Loanland

zxmon21 · Joined: 30 Mar 2008 Posts: 1

I have registered at Loanland.se as an investor, and started with the minimum investment of 1000 SEK. One can invest in steps of 250 SEK, and the investors compete over interest rate to fill the loan request.

Personally I'm rather disappointed with loanland. Even though they have experienced people in the board, they don't seem to learn much from similar sites. A few examples?

- There is no message board that would allow people to communicate with each other, suggest improvements, discuss investment strategies, etc.

- The site has a very intransparent information policy. One cannot search for a borrower's (or lender's) profile, if they already have any loans, nothing.
- There's no statistics about how many loans are running, how many have run into trouble... Nothing
- After a loan has been set up and paid out to the borrower, I (lender) can't even see the info text that I based my investment decision on. Come on, harddisk space is not that expensive, why would you not offer this information?

- The fees seem very high, and are very hard to predict. The lenders have to share a fixed fee (120 SEK for a 6-36 month loan). So if the loan request is not filled completely, this fee can become so high (per lender) that the whole investment becomes unprofitable. Sad

So far I would recommend people to either stay away from this site, or at least wait until the site has improved vastly.