Money Thing is, in many ways, similar to Saving Stream,
which I wrote about in my last post. All
Money Thing loans offer 12% interest and are typically secured against personal
property such as art, cars, planes or jewellery. It’s a bit like a high Street Pawnbroker.
The Loan to Value Ratio (LTV) is typically 50%, ensuring
that selling the asset should cover the loan.
The terms are usually 6 months.
This gives good liquidity as you can get your money plus interest back
over a relatively short period.
The web site is easy to use and the customer support also
appears to be good. You can check what
loans are coming on stream on the P2P Independent Forum. As with other high interest platforms, new loans
are in great demand but the platform currently, typically limits the size of your
investment, in a 24hr period, ensuring that as many lenders as possible get a bite
of the cherry.
Portfolios
The platform also lumps smaller loans together into a
portfolio of typically £10k to £50k.
This makes lending easier to manage.
Fast Transfers
Money Thing deposit your incoming cash very quickly so if
you do a ‘fast’ bank transfer they typically acknowledge the deposit in less
than an hour so you can then invest.
Note: Saving Stream go one step further and allow you invest as
long as you have made a transfer (ie they don’t wait to receive the transfer).
Interesting
PRENDING can be soulless but adding varied objects adds
interest to lending. My loans include
security against a Porsche, a portfolio of electronics, a Piper plane plus 4
paintings. Much easier to visualise rather than endless lists of bricks and mortar!
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