-about-lending-deal-35860586.html

Sure why wouldn.t they?
Pass off their unsecured loans to LF lenders .. its a win win for the banks a win win for LF .. and of course if no defaults a win for lenders but with defaults its a loss for lenders.
I woke u p and smelt the roses long ago! I know LF is a business and about profit like any other business but it seems to be at the deprament of us lenders.
interest rates have fallen from 15% to approx. 10% however LF did not take a hit on their slice.
A 33% drop in interest rates and on unsecured loans .. NAW .. let them go to the banks!
But now it seems that banks have copped on and its "sure we can pass out loans to LF and if they default the LF lenders take a hit as the loans will be paid in full once they are filled on this platform".
JOKE and UNBELIEVABE JOKE!

I understand skepticism but think your jumping the gun a bit. It has nothing to do with AIB giving them loans (or bad loans) to service. Its about LF conitnuing to fund loans as they have while using some of skillsets AIB have, Same things still stand as now. 
I will agree LF fee system should change and have a portion linked to full payment, but lower interest rates are just the market although their current fixed rate system for me is not great, lenders should be given the option. Or they could alter the max rates based on rating

Wheety

Are LinkedFinance ring-fencing money to help pay investors some money back on defaults? Don't the UK ones do this?

Strettie11

The independent.ie article is confusing
the 2nd option "involve one of the banks taking a stake in our business " and third option "we could become a department of a bank" would be using AIB skillsets

The first option though would be similar to the Santander - Funding Circle agreement in the UK where loans not funded by Santander were given the option of going through Funding Circle to finance their loan and Funding Circle borrowers were referred to Santander for banking facilities such as current accounts, foreign exchange payments etc

Santander entered the deal with Funding Circle in 2014 when UK authorities were asking banks through a voluntary scheme to refer SME's refused credit to inform /refer them to other options for loan finance. This has now became compulsory through a number of online loan exchanges. The scheme was a winner for both at the time as it increased Santanders profile among UK SME's and gave Funding Circle a higher profile.

The independent.ie story also has the following "In the UK, Santander has a partnership with online lending platform Funding Circle for smaller loans, which saw £140m (€160m) lent in May alone" this give the impression 140M came from Santander's referral agreement in May but this number is for Funding Circles total lending in May 2017

ABC101

I've been following this thread for a while. I've had no defaults to date, but I was very careful with whom I lent to. So far it has paid off etc.

However what is the "general feeling" with regard to default rate?

20%, 35% or what?

Is there official figures available?