We've seen it in Lendy, we've seen it in Funding Secure, it's now come to Moneything: Investors are losing money because of fraud.
I've never come across so many instances of fraudulent practices until I invested in P2P. P2P is just a cesspit of poorly managed trading practices where platforms publicize themselves as highly competent and have multiple layers of checks to ensure that your investment is safeguarded, and yet my bad debts are accumulating and the updates I read are just recycled stories and no real action being taken for months.
When, these guys put in their disclaimer that your investment is risky and you could suffer a capital loss, I can accept it if the loss arose due to market forces or changes in economic outlook. I cannot accept suffering capital losses due to FRAUD! And It repeats itself across all these P2P platforms.
Review by Shahbudin2 months ago
I would not recommend. I have been with MT for nearly a year now and most of the loans are non-performing. I am not impressed by the MT communication either. There are much better P2P platforms for your money.
Review by Corleone2 months ago
Unfortunately Money thing is going downhill fast and I think it is only a matter of time I'm before it goes into administration.
Then once the administrators are appointed they will milk all the investors dry with their disgracefully high fees.
At first there were plenty of loans and I was making good interest every month but now nearly all my loans are defaulted and months and months go by and there are hardly any updates and I'm still waiting to get some of my money back. Even a small interim Goodwill payment would be nice but they don't tell you anything for months on end.
Even after I allow for the interest I got in the past I am sure I am going to lose a lot of my capital and end up worse off for all my troubles.
I would have been better off putting my money in a bank for 1% and that's what I recommend you to do.
There has been no new business for ages and when they did test the water with a new loan a few weeks ago nobody wanted to risk their money in it for understandable reasons. And it look like another shockingly high risk scenario with an almost guaranteed capital loss.
I don't see how they are still able to keep going and I expect them to go bust soon, and I fear that will be the end of most of my money.
I've discovered that this whole peer to peer lending business is a sham and the only people who get rich on it are the crafty borrowers and the platforms but the people who actually put up the money and carry all the risk get shafted. I don't know why the FCA allow it.
Review by GSpen3 months ago
Well what can i say. What a difference 3 years makes in the P2P sector
Collateral has gone along with achunk of my money.
The untouchable Lendy also gone along with my money and i am afraid this place has gone to the dogs also and it is just a matter of time.
Again i have money stuck in here as well with no chance of ever getting it.
There are No new loans and i mean NO new loans compared to the steady flow years ago not that i would get involved in any.
They just do not serve a purpose anymote. They say they are concentrating on recovery but nothing is getting recovered.
It is a shame because Moneything was by far my favourite but now i am just hoping the receivers take it over and get back what they can.
It seems way too easy to borrow money these days and we are not talking a 5k loan here and then refuse to pay it back. I just dont know how they get away with it but they are all at it.
P2P is the wild west and we all fell for it. The FCA let them do whatever they wanted. People have lost an absolute fortune. I lot are broke and bankrupt and the extreemley sad part is that some have taken there lives.
Everyone involved in this sector should hang your heads in shame.
If you do come back to me on this moneything then whatever you say will be lies and wrong.
The only truth here is what i have written and cannot be disputed.
Review by DavidWragg Derrow3 months ago
To echo similar reviews, what a difference a few years makes.
MoneyThing, once the darling of the P2P world, now exposed as the detritus it is, languishing at the bottom of a cesspit industry.
Much of the loan book in default or in a Non-Performing state.
MoneyThing are very reluctant to place loans into default and instead bury their heads in the sand granting borrowers unchallenged extended periods of forbearance with little or no challenge. (FPAC, MTAV, MTAW, MTBA etc)
Each loan that does default further exposes MoneyThing’s total lack of due diligence.
(Yesterday’s update - re-one borrower who did a moonlight flit after obtaining finance against assets that MoneyThing had a charge over. Even the most basic of ongoing checks would have flagged this up – is a prime example)
Total lack of new deal flow – Nothing in 2019, and no signs of that changing. Though I struggle to see why anyone want to invest further, so this is a moot point.
No doubt Sophie will be along soon with the usual PR damage limiting patter – but the crux of the matter is you have let your lender base down. Your negligence has been breath-taking
The P2P bubble is well and truly burst and I imagine MoneyThing will have an uncomfortable time when the day comes they are hauled up in front of regulators.
Review by Furad Jegu3 months ago
Only used MT platform with my IFISA for 2 months. Use of web interface is easy and straightforward with clear navigation into each loan. I would like to see more due diligence information available before investing such as summary of guarantors credit profile and Delphi score of the borrowing business and also any other associated businesses linked to the directors and guarantors. It would also-ran be ideal to know the complete business debt position with other secured and unsecured creditors.
Interest payments are made monthly into my e-wallet.
This platform is very much for the experienced investor who understands commercial lending and also needs to know that there are some risks to loans where potential fraud or legal wrangles can hold back return of capital invested.
I will continue to hold loan positions on real estate backed security on a case by case basis and feel that good risk/reward based returns are achievable.
Review by Clariber4 months ago
To be fair, I would like to give moneything a 2 star rather than 1 star. I will explain why.
I joined moneything a couple of years ago, At the beginning I could say it was a good investment site and I would like to recommend it to others. But it has been going down quickly these months, and the performance is really unsatisfying.
Most, yes, most loans on their book are now either non-performing, or default, causing great concerns to lenders, and it is even worse we have very limited information/feedback from Moneything, due to the legal reasons.
Some loans, it is allways a myth. For example, a loan starting with a place naming NEW***. we have not received any interests for more than a year, and it is still pending there marked as non-performing. I don't know how long I need to wait before I get my capital back, do not even say the interests.
According to their own data showing on my portal, my inverstment ROI on this platform, is only a shocking less than 3%, this year, no better than a bank saving account but much more risk involved.
Fairly enough, investment is risk involved. So I would like to acknowledge I selected the wrong products. (But if most of the loan are non performing or default, what could we choose? Whatever we choose, it would be wrong choice anyway. ) That's why I did not give moneything one star but two instead.
Their management do have lots of issues that lenders are not happy with. I would NOT recommend them at all.
Review by Bbrt Feore5 months ago
Top P2P website. Good communication.
Review by Upilicious5 months ago
9 loans in default, 5 loans paid on time (£909 returned, £2,109 not returned!)
Review by MiamiNice6 months ago
I have been investing in MoneyThing for almost 2 years and I really like it! I had so far great returns and only few loans defaulted but some of them were already recovered and they always keep me updated with the other ones. Withdraws and Deposits are processed very quickly and they have new interesting loans (Cars / Boats / Bridge Loans) with very low LTV almost every week.
Review by Filipinoandblac6 months ago
I have been with MoneyThing from the start and will continue to hold investments with them. All my contacts have been positively and quickly responded to. The only thing extra I would wish for would be some new loans to invest with.
Review by Dipendu7 months ago
Helpful and professional staff. Fast, easy and well-designed website. Good interest rates on secured loans.
Review by Gordana Abbatia8 months ago
I was new to P2P a few months ago and I loved the simplicity of Moneything's site. Deposits and withdrawals are equally simple. Customer service and updates on loans also prompt and no nonsense. As for the loans- so far so good. The interest comes in and not many loans default- and if they do they do their best to recover your capital. All very transparent. No BS. Love it.
Review by Laudan8 months ago
Can't get my money back
Review by Bafford11 months ago
One of the most transparent, engaging and trusted p2p platforms that I deal with.
Review by Wictoria11 months ago
I have been using MT for about 3 years now and I rate them as the best platform in terms of risk/return and general transparency. My net return after bad debts is around 10%pa to date, significantly higher than my original expectations as I expected a higher bad debt loss rate.
Whilst the headline gross rates available on loans is 10-13% these high rates reflect higher risks and expected default rates which often overlooked by less experienced investors and a target return of 8% should be achievable by most provided investment is diversified across a number of borrowers.
Where the platform excels is keeping lenders abreast of developments in loans (good and bad) and taking measured and prompt actions to defend lenders when loans start to non-perform. The one drawback that the platform is suffering from at the moment is a lack of new loans which make continued diversification difficult. I hope they can address this with their new hire as a concentrated loan book significantly increases investor's risk when loans turn bad as they invariably do given the nature of the business.
Review by Maleea11 months ago
Great Platform keeps lenders updated on loams. Good recovery of defaults. Loan origination slow at times
Review by Fabcus11 months ago
Straight forward lending site
Review by Alondria11 months ago
A little bit early to be asking me for a rating as I have only been investing with Moneything for a short while. So far I have struggled to find many investments suitable for me to invest in, therefore my investment amount is small. The opportunities available are all secondary market or non performing, it seems other investors want to hold onto their investments and only the less attractive opportunities are available. I have read a lot of good reviews and Moneything are well regarded among other investors and peer to peer publications but so far I am struggling to find investments.
Review by Darmita Kakoullis1 year ago
Been a lender with MT for 3 years.
I like this platform! and 18 months ago I would have given it 5*. But the rising level of defaults have pegged it to 4*. However I do believe MT are working on the recoveries and if they can get on top of the present loan book I think they can make this a sustainable platform.
A far far better company than a similar but bigger platform based near Portsmouth , name starting with L, ends in Y (avoid , avoid !!) and I expect MT can look at that firm as example of how to screw up this type of business and hopefully not do the same.
If you want property P2P investment, then MT are not a bad option.
Review by Aflanders Kitin1 year ago
I started investing through peer to peer platforms about 5 years ago and when I reflect on my performances I would say that Money Thing has been my preferred and most consistently performing platform.
i would have given it 4 or 5 stars a couple of years ago but inevitably i have now got some cash stuck in defaulted loans and the recovery process is slow. However some of my defaulted loan investments have been recovered and there is progress in others and the communication and action taken by the platform is good and swift and well communicated and i have to say if i were recommending 1 p2p platform to invest in then MoneyThing would be it.
There is potential here to make some very good returns indeed but my advice would be to diversify across as many loans as possible to spread your risk.
Review by Winthrop1 year ago
The site is good, and I particularly like the ease of use of the secondary market - no discounts or premiums, you just buy and sell at the current value! However, there are only ten loans available to invest in :-( Some have multiple tranches, but there is no point in investing in more than one for each loan. There are other loans, but all are fully bought, and none on sale on the secondary market, so for a new investor, diversity is poor.
Review by Mexhit1 year ago
So far so good. Not a lot of loan origination but a good platform
Review by Justinio1 year ago
I have investments on 4 different P2P lending platforms. Of those 4 I much prefer the way MoneyThing operates. However there are not as many lending opportunities on this platform. If there were more I would invest more here.
Review by Siwia Vathy1 year ago
I have been lending through this platform since early 2015, and have followed them as they grew, from Pawn, through Cars, to Property (an inevitable, if unfortunate, trajectory for any platform which aspires to growth!). On the whole my experience has been very positive.
Yes, there have been mistakes - but the Things seem capable of recognising where things have gone wrong and learning from the experience : not something you can say of some other platforms I've used!
Yes, there have been defaults on some property loans. But on the whole I'm pretty satisfied with the way the platform is handling them. Some losses are almost inevitable when you are lending as 12%.
Not all is perfect, of course. I'm now finding it difficult to maintain my previous level of investment ( whilst maintaining adequate diversification) because the loan flow has slowed markedly of late. I would like to think this is because the Things are being careful about the quality of loans they bring to the platform! This is really the only factor which is dissuading me from investing further with this platform through an IFISA.
PS - A few reviewers have slated the website itself. I don't agree. Yes, the website is rather plain, and simple. I like plain and simple! MoneyThing's lending proposition is fairly straighforward, and doesn't require a wizzy website. Give me function over form any day!