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effingpot
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effingpot is offline
Hampshire, UK
Joined: Mar 2016
Posts: 105
effingpot is male  effingpot has posted at least 25 times and has been a member for 3 months or more 
 
01-07-2016, 06:21 PM
1

Any experience of Unbolted?

I've just opened an account with unbolted. I'm a big fan of P2P lending and have Zopa, Funding Circle and my favourite is Ratesetter. Doing about 6.3% at the mo which is fine by me.

Unbolted is a new one on me and I like the concept. My question is about the two types of lending and about auto settings - anyone out there tried it and got tips on what to watch out for on "auto" settings - amount, loan types etc?
I'll work it out but if there is experience out there would be great to learn from others.
ta
Mike
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Meg
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Worcestershire
Joined: Aug 2009
Posts: 42,850
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01-07-2016, 06:39 PM
2

Re: Any experience of Unbolted?

Hi Mike I initially though P2P sounded a good idea . It was being discussed quite negatively on the radio at lunch time. I hadn't realised the debts were sold on as were the subprime mortgages that cause the crash. It was suggested that there could be trouble ahead.

I certainly wouldn't want to risk a new venture. Good luck whatever you decide to do
effingpot's Avatar
effingpot
Senior Member
effingpot is offline
Hampshire, UK
Joined: Mar 2016
Posts: 105
effingpot is male  effingpot has posted at least 25 times and has been a member for 3 months or more 
 
01-07-2016, 07:05 PM
3

Re: Any experience of Unbolted?

Yes I heard the same programme - that was Zopa - which I also have but am reducing, more because I don't like how they arrange withdrawal of funds. There is a lot of scaremongering about P2P but it's all tosh when it comes to the big guys at least I think, as the Govt regulates them and is even backing Ratesetter to lend to businesses. The only issue raised today was there is no cover by the govt compensation scheme but as ratesetter are famous for - nobody ever lost a penny and their own funds are there to cover any loss due to defaults and not one person has lost one penny so far. I like it to be honest. Anyway it's the Unbolted thing that has sparked my interest today so any experiences there would be fab.
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effingpot
Senior Member
effingpot is offline
Hampshire, UK
Joined: Mar 2016
Posts: 105
effingpot is male  effingpot has posted at least 25 times and has been a member for 3 months or more 
 
29-12-2016, 11:57 AM
4

Re: Any experience of Unbolted?

So after five months of using unbolted I'm a. It underwhelmed. It's basically an online pawnbroker using physical objects, like jewellery as collateral, and my money to lend against loans. The idea is OK but the site is not so slick and the loans are not transferable, meaning you can't get your money out until loans are repaid. I am gradually moving money out of funding circle, zopa and unbolted in favour of ratesetter as it seems the best of the lot so far.

Anyone else played around with P2P? Be good to hear other people's experiences, and also what else people invest in.

Mike
 

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