Linked Finance was the first P2P lending site that I used and originally I was very happy. Previously you could ‘bid’ to lend money where you got to chose your own interest rate. This allowed you to do your own research and price in the risk to the interest rates. Now, the rates are fixed by Linked Finance and are based on the grade of the loan – which is also decided by Linked Finance. Without any buy-back guarantee you are putting a lot of trust in Linked Finance. I’ve stopped adding money to my Linked Finance account and will start withdrawing it as the current loans are repaid. Any loans I would consider investing in are normally filled by auto-invest bids within minutes of going live.

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This review was written before I signed up to DoFinance. As I have only just signed up there I will not be including it in this review.

I’ve been involved in P2P lending since January 2015 and have used four different websites – LinkedFinance, MintosTwino and VIAINVEST. There are plenty of other options out there but these were the four I joined. I’ve already done reviews of each of the platforms but decided to do a recap of how things are getting on. I feel I’ve been very lucky with how well P2P lending has gone for me and it sure beats the 0.4% offered by Rabo Direct on their savings account. I am getting slightly worried at the rate the industry is growing and wonder if it’s sustainable.

I do not have an even amount with each platform – you can see my spread below. I am still adding cash to the Mintos, VIAINVEST and Twino platforms but not Linked Finance.

Website % of my overall P2P Lending
Linked Finance 18%
Mintos 41%
Twino 14%
ViaInvest 27%

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Peer-to-Peer lending has grown in popularity over the last few years. P2P lending is when a individual lends to companies or other individuals directly. There is a market place where the borrowers and lenders are matched together. P2P lending allows the lender to receive higher interest rates then they would get in a savings account. The best interest rate available in Ireland today for a lump sum savings account is less than 1% while with P2P lending interest rates of over 10% is not unheard of. With P2P lending there is more risk involved then a normal deposit account but there are ways to minimise the risk. Some platforms including Twino and Mintos offer buy back loans guarantee. In the case the loan goes into default, they will repay the balance to you. Also, splitting your investment across many different loans reduces the impact of a default. I’ve been averaging around 8% return on my P2P lending to date which is substantially more than I’d be getting if it was sitting in a savings account.

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