Author Topic: Lending Loop (Canadian P2P Lending Platform)  (Read 1552 times)

Free Forever

  • 5 O'Clock Shadow
  • *
  • Posts: 23
Lending Loop (Canadian P2P Lending Platform)
« on: July 08, 2017, 08:03:35 PM »
Lending loop is a Canadian P2P lending platform. Currently their loans focus on uncollateralized business loans of various risk and return levels.

I've been investing with them since Jan 2017 and their platform is decent. I'm only investing small dollars right now to test the waters. I don't do any research on the companies I am loaning money too, I just invest $25-$50 per loan as they become available on the platform. My gross yield before fees, taxes, etc. is 14.2%. I'll do the $25-$50 loans until my available funds are all committed to loans and I'll reinvest the interest as well. So far no delinquencies or charge offs but it's early days and I'm expecting quite a few defaults down the road. However I am also expecting to do well on a net basis.

Anyone else using lending loop?
« Last Edit: July 08, 2017, 08:06:05 PM by Free Forever »

snacky

  • Walrus Stache
  • *******
  • Posts: 9742
  • Location: Hoth
  • Forum Dignitary
Re: Lending Loop (Canadian P2P Lending Platform)
« Reply #1 on: July 08, 2017, 08:50:08 PM »
How are the profits taxed?

Heckler

  • Handlebar Stache
  • *****
  • Posts: 1346
Re: Lending Loop (Canadian P2P Lending Platform)
« Reply #2 on: July 09, 2017, 02:13:37 AM »
How are the profits taxed?

I would expect as unregistered interest income, so at your marginal rate #notanaccountant

Free Forever

  • 5 O'Clock Shadow
  • *
  • Posts: 23
Re: Lending Loop (Canadian P2P Lending Platform)
« Reply #3 on: July 09, 2017, 10:25:41 AM »
How are the profits taxed?

I would expect as unregistered interest income, so at your marginal rate #notanaccountant

Yup taxed at marginal rate
« Last Edit: July 09, 2017, 12:56:16 PM by Free Forever »

snacky

  • Walrus Stache
  • *******
  • Posts: 9742
  • Location: Hoth
  • Forum Dignitary
Re: Lending Loop (Canadian P2P Lending Platform)
« Reply #4 on: July 09, 2017, 10:39:34 AM »
I just signed up because it looks like my kind of fun.

KMMK

  • Handlebar Stache
  • *****
  • Posts: 1472
  • Age: 42
  • Location: Edmonton, AB, Canada
    • Meena Kestirke Insurance
Re: Lending Loop (Canadian P2P Lending Platform)
« Reply #5 on: July 09, 2017, 10:48:09 AM »
PTF

lostamonkey

  • Bristles
  • ***
  • Posts: 454
  • Location: Canada
Re: Lending Loop (Canadian P2P Lending Platform)
« Reply #6 on: July 09, 2017, 05:26:04 PM »
I just signed up because it looks like my kind of fun.

I agree, it does look like fun. I will do some more research and if I am satisfied then I might invest a small amount with them. It's extremely tax inefficient though.