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Could you please elaborate further? A quick scan through their investment summaries makes me wonder if it's worth taking the extra risk and having to pay for fees to invest in their funds when you could literally get similar or slightly lower return % by putting your money into a savings account?
Which savings accounts give 5.8% interest?
Home loans are available for 2%. This means someone loaning money from Plenti must be paying a minimum of 6%, meaning they are either stupid or banks have judged the person to be at high risk of default.
This would have to be considered high risk.
paying a minimum of 6%, meaning they are either stupid
What are you talking about?????
To prove your point, please provide some links to providers who are offering personal loans which are much cheaper than 6%.
@watwatwat: You missed the second option 'at high risk of default', making Plenti a high risk investment. Acceptable if part of an investment portfolio where you won't be distraught if the money is lost.
Acceptable if part of an investment portfolio where you won't be distraught if the money is lost.
What are you talking about? You keep switching between the perspective of a customer vs investor.
Plenti offer personal loans for 6%. So you said that people are "stupid" to take these up? When other lenders like ANZ are charging close to 13%.
I don't see the relevance of you comparing a plenti personal loan to a home loan.
You missed the second option 'at high risk of default', making Plenti a high risk investment.
Uh… ok then? So now you have switched to the perspective of an investor. And…. what is the problem?
Of course it is higher risk than a bank account. It is offering 5.8% interest as opposed to 1% of a regular bank account.
I was referring to the 1 month rolling option which gives 2% per annum after fees.
A borrower or series of borrowers to whom your funds are lent may delay or stop payment on a loan or default on a loan. You may be protected by Plenti making a claim to the Provision Fund, however, there is no guarantee nor warranty as to any protection from the Provision Fund, and as such you may suffer financial loss as a consequence of borrower late payment or default.
We may make a claim to the Provision Fund to compensate you in the event of a borrower late payment or default. However, the Provision Fund is not an insurance product and we cannot guarantee or warrant that you will be compensated. Plenti has discretion as to whether to make a claim and may determine to only make a partial claim or not to make any
claim if, amongst other reasons, there are insufficient funds in the Provision Fund to cover all expected claims in relation to existing loans.Investors are charged an interest margin fee of an amount equivalent to 10% of the gross interest they receive from borrowers. This is charged whenever an interest payment is received. Investors do not earn interest on funds in their holding account, as interest earned on the bank account that holds Plenti investors’ funds is retained by Plenti. Management costs also include borrower fees.
Based on the above, a no for me.
I'm a little disenfranchised by the conduct of this provider.
1/ Offer peer to peer lending at market determined rates (let supply and demand determine the interest rate)
2/ Determined that the market cannot determine the rates (ie lending rates are now set by Plenti),
3/ Allow higher interest rate borrowers to repay all of their loans early
4/ Allow the same borrowers to then borrow again (from different or the same lenders) at lower rates.All up, they gave the big finger to their lenders/investors and in my view lost their point of difference in the market.
Good points. Not to mention risks have increased substantially since Xinja bank went bust.
With jobkeeper and jobseeker payments drying up and businesses finally allowed to wind up, loans defaults are expected to rise.
https://www.theage.com.au/business/banking-and-finance/xinja…
In their latest ASX announcement on 12 January 2021, the company (Plenti) advised that its credit performance is strong and leads the industry, with low levels of losses and 90+ day loan payment arrears declining to 0.32%.
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-res…
How do I find my referral code to add to the lucky dip?
The referral link is above underneath the OP description.
you misunderstand me, how do I add my referral code to the referral links, I can't find in the account panel where to generate my own referral link
Thanks, Plenti is great for making some pocket money