MoneyThing – An Introduction

Introduction

Moneything is a family owned , self funded, P2P business launched in 2015. Moneything are fully authorised under the FCA as a P2P lender. They provide a mix of loans across multiple sectors, but all loans are asset backed. Moneything offer risk based returns from 10-18% per annum. There is a £1 minimum deposit/minimum investment on the platform, all investments must be made in whole pounds. Moneything also operates a secondary market place should investors wish to exit a loan early, subject to buying demand. There are no charges for selling or buying on the secondary market.

Moneything has seen significant and sustained, year on year growth since its launch. Cumulative lending for 2016 was £99M, 2017 £269M, growth in every quarter. Interest earned has increased £141,874 in Q1 2016 to £886,005 in Q4 2017, an increase in all but one quarter. Moneything experienced it’s first defaults in 2017 (7.7% of total loan value) and is expecting further defaults in 2018. Defaults are part of P2P lending and should be expected in small amounts on any platform.

Moneything Loan Page

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Moneything loan page

Asset Details – a brief description of loan on offer.

Loan Value – total value of the loan being requested.

Asset Value – total value of the asset being loaned against.

LTV – loan to value of the asset being loan against.

Rate – the annualised investor return being offered on the loan.

Bidding Start – the date the loan opens for bids.

End Date – the date the loan term is due to end.

Available – the amount of remaining loan available for investment. If it’s highlighted in yellow there is an amount available on the primary market, if it’s highlighted in green, there is an amount available on the secondary market place.

Invested – is the current amount you have invested it that loan.

Drawdown – the loan has been drawn down and is being utilised by the borrower.

 

Funding Secure – 6 Month Results

6 Month Results

The first 6 month results for lending through the Funding Secure platform are as follows –

Expected ROI 12.08%
Actual ROI 0.00%

Results look poor right ? Well not so fast. As explained in the introduction piece Funding Secure offer exclusively ‘return on term loans’, this a 6 month review, add a couple of weeks for offers to be activated means none of my investments have actually reached term yet. That said Funding Secure do display the accrued interest for each loan part calculated daily. Hence how the 12.08% ‘Expected ROI’ has been arrived at.

Theres not too much more I can say at this point other than in lieu of any concrete results Funding Secure remains one of the smallest exposures with-in my portfolio. I would still consider Funding Secure to be one of the higher risk platforms on the market, as general noise in the community is littered with bad experiences. Funding Secure also do not perform any credit checks on borrowers as all loans are asset backed so they claim they do not need to. So I remain nervous and apprehensive about what my experience in reality with Funding Secure will actually be. I will hold my investment as is, until I have further results to go on. Finally I would not recommend Funding Secure as a beginner platform for the reasons stated above, plus for a beginner waiting so for a return may find it disheartening and frustrating. Watch this space for a more comprehensive review in the near future.