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Thread: P2P: Ablrate

  1. #1

    P2P: Ablrate

    This is a discussion for things specific to the Ablrate peer to peer lending platform, to make it easier to find those as distinct from more general P2P discussions. More discussion is available at the P2P Independent Forum Ablrate section.

    Ablrate does a range of lending types that typically avoid the ubiquitous property development loans seen in the P2P world at the moment. Interest rates are typically 12% but have ranged from 10-15%. All loans are secured on some sort of physical asset.

    The platform received full FCA approval in March 2017, replacing its former interim approval.

    As of 1 April 2017 one borrower had defaulted and legal action on that default is proceeding.

    TOPICS: generic P2P, Ablrate, Lendy (formerly Saving Stream), MoneyThing.

  2. #2
    This is currently a platform I like, with friendly and helpful staff and often loan offers out of the ordinary for P2P.

  3. #3
    Not heard of this one, will take a look.

  4. #4
    Well, I hope they don't do what they did before when they were developing a new platform, just over a year ago, when they basically shut down the business for several weeks. Promises were made and broken that it would 'soon' be up and running again and it lost credibility for me then.

    I did make a small investment when it seemed to have settled down but, even a year on, there are regular apologies for 'glitches', usually involving incorrect calculation of payments.

    The secondary market is a nightmare; there are simple ways and complex ways to do it and they've gone for ridiculously complex.

    I am gradually withdrawing my funds as and when the loans mature. I would rather sell them on the SM and be done with it but I just can't be bothered to get my head around it.

    It's a shame, as they have some interesting loans, though they have always promised many and delivered very few.

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