I really enjoy writing reviews of peer-to-peer lending platforms and the excuse to dig a little deeper than I otherwise would do. However, as I write more for this blog I feel what is lacking is an easy and objective way to compare the different sites. For each platform I’d like to start with a common ‘report card’ or ‘cheat sheet’, with things like:
- Total loan origination, including recent trends
- Expected returns
- Historic default rates
- Details on the platform background: when it founded, funding rounds
- Who runs it?
- FCA authorisation/ interim status
- SIPP, IF ISA status
Also, when it comes to actually choosing what loans to fund or which loan parts to buy on the secondary markets, there are extra things I’d like to know. If I visit a platform and see a new £100k loan that’s 50% funded, has that sold that 50% in 5 minutes or 2 weeks? If I see a loan part on the secondary market, is this one that’s there 80% of the time, or one that comes up once in a blue moon?
Finally, I’m invested in 17 different platforms at the moment. I’d like to just have a single management portal that can pull in all my data and show me an overall snapshot with drill down into the underlying data.
I’ve been working on a single cloud based analytics platform to solve these problems. It breaks the problem down into 3 solutions:
- Choosing a platform to invest in: selection tool & platform report cards.
- Investment Analytics: analysis of individual loans and secondary markets.
- Portfolio Management: pull data from all your platforms into one place and run reports on this.
My original idea was just to host it on a subdomain of this site, like p2pblog.co.uk/dashboard/xyz, but as my project has developed and become more complex I’ve decided to split it out completely. I plan to release the project in stages as each usable part is completed: the comparison tool and some of the individual platform analysis tools are much easier than the portfolio management. I’d hoped to release the first part at the end of last week, but decided to go back and redo some things and write this short post in lieu.
Update: 24th September
The first working iteration has now been published. The peer-to-peer comparison tool has about 20 lenders loaded so far, with more next week: p2x.co.uk/compare.